HONG KONG EXCHANGES AND CLEARING LIMITED Financials Hong Kong Exchanges and Clearing Limited Börse Stuttgart
Equities
HK2C
HK0388045442
Financial & Commodity Market Operators
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Market Closed -
Other stock markets
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After market 21:01:42 | |||
| 32.56 EUR | -1.82% |
|
32.6 | +0.09% |
| 05-20 | Copper's record run at risk as US shipments calm speculator frenzy | RE |
| 05-14 | Nomura Adjusts Hong Kong Exchanges and Clearing’s Price Target to HK$330.58 From HK$324.31, Keeps at Buy | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 318,300 | 537,449 | 576,163 | 426,739 | 339,135 | 351,291 | - | - |
| Enterprise Value (EV) 1 | 188,503 | 379,876 | 395,228 | 244,010 | 329,296 | 334,850 | 333,791 | 332,722 |
| P/E ratio | 33.9 x | 46.8 x | 46 x | 42.4 x | 28.6 x | 28.5 x | 27.2 x | 25.4 x |
| Yield | 2.65% | 1.92% | 1.95% | 2.12% | 3.14% | 3.17% | 3.29% | 3.53% |
| Capitalization / Revenue | 19.5 x | 28 x | 27.5 x | 23.1 x | 16.5 x | 16.4 x | 15.6 x | 14.7 x |
| EV / Revenue | 11.6 x | 19.8 x | 18.9 x | 13.2 x | 16.1 x | 15.7 x | 14.9 x | 13.9 x |
| EV / EBITDA | 15.4 x | 25.9 x | 24.3 x | 18.5 x | 22.2 x | 21.4 x | 20.3 x | 18.8 x |
| EV / FCF | 21 x | 28.3 x | 35.1 x | 17.7 x | 32.5 x | 29.7 x | 27.5 x | 22.8 x |
| FCF Yield | 4.76% | 3.53% | 2.85% | 5.64% | 3.07% | 3.37% | 3.64% | 4.38% |
| Price to Book | 7.18 x | 11 x | 11.6 x | 8.58 x | 6.61 x | 6.59 x | 6.42 x | 6.11 x |
| Nbr of stocks (in thousands) | 1,258,104 | 1,264,586 | 1,265,179 | 1,265,538 | 1,265,431 | 1,264,545 | - | - |
| Reference price 2 | 253.0 | 425.0 | 455.4 | 337.2 | 268.0 | 277.8 | 277.8 | 277.8 |
| Announcement Date | 26/02/20 | 24/02/21 | 24/02/22 | 23/02/23 | 29/02/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 16,311 | 19,190 | 20,950 | 18,456 | 20,516 | 21,362 | 22,456 | 23,897 |
| EBITDA 1 | 12,263 | 14,641 | 16,269 | 13,185 | 14,828 | 15,643 | 16,406 | 17,723 |
| EBIT 1 | 11,219 | 13,444 | 14,915 | 11,726 | 13,385 | 14,153 | 14,871 | 16,012 |
| Operating Margin | 68.78% | 70.06% | 71.19% | 63.53% | 65.24% | 66.25% | 66.22% | 67% |
| Earnings before Tax (EBT) 1 | 10,951 | 13,332 | 14,841 | 11,659 | 13,332 | 13,937 | 14,777 | 15,729 |
| Net income 1 | 9,391 | 11,505 | 12,535 | 10,078 | 11,862 | 12,377 | 13,010 | 13,981 |
| Net margin | 57.57% | 59.95% | 59.83% | 54.61% | 57.82% | 57.94% | 57.94% | 58.5% |
| EPS 2 | 7.470 | 9.090 | 9.890 | 7.950 | 9.360 | 9.753 | 10.22 | 10.94 |
| Free Cash Flow 1 | 8,971 | 13,418 | 11,270 | 13,772 | 10,119 | 11,274 | 12,138 | 14,576 |
| FCF margin | 55% | 69.92% | 53.79% | 74.62% | 49.32% | 52.77% | 54.05% | 60.99% |
| FCF Conversion (EBITDA) | 73.16% | 91.65% | 69.27% | 104.45% | 68.24% | 72.07% | 73.98% | 82.24% |
| FCF Conversion (Net income) | 95.53% | 116.63% | 89.91% | 136.65% | 85.31% | 91.08% | 93.3% | 104.26% |
| Dividend per Share 2 | 6.710 | 8.170 | 8.870 | 7.140 | 8.410 | 8.796 | 9.131 | 9.793 |
