# Singapore Exchange (SOU.F)

Canonical: https://gigainvestors.com/s/SOU.F

Analysis as of: 2026-10-16T07:33:38.221Z. Financial observations: FY2014–FY2026.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 14.40 per share; close as of 2026-10-14.

Estimated value: low EUR 6.70 per share, central EUR 7.43 per share, high EUR 8.39 per share. Buy at or below the central value EUR 7.43 per share. Valuation as of 2026-10-16T07:33:38.221Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.50×

- FY2018: 0.51×

- FY2019: 0.51×

- FY2020: 0.54×

- FY2021: 0.50×

- FY2022: 0.49×

- FY2023: 0.49×

- FY2024: 0.49×

- FY2025: 0.54×

- FY2026: 0.57×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 70.8%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 71.5%

- Recent gross margin (lower of latest and 3-year median): 73.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 64.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: 76.7%

- FY2023: 70.8%

- FY2024: 56.1%

- FY2025: 84.4%

- FY2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 3.1B

- Net income, five-year total: SGD 3.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -5.3 pp

- Working capital / revenue, final three-year average: -3.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.09×

- FY2023: 1.06×

- FY2024: 1.02×

- FY2025: 1.01×

- FY2026: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 219.3% vs 84.4%

- Per-share earnings: 0.34 to 0.61 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: SGD 18B

- Cumulative retained earnings: SGD 1.2B

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 8.6%

- Per-share value change: SGD 0.27

- Per-share value, starting three-year median: SGD 0.34

- Per-share value, ending three-year median: SGD 0.61

- Buybacks concentrated in cheaper years (correlation): -0.07

- Average buyback yield: 0.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: SGD 802M

- Cumulative net income, 10 years: SGD 5.0B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 84.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: SGD 0.32

- FY2018: SGD 0.34

- FY2019: SGD 0.37

- FY2020: SGD 0.44

- FY2021: SGD 0.42

- FY2022: SGD 0.42

- FY2023: SGD 0.53

- FY2024: SGD 0.56

- FY2025: SGD 0.61

- FY2026: SGD 0.65

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.35×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.9%

- FY2018: -3.0%

- FY2019: -1.2%

- FY2020: -5.7%

- FY2021: -3.6%

- FY2022: -3.4%

- FY2023: 3.3%

- FY2024: -0.4%

- FY2025: -4.7%

- FY2026: -3.8%

## Holders

## Price story

Price needs cash profits to grow 10.6% a year for ten years · sales +13.8%

Story as of 2026-10-16T09:59:56.344Z; price observation 2026-10-14.

Price needs cash profits to grow 10.6% a year for ten years

### Sales · FY2025–2026

sales +13.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: SGD 801M 

- FY2018: SGD 845M 

- FY2019: SGD 910M 

- FY2020: SGD 1.1B 

- FY2021: SGD 1.1B 

- FY2022: SGD 1.1B 

- FY2023: SGD 1.2B 

- FY2024: SGD 1.2B 

- FY2025: SGD 1.4B 

- FY2026: SGD 1.6B 

### Gross margin · FY2026

gross margin 74.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 64.3% 

- FY2018: 64.2% 

- FY2019: 64.6% 

- FY2020: 73.0% 

- FY2021: 73.0% 

- FY2022: 71.6% 

- FY2023: 71.3% 

- FY2024: 71.5% 

- FY2025: 73.3% 

- FY2026: 74.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are SGD 1.6 billion.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2026-06-30 (filed 2026-10-16T07:33:38.221Z); FY2026: revenue 1559469000; grossProfit 1159661000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOU.F: Singapore Exchange Limited, an investment holding, engages in the operation of integrated securities and derivatives exchange, related clearing houses, and an electricity market in Singapore. It operates through Fixed Income, Currencies and Commodities; Equities " Cash; Equities " Derivatives; and Platform and Others segments. The company offers treasury management; management and administrative services to related corporations; market data and technology connectivity services; fixed income issuer, derivatives and securities trading, clearing, securities settlement, and collateral and depository management services. It also provides market data, connectivity, indices, and membership subscription services through platforms. In addition, the company is involved in the provision and distribution of bulk freight market indices and information, index administration and related services, and operation of electronic foreign exchange (FX) trading solutions and platforms; operation of an electronic communication network; and provision of counterparty guarantee, depository, and related services for securities transactions. Further, it offers front-line regulatory function, management consultancy services of index activities, and FX pricing and risk solutions; membership services; financial services for dealing, trading, and clearing of financial instruments; and computer and software maintenance services, as well as administration services for index calculation, risk analyses, and financial research. Singapore Exchange Limited was incorporated in 1999 and is headquartered in Singapore.

