Company Valuation: China Resources Land Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 233,895 254,931 199,666 160,803 193,962 256,143 - -
Change - 8.99% -21.68% -19.46% 20.62% 32.06% - -
Enterprise Value (EV) 1 414,245 327,061 329,394 296,318 382,086 439,777 429,753 426,487
Change - -21.05% 0.71% -10.04% 28.94% 15.1% -2.28% -0.76%
P/E ratio 5.86x 7.95x 5.87x 5.86x 6.74x 9.08x 8.61x 7.97x
PBR 0.84x 0.92x 0.7x 0.55x 0.59x 0.73x 0.69x 0.66x
PEG - -0.4x 0.96x -0.3x 1.37x -4.75x 1.6x 0.98x
Capitalization / Revenue 0.89x 1.08x 0.73x 0.54x 0.61x 0.89x 0.91x 0.89x
EV / Revenue 1.58x 1.38x 1.21x 0.99x 1.2x 1.53x 1.52x 1.48x
EV / EBITDA 7.22x 6.46x 6.01x 5.76x 7.21x 7.65x 7.08x 6.39x
EV / EBIT 7.43x 6.66x 6.17x 5.94x 7.46x 8.3x 7.72x 7.07x
EV / FCF 72.3x 11.9x 6.6x 6.1x - 22.3x 10.6x 8.81x
FCF Yield 1.38% 8.4% 15.2% 16.4% - 4.48% 9.44% 11.4%
Dividend per Share 2 1.702 1.597 1.563 1.413 1.321 1.409 1.484 1.609
Rate of return 5.19% 4.47% 5.58% 6.27% 4.86% 3.92% 4.13% 4.48%
EPS 2 5.598 4.499 4.772 3.845 4.034 3.957 4.17 4.508
Distribution rate 30.4% 35.5% 32.8% 36.7% 32.8% 35.6% 35.6% 35.7%
Net sales 1 261,539 236,423 272,393 298,628 318,910 288,255 282,804 288,130
EBITDA 1 57,386 50,632 54,768 51,488 52,971 57,524 60,662 66,795
EBIT 1 55,776 49,109 53,344 49,848 51,236 53,012 55,698 60,281
Net income 1 39,952 32,075 34,020 27,421 28,802 28,594 30,360 32,725
Net Debt 1 180,350 72,129 129,728 135,516 188,125 183,634 173,610 170,343
Reference price 2 32.80 35.75 28.00 22.55 27.20 35.92 35.92 35.92
Nbr of stocks (in thousands) 7,130,940 7,130,940 7,130,940 7,130,940 7,130,940 7,130,940 - -
Announcement Date 30/03/22 29/03/23 25/03/24 25/03/25 29/03/26 - - -
1HKD in Million2HKD
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.08x1.53x7.65x3.92% 32.69B
15.5x4.8x13.17x3.23% 44.72B
21.84x4.31x18.11x1.16% 29.96B
5.75x0.68x1.34x8.82% 27.29B
15.08x3.14x15.5x2.32% 25.35B
11.81x1.78x15.16x3.2% 21.85B
9.45x2.28x7.84x3.94% 20.64B
15.4x6.69x18.97x1.23% 20.46B
14.43x0.92x6.09x2.58% 20.04B
Average 13.15x 2.90x 11.54x 3.38% 27B
Weighted average by Cap. 13.34x 3.02x 11.58x 3.44%

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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