Thanks for all readers who helped share views on the SPH valuation I did over the weekend. It turns out the one big piece of the puzzle I missed was SPH’s stake in M1, and iFast. So I went back and reran the numbers for whole valuation, using market numbers as at 10 May 2021. Note: This article is a premium article that first appeared on Patron. If you enjoy articles like this, do consider supporting Financial Horse and getting access to premium articles, my personal stock watch list, as well as my personal portfolio allocation. Updated Valuation of SPH Here are the results (I attached the excel so feel free to play around with the assumptions): My updated SPH fair value of 2.00 is much closer to SPH’s own NAV of 2.08, which indicates to me I’m on the right track here. And because I did the valuation, I can comment on how accurate the assumptions I used are....