### Why customers stay

Margins ranged from 71.5% to 74.4% during 2024–26; it earns over 100% on its capital.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2024-06-30 (filed 2026-10-16T07:33:38.221Z); FY2024: grossProfit / revenue = 71.5%.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2025-06-30 (filed 2026-10-16T07:33:38.221Z); FY2025: grossProfit / revenue = 73.3%.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2026-06-30 (filed 2026-10-16T07:33:38.221Z); FY2026: grossProfit / revenue = 74.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.221Z); 10-year return on capital observations [[2017,2.268063301418132],[2018,2.1925995688703623],[2019,1.163053040432983],[2020,1.2707639720431751],[2021,1.436380612737793],[2022,0.7668803934204321],[2023,0.7084898914850234],[2024,0.5614024061980666],[2025,0.8438559181308578],[2026,4.180784293849319]]; median 1.2169085062380791. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 72% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.221Z); Gross margin observations: [[2021,0.72957792629028],[2022,0.7161689145354905],[2023,0.7132278082531263]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SGD 42 million of shares.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2017-06-30 (filed 2026-10-16T07:33:38.221Z); FY2017: growth capex 0; upkeep 60164000; owner earnings 337222000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2018-06-30 (filed 2026-10-16T07:33:38.221Z); FY2018: growth capex 0; upkeep 78567000; owner earnings 348251000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2019-06-30 (filed 2026-10-16T07:33:38.221Z); FY2019: growth capex 0; upkeep 47347000; owner earnings 359636000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2020-06-30 (filed 2026-10-16T07:33:38.221Z); FY2020: growth capex 0; upkeep 34626000; owner earnings 509245000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2021-06-30 (filed 2026-10-16T07:33:38.221Z); FY2021: growth capex 0; upkeep 45283000; owner earnings 480361600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2022-06-30 (filed 2026-10-16T07:33:38.221Z); FY2022: growth capex 0; upkeep 44150000; owner earnings 493290400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2023-06-30 (filed 2026-10-16T07:33:38.221Z); FY2023: growth capex 0; upkeep 54304000; owner earnings 607853400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2024-06-30 (filed 2026-10-16T07:33:38.221Z); FY2024: growth capex 0; upkeep 64569000; owner earnings 612205600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2025-06-30 (filed 2026-10-16T07:33:38.221Z); FY2025: growth capex 0; upkeep 68112000; owner earnings 651747000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2026-06-30 (filed 2026-10-16T07:33:38.221Z); FY2026: growth capex 0; upkeep 81922000; owner earnings 689118200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.221Z); Dividend observations: [[2017,299852000],[2018,299860000],[2019,401402000],[2020,321193000],[2021,342493000],[2022,342233000],[2023,344151000],[2024,364930000],[2025,385346000],[2026,465635000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SOU.STU.json#2026-06-30 (filed 2026-10-16T07:33:38.221Z); FY2026: cash repurchases 42012000 SGD.

### Are managers owners

Insiders own 23.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOU.F SharesStats.PercentInsiders = 23.9 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.221Z); Ten-year compound average after fade. Initial solved rate 0.13975290537897955. Price 14.399999618530273; FX 0.6958119292237442; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 4.59 per share

