Company Valuation: Sun Hung Kai Properties Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 335,273 268,624 286,011 184,913 260,945 405,140 - -
Change - -19.88% 6.47% -35.35% 41.12% 55.26% - -
Enterprise Value (EV) 1 430,315 373,232 395,784 295,779 354,243 486,832 477,651 459,590
Change - -13.27% 6.04% -25.27% 19.77% 37.43% -1.89% -3.78%
P/E ratio 12.6x 10.5x 12x 10.3x 13.5x 17.9x 15.8x 15.1x
PBR 0.56x 0.45x 0.47x 0.32x 0.42x 0.64x 0.63x 0.61x
PEG - -2.48x -1.86x -0.5x 11.09x 1x 1.2x 3.34x
Capitalization / Revenue 3.93x 3.46x 4.02x 2.59x 3.27x 4.43x 4.69x 4.61x
EV / Revenue 5.05x 4.8x 5.56x 4.14x 4.44x 5.32x 5.53x 5.23x
EV / EBITDA 10.6x 10.1x 12.7x 9.67x 11.4x 14.7x 13.6x 12.5x
EV / EBIT 11.6x 11.2x 14.4x 11.1x 13.6x 17.4x 16x 14.7x
EV / FCF 79.2x 135x 37.5x 20.4x 12.2x 27.7x 23.9x 22.2x
FCF Yield 1.26% 0.74% 2.66% 4.91% 8.18% 3.61% 4.18% 4.51%
Dividend per Share 2 4.95 4.95 4.95 3.75 3.75 3.903 4.135 4.405
Rate of return 4.28% 5.34% 5.02% 5.55% 4.16% 2.79% 2.96% 3.15%
EPS 2 9.21 8.82 8.25 6.57 6.65 7.814 8.861 9.262
Distribution rate 53.7% 56.1% 60% 57.1% 56.4% 49.9% 46.7% 47.6%
Net sales 1 85,262 77,747 71,195 71,506 79,721 91,501 86,328 87,804
EBITDA 1 40,726 36,981 31,169 30,575 31,135 33,008 35,030 36,717
EBIT 1 37,245 33,362 27,545 26,752 26,078 28,030 29,902 31,303
Net income 1 26,686 25,560 23,907 19,046 19,277 22,681 25,425 26,513
Net Debt 1 95,042 104,608 109,773 110,866 93,298 81,691 72,511 54,449
Reference price 2 115.70 92.70 98.70 67.55 90.05 139.80 139.80 139.80
Nbr of stocks (in thousands) 2,897,780 2,897,780 2,897,780 2,737,417 2,897,780 2,898,000 - -
Announcement Date 09/09/21 08/09/22 07/09/23 05/09/24 04/09/25 - - -
1HKD in Million2HKD
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
17.89x5.32x14.75x2.79% 51.75B
9.64x1.58x7.91x3.68% 34.72B
24.78x4.66x19.56x1.03% 34.53B
6.24x0.74x1.64x8.42% 28.59B
16.89x3.32x16.39x2.07% 28.85B
21.19x7.88x22.34x0.9% 28.75B
10.47x2.54x8.74x3.55% 22.84B
12.09x1.81x15.38x3.12% 22.37B
21.2x7.67x24.14x3.72% 21B
Average 15.60x 3.95x 14.54x 3.25% 30.38B
Weighted average by Cap. 15.89x 4.00x 14.36x 3.16%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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