SWIRE PROPERTIES LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 15.98 HKD | +1.14% |
|
+6.68% | +1.14% |
| 04-10 | Swire Properties to Close First Hotel in Beijing to Make Way for Retail Development | MT |
| 03-15 | Jefferies Adjusts Swire Properties’ Price Target to HK$16 From HK$15, Keeps at Hold | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 151,222 | 131,918 | 114,309 | 116,064 | 92,430 | 93,483 | - | - |
| Enterprise Value (EV) 1 | 166,514 | 138,522 | 124,643 | 135,011 | 129,109 | 132,172 | 134,457 | 137,995 |
| P/E ratio | 11.3 x | 32.2 x | 16 x | 14.6 x | 35.1 x | 12.2 x | 10.7 x | 10.1 x |
| Yield | 3.4% | 4.04% | 4.86% | 5.04% | 6.65% | 6.84% | 7.16% | 7.44% |
| Capitalization / Revenue | 10.6 x | 9.91 x | 7.19 x | 8.39 x | 6.3 x | 6.15 x | 5.57 x | 5.14 x |
| EV / Revenue | 11.7 x | 10.4 x | 7.84 x | 9.77 x | 8.8 x | 8.7 x | 8.02 x | 7.58 x |
| EV / EBITDA | 15.1 x | 13.4 x | 12.3 x | 14.7 x | 15.5 x | 14.3 x | 13.3 x | 12.7 x |
| EV / FCF | 72.6 x | 34.9 x | 124 x | -54.6 x | 52.5 x | 20.5 x | 19.7 x | 18.4 x |
| FCF Yield | 1.38% | 2.86% | 0.81% | -1.83% | 1.9% | 4.88% | 5.07% | 5.42% |
| Price to Book | 0.53 x | 0.46 x | 0.39 x | 0.4 x | 0.32 x | 0.33 x | 0.32 x | 0.32 x |
| Nbr of stocks (in thousands) | 5,850,000 | 5,850,000 | 5,850,000 | 5,850,000 | 5,850,000 | 5,850,000 | - | - |
| Reference price 2 | 25.85 | 22.55 | 19.54 | 19.84 | 15.80 | 15.98 | 15.98 | 15.98 |
| Announcement Date | 12/03/20 | 11/03/21 | 10/03/22 | 09/03/23 | 14/03/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 14,222 | 13,308 | 15,891 | 13,826 | 14,670 | 15,197 | 16,769 | 18,203 |
| EBITDA 1 | 11,036 | 10,323 | 10,141 | 9,156 | 8,349 | 9,213 | 10,124 | 10,909 |
| EBIT 1 | 10,677 | 9,971 | 9,786 | 8,223 | 7,912 | 8,735 | 9,529 | 10,030 |
| Operating Margin | 75.07% | 74.92% | 61.58% | 59.47% | 53.93% | 57.48% | 56.83% | 55.1% |
| Earnings before Tax (EBT) 1 | 15,328 | 5,856 | 9,250 | 10,292 | 4,368 | 8,831 | 9,689 | 10,341 |
| Net income 1 | 13,423 | 4,096 | 7,121 | 7,980 | 2,637 | 7,316 | 8,285 | 9,149 |
| Net margin | 94.38% | 30.78% | 44.81% | 57.72% | 17.98% | 48.14% | 49.41% | 50.26% |
| EPS 2 | 2.290 | 0.7000 | 1.220 | 1.360 | 0.4500 | 1.309 | 1.499 | 1.582 |
| Free Cash Flow 1 | 2,293 | 3,965 | 1,005 | -2,473 | 2,457 | 6,445 | 6,817 | 7,482 |
| FCF margin | 16.12% | 29.79% | 6.32% | -17.89% | 16.75% | 42.41% | 40.65% | 41.1% |
| FCF Conversion (EBITDA) | 20.78% | 38.41% | 9.91% | - | 29.43% | 69.95% | 67.33% | 68.59% |
| FCF Conversion (Net income) | 17.08% | 96.8% | 14.11% | - | 93.17% | 88.1% | 82.28% | 81.78% |
| Dividend per Share 2 | 0.8800 | 0.9100 | 0.9500 | 1.000 | 1.050 | 1.093 | 1.144 | 1.189 |
| Announcement Date | 12/03/20 | 11/03/21 | 10/03/22 | 09/03/23 | 14/03/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 6,712 | 6,551 | 6,757 | 9,068 | 6,823 | 6,698 | 7,128 | 7,297 | 7,373 | 6,399 | 9,599 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | - | 4,634 | 5,152 | 4,213 | 4,010 | 4,360 | 3,552 | 3,592 | 5,388 |
| Operating Margin | - | - | - | 51.1% | 75.51% | 62.9% | 56.26% | 59.75% | 48.18% | 56.13% | 56.13% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | 1,150 | - | - |
| Net income | - | - | - | - | - | - | - | - | 414 | - | - |
| Net margin | - | - | - | - | - | - | - | - | 5.62% | - | - |
| EPS 2 | 0.7600 | 0.1800 | 0.5200 | 0.3400 | 0.8800 | 0.7400 | 0.6200 | 0.3800 | 0.0700 | 0.5200 | 0.7800 |
| Dividend per Share | - | - | - | - | - | - | - | - | 0.7200 | - | - |
| Announcement Date | 12/03/20 | 13/08/20 | 11/03/21 | 12/08/21 | 10/03/22 | 11/08/22 | 09/03/23 | 10/08/23 | 14/03/24 | - | - |
1HKD in Million2HKD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 15,292 | 6,605 | 10,334 | 18,947 | 36,679 | 38,689 | 40,974 | 44,512 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.386 x | 0.6398 x | 1.019 x | 2.069 x | 4.393 x | 4.199 x | 4.047 x | 4.08 x |
| Free Cash Flow 1 | 2,293 | 3,965 | 1,005 | -2,473 | 2,457 | 6,445 | 6,817 | 7,482 |
| ROE (net income / shareholders' equity) | 4.74% | 2.46% | 2.45% | 2.75% | 2.54% | 2.56% | 2.92% | 3.07% |
| ROA (Net income/ Total Assets) | 4% | 2.1% | 2.1% | 2.36% | 2.11% | 2.11% | 2.29% | 2.53% |
| Assets 1 | 335,760 | 195,075 | 338,855 | 338,422 | 125,178 | 346,951 | 362,482 | 361,135 |
| Book Value Per Share 2 | 49.00 | 49.40 | 49.90 | 49.40 | 48.70 | 48.80 | 49.20 | 49.50 |
| Cash Flow per Share 2 | 0.7500 | 0.9300 | 0.8600 | 0.8100 | 0.9300 | 1.070 | 1.130 | 1.270 |
| Capex 1 | 2,082 | 1,504 | 4,040 | 7,229 | 2,988 | 3,274 | 2,318 | 2,950 |
| Capex / Sales | 14.64% | 11.3% | 25.42% | 52.29% | 20.37% | 21.55% | 13.82% | 16.21% |
| Announcement Date | 12/03/20 | 11/03/21 | 10/03/22 | 09/03/23 | 14/03/24 | - | - | - |
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
15
Last Close Price
15.98
HKD
Average target price
19.78
HKD
Spread / Average Target
+23.77%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +1.14% | 11.94B | |
| +36.16% | 27.94B | |
| -13.74% | 26.97B | |
| +25.00% | 26.95B | |
| -0.71% | 25.32B | |
| +44.49% | 22.58B | |
| +2.78% | 19.59B | |
| +1.45% | 19.52B | |
| +28.54% | 16.23B | |
| -14.80% | 14.98B |
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- Financials Swire Properties Limited