- 2016-11: EUR 4.72 per share

- 2016-12: EUR 4.65 per share

- 2017-01: EUR 4.81 per share

- 2017-02: EUR 5.00 per share

- 2017-03: EUR 5.09 per share

- 2017-04: EUR 4.82 per share

- 2017-05: EUR 4.73 per share

- 2017-06: EUR 4.58 per share

- 2017-07: EUR 4.66 per share

- 2017-08: EUR 4.55 per share

- 2017-09: EUR 4.53 per share

- 2017-10: EUR 4.78 per share

- 2017-11: EUR 4.60 per share

- 2017-12: EUR 4.61 per share

- 2018-01: EUR 4.96 per share

- 2018-02: EUR 4.61 per share

- 2018-03: EUR 4.50 per share

- 2018-04: EUR 4.74 per share

- 2018-05: EUR 4.77 per share

- 2018-06: EUR 4.76 per share

- 2018-07: EUR 4.76 per share

- 2018-08: EUR 4.58 per share

- 2018-09: EUR 4.62 per share

- 2018-10: EUR 4.26 per share

- 2018-11: EUR 4.67 per share

- 2018-12: EUR 4.50 per share

- 2019-01: EUR 4.86 per share

- 2019-02: EUR 5.03 per share

- 2019-03: EUR 4.72 per share

- 2019-04: EUR 4.77 per share

- 2019-05: EUR 4.78 per share

- 2019-06: EUR 5.10 per share

- 2019-07: EUR 5.14 per share

- 2019-08: EUR 5.28 per share

- 2019-09: EUR 5.51 per share

- 2019-10: EUR 5.91 per share

- 2019-11: EUR 5.86 per share

- 2019-12: EUR 5.66 per share

- 2020-01: EUR 5.64 per share

- 2020-02: EUR 5.50 per share

- 2020-03: EUR 5.77 per share

- 2020-04: EUR 6.25 per share

- 2020-05: EUR 5.22 per share

- 2020-06: EUR 5.32 per share

- 2020-07: EUR 4.93 per share

- 2020-08: EUR 5.24 per share

- 2020-09: EUR 5.70 per share

- 2020-10: EUR 5.28 per share

- 2020-11: EUR 5.55 per share

- 2020-12: EUR 5.66 per share

- 2021-01: EUR 5.99 per share

- 2021-02: EUR 6.10 per share

- 2021-03: EUR 6.17 per share

- 2021-04: EUR 6.31 per share

- 2021-05: EUR 6.28 per share

- 2021-06: EUR 6.74 per share

- 2021-07: EUR 7.18 per share

- 2021-08: EUR 6.11 per share

- 2021-09: EUR 6.24 per share

- 2021-10: EUR 6.08 per share

- 2021-11: EUR 5.71 per share

- 2021-12: EUR 5.95 per share

- 2022-01: EUR 5.97 per share

- 2022-02: EUR 6.11 per share

- 2022-03: EUR 6.48 per share

- 2022-04: EUR 6.66 per share

- 2022-05: EUR 6.54 per share

- 2022-06: EUR 6.34 per share

- 2022-07: EUR 6.91 per share

- 2022-08: EUR 6.60 per share

- 2022-09: EUR 6.57 per share

- 2022-10: EUR 5.89 per share

- 2022-11: EUR 6.22 per share

- 2022-12: EUR 6.12 per share

- 2023-01: EUR 6.37 per share

- 2023-02: EUR 6.08 per share

- 2023-03: EUR 6.31 per share

- 2023-04: EUR 6.40 per share

- 2023-05: EUR 6.34 per share

- 2023-06: EUR 6.48 per share

- 2023-07: EUR 6.45 per share

- 2023-08: EUR 6.41 per share

- 2023-09: EUR 6.74 per share

- 2023-10: EUR 6.42 per share

- 2023-11: EUR 6.40 per share

- 2023-12: EUR 6.61 per share

- 2024-01: EUR 6.44 per share

- 2024-02: EUR 6.37 per share

- 2024-03: EUR 6.16 per share

- 2024-04: EUR 6.19 per share

- 2024-05: EUR 6.34 per share

- 2024-06: EUR 6.40 per share

- 2024-07: EUR 6.68 per share

- 2024-08: EUR 7.38 per share

- 2024-09: EUR 7.81 per share

- 2024-10: EUR 7.84 per share

- 2024-11: EUR 8.90 per share

- 2024-12: EUR 8.95 per share

- 2025-01: EUR 8.62 per share

- 2025-02: EUR 9.45 per share

- 2025-03: EUR 9.22 per share

- 2025-04: EUR 9.35 per share

- 2025-05: EUR 9.52 per share

- 2025-06: EUR 9.64 per share

- 2025-07: EUR 10.78 per share

- 2025-08: EUR 10.66 per share

- 2025-09: EUR 11.07 per share

- 2025-10: EUR 11.06 per share

- 2025-11: EUR 11.01 per share

- 2025-12: EUR 11.11 per share

- 2026-01: EUR 11.52 per share

- 2026-02: EUR 11.86 per share

- 2026-03: EUR 13.44 per share

- 2026-04: EUR 14.15 per share

- 2026-05: EUR 14.28 per share

- 2026-06: EUR 16.46 per share

- 2026-07: EUR 16.27 per share

- 2026-08: EUR 17.02 per share

- 2026-09: EUR 15.52 per share

- 2026-10: EUR 14.28 per share

## Annual estimated value (EUR per share)

- FY2018: low EUR 3.07 per share, central EUR 3.42 per share, high EUR 3.88 per share

- FY2019: low EUR 3.16 per share, central EUR 3.54 per share, high EUR 4.04 per share

- FY2020: low EUR 3.76 per share, central EUR 4.20 per share, high EUR 4.78 per share

- FY2021: low EUR 3.86 per share, central EUR 4.30 per share, high EUR 4.88 per share

- FY2022: low EUR 4.20 per share, central EUR 4.68 per share, high EUR 5.32 per share

- FY2023: low EUR 4.55 per share, central EUR 5.08 per share, high EUR 5.79 per share

- FY2024: low EUR 4.96 per share, central EUR 5.55 per share, high EUR 6.33 per share

- FY2025: low EUR 5.60 per share, central EUR 6.24 per share, high EUR 7.09 per share

- FY2026: low EUR 6.71 per share, central EUR 7.44 per share, high EUR 8.41 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.