| Announcement Date | 26/02/20 | 24/02/21 | 24/02/22 | 23/02/23 | 29/02/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 10,408 | - | 5,309 | 4,732 | 4,690 | 4,247 | 8,937 | 4,318 | 5,201 | 5,558 | 5,017 | 5,084 | 4,857 | 5,201 | 5,354 | 5,456 | 5,271 | 5,325 |
| EBITDA 1 | - | 7,935 | - | 4,164 | 3,498 | 3,473 | 2,921 | 6,394 | 2,984 | 3,807 | 4,209 | 3,650 | 3,706 | 3,263 | 3,705 | - | - | - | - |
| EBIT 1 | - | 7,283 | - | 3,820 | 3,150 | 3,119 | 2,558 | 5,677 | 2,629 | 3,420 | 3,844 | 1,833 | 3,344 | 2,901 | 3,360 | 3,666 | 3,599 | 3,194 | - |
| Operating Margin | - | 69.98% | - | 71.95% | 66.57% | 66.5% | 60.23% | 63.52% | 60.88% | 65.76% | 69.16% | 36.54% | 65.77% | 59.73% | 64.6% | 68.47% | 65.97% | 60.61% | - |
| Earnings before Tax (EBT) 1 | - | 7,228 | - | 3,801 | 3,134 | 3,108 | 2,538 | 5,646 | 2,611 | 3,402 | 3,829 | 3,280 | 3,336 | 2,887 | 3,356 | - | - | - | - |
| Net income 1 | 5,233 | 6,272 | - | 3,251 | 2,674 | 2,668 | 2,168 | 4,836 | 2,263 | 2,979 | 3,436 | 2,876 | 2,953 | 2,597 | 2,970 | 2,879 | 3,033 | 2,931 | 2,973 |
| Net margin | - | 60.26% | - | 61.24% | 56.51% | 56.89% | 51.05% | 54.11% | 52.41% | 57.28% | 61.82% | 57.33% | 58.08% | 53.47% | 57.1% | 53.77% | 55.6% | 55.6% | 55.82% |
| EPS 2 | 4.150 | - | - | 2.560 | 2.110 | 2.110 | 1.710 | 3.820 | 1.790 | 2.340 | 2.690 | 2.290 | 2.330 | 2.050 | 2.340 | 2.279 | 2.392 | 2.312 | 2.351 |
| Dividend per Share 2 | - | - | 4.690 | - | 4.180 | - | 3.450 | - | - | 3.690 | - | 4.500 | - | 3.910 | - | 4.166 | - | 4.234 | - |
| Announcement Date | 19/08/20 | 24/02/21 | 11/08/21 | 27/10/21 | 24/02/22 | 27/04/22 | 17/08/22 | 17/08/22 | 19/10/22 | 23/02/23 | 26/04/23 | 16/08/23 | 20/10/23 | 29/02/24 | 24/04/24 | - | - | - | - |
1HKD in Million2HKD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 129,797 | 157,573 | 180,935 | 182,729 | 9,839 | 16,440 | 17,499 | 18,568 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 8,971 | 13,418 | 11,270 | 13,772 | 10,119 | 11,274 | 12,138 | 14,576 |
| ROE (net income / shareholders' equity) | 22.1% | 24.7% | 25.4% | 20.3% | 23.5% | 23.4% | 23.9% | 24.6% |
| ROA (Net income/ Total Assets) | 3.51% | 3.39% | 3.14% | 2.5% | 3.17% | 3.6% | 3.63% | 3.95% |
| Assets 1 | 267,500 | 339,080 | 399,204 | 402,685 | 373,615 | 343,655 | 358,688 | 354,297 |
| Book Value Per Share 2 | 35.20 | 38.70 | 39.20 | 39.30 | 40.60 | 42.20 | 43.30 | 45.40 |
| Cash Flow per Share 2 | 8.010 | 11.70 | 9.740 | 11.80 | 9.070 | 12.10 | 11.00 | 12.60 |
| Capex 1 | 1,091 | 1,351 | 1,070 | 1,184 | 1,381 | 1,557 | 1,470 | 1,641 |
| Capex / Sales | 6.69% | 7.04% | 5.11% | 6.42% | 6.73% | 7.29% | 6.55% | 6.87% |
| Announcement Date | 26/02/20 | 24/02/21 | 24/02/22 | 23/02/23 | 29/02/24 | - | - | - |
1HKD in Million2HKD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
277.8
HKD
Average target price
294.9
HKD
Spread / Average Target
+6.17%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +5.43% | 78.52B | |
| -0.97% | 37.08B | |
| +5.81% | 36B | |
| -23.85% | 11.75B | |
| +15.07% | 9.84B | |
| -26.76% | 8.31B | |
| +14.29% | 7.5B | |
| -3.66% | 7.49B | |
| -1.37% | 5.65B |
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