MGM CHINA HOLDINGS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 13.92 HKD | +4.82% |
|
+8.07% | +40.46% |
| 10:24am | MGM China's Adjusted Property EBITDAR Rises 78% in Q1 | MT |
| 03-22 | MGM China Holdings Limited Announces Special Dividend for the Year Ended December 31, 2023, Payable on 23 April 2024 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 48,336 | 50,616 | 17,974 | 32,680 | 37,658 | 52,915 | - | - |
| Enterprise Value (EV) 1 | 61,907 | 69,352 | 38,791 | 58,699 | 37,658 | 69,741 | 66,336 | 64,504 |
| P/E ratio | 25 x | -9.73 x | -4.67 x | -6.25 x | 14.3 x | 11.8 x | 11.3 x | 9.96 x |
| Yield | 1.39% | - | - | - | - | 3.4% | 3.88% | 4.93% |
| Capitalization / Revenue | 2.12 x | 9.93 x | 1.91 x | 6.2 x | 1.53 x | 1.66 x | 1.69 x | 1.53 x |
| EV / Revenue | 2.72 x | 13.6 x | 4.12 x | 11.1 x | 1.53 x | 2.19 x | 2.12 x | 1.86 x |
| EV / EBITDA | 10 x | -50.6 x | 207 x | -45.2 x | 5.2 x | 8.26 x | 7.88 x | 7.09 x |
| EV / FCF | 19.3 x | -18.2 x | -39.7 x | -24.9 x | - | 10.5 x | 11.4 x | 11.9 x |
| FCF Yield | 5.19% | -5.49% | -2.52% | -4.02% | - | 9.53% | 8.79% | 8.41% |
| Price to Book | 4.62 x | 10.1 x | 15 x | -8.18 x | - | 31.1 x | 9.81 x | 5.94 x |
| Nbr of stocks (in thousands) | 3,800,000 | 3,800,000 | 3,800,000 | 3,800,000 | 3,800,000 | 3,801,352 | - | - |
| Reference price 2 | 12.72 | 13.32 | 4.730 | 8.600 | 9.910 | 13.92 | 13.92 | 13.92 |
| Announcement Date | 26/03/20 | 10/02/21 | 10/03/22 | 29/03/23 | 21/03/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 22,765 | 5,096 | 9,411 | 5,269 | 24,684 | 31,902 | 31,301 | 34,588 |
| EBITDA 1 | 6,183 | -1,372 | 187.2 | -1,300 | 7,235 | 8,443 | 8,420 | 9,100 |
| EBIT 1 | 2,963 | -4,134 | -2,349 | -3,610 | 4,547 | 6,237 | 6,298 | 7,458 |
| Operating Margin | 13.02% | -81.13% | -24.96% | -68.51% | 18.42% | 19.55% | 20.12% | 21.56% |
| Earnings before Tax (EBT) 1 | 1,942 | -5,191 | -3,828 | -5,216 | 2,685 | 4,447 | 4,675 | 5,311 |
| Net income 1 | 1,931 | -5,202 | -3,847 | -5,232 | 2,638 | 4,372 | 4,591 | 5,694 |
| Net margin | 8.48% | -102.07% | -40.87% | -99.3% | 10.69% | 13.71% | 14.67% | 16.46% |
| EPS 2 | 0.5080 | -1.369 | -1.012 | -1.377 | 0.6920 | 1.175 | 1.227 | 1.398 |
| Free Cash Flow 1 | 3,212 | -3,809 | -977.3 | -2,360 | - | 6,646 | 5,829 | 5,424 |
| FCF margin | 14.11% | -74.74% | -10.38% | -44.79% | - | 20.83% | 18.62% | 15.68% |
| FCF Conversion (EBITDA) | 51.94% | - | - | - | - | 78.72% | 69.23% | 59.6% |
| FCF Conversion (Net income) | 166.3% | - | - | - | - | 152.02% | 126.96% | 95.25% |
| Dividend per Share 2 | 0.1770 | - | - | - | - | 0.4729 | 0.5395 | 0.6864 |
| Announcement Date | 26/03/20 | 10/02/21 | 10/03/22 | 29/03/23 | 21/03/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q3 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 2,248 | 2,452 | - | 1,100 | 687 | 1,366 | 6,400 | 8,300 | 8,184 | 8,179 | 8,022 |
| EBITDA | - | 100.5 | -113.7 | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | -644.7 | - | -758.5 | -758.5 | - | - | - | 1,803 | 1,550 | 1,503 | 1,367 |
| Operating Margin | - | -28.68% | - | - | -68.96% | - | - | - | 21.83% | 18.93% | 18.38% | 17.04% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS 2 | - | -0.2800 | -0.2800 | -0.3200 | -0.3200 | - | - | - | 0.3700 | 0.3000 | 0.2900 | 0.2500 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 04/08/21 | 03/11/21 | 10/03/22 | 08/09/22 | 03/08/22 | 02/11/22 | 29/03/23 | 08/11/23 | - | - | - | - |
1HKD in Million2HKD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 13,571 | 18,736 | 20,817 | 26,019 | - | 16,826 | 13,421 | 11,589 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.195 x | -13.66 x | 111.2 x | -20.01 x | - | 1.993 x | 1.594 x | 1.273 x |
| Free Cash Flow 1 | 3,212 | -3,809 | -977 | -2,360 | - | 6,646 | 5,829 | 5,424 |
| ROE (net income / shareholders' equity) | 19.9% | -67.2% | -124% | - | - | 2,023% | 174% | 74.8% |
| ROA (Net income/ Total Assets) | 5.71% | -16.7% | -13.2% | -17.5% | - | 15.6% | 15.5% | 15.1% |
| Assets 1 | 33,819 | 31,088 | 29,054 | 29,825 | - | 28,089 | 29,699 | 37,730 |
| Book Value Per Share 2 | 2.750 | 1.320 | 0.3200 | -1.050 | - | 0.4500 | 1.420 | 2.350 |
| Cash Flow per Share 2 | 1.140 | -0.7800 | -0.1200 | -0.5600 | - | 2.190 | 2.160 | 1.830 |
| Capex 1 | 1,122 | 839 | 528 | 246 | - | 1,613 | 2,187 | 1,507 |
| Capex / Sales | 4.93% | 16.46% | 5.61% | 4.67% | - | 5.06% | 6.99% | 4.36% |
| Announcement Date | 26/03/20 | 10/02/21 | 10/03/22 | 29/03/23 | 21/03/24 | - | - | - |
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
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
13.92
HKD
Average target price
16.77
HKD
Spread / Average Target
+20.47%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +40.46% | 6.45B | |
| +9.51% | 33.04B | |
| +0.36% | 23.7B | |
| +22.07% | 19.89B | |
| -17.26% | 19.8B | |
| -15.54% | 19.32B | |
| -4.41% | 16.2B | |
| -1.35% | 9.54B | |
| -25.04% | 7.87B | |
| +7.49% | 7.22B |
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