Company Valuation: Tsim Sha Tsui Properties Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026
Market Cap 1 46,258 44,730 44,863 38,181 41,936 43,519
Change - -3.3% 0.3% -14.89% 9.83% 3.78%
Enterprise Value (EV) 1 26,955 36,216 37,266 37,433 30,932 18,717
Change - 34.36% 2.9% 0.45% -17.37% -39.49%
P/E 8.62x 13.9x 13.5x 15x 17.7x 15.7x
PBR 0.54x 0.51x 0.49x 0.4x 0.43x 0.43x
PEG - -0.3x 13.69x -0.6x -1.8x 1.2x
Capitalization / Revenue 1.87x 2.79x 3.39x 3.87x 4.79x 4.72x
EV / Revenue 1.09x 2.26x 2.82x 3.79x 3.53x 2.03x
EV / EBITDA 2.11x 4.67x 6.54x 10.7x 9.45x 7.23x
EV / EBIT 2.13x 4.74x 6.69x 11x 9.73x 7.54x
EV / FCF 9.88x -4.49x 19.1x -3.9x 3.28x 1.37x
FCF Yield 10.1% -22.3% 5.25% -25.6% 30.5% 73.1%
Dividend per Share 2 0.55 0.57 0.58 0.58 0.58 0.58
Rate of return 2.3% 2.56% 2.66% 3.22% 3.02% 3%
EPS 2 2.774 1.603 1.619 1.201 1.083 1.229
Distribution rate 19.8% 35.6% 35.8% 48.3% 53.6% 47.2%
Net sales 1 24,769 16,035 13,230 9,867 8,759 9,214
EBITDA 1 12,793 7,751 5,694 3,489 3,273 2,590
EBIT 1 12,683 7,648 5,569 3,395 3,179 2,483
Net income 1 5,305 3,159 3,287 2,508 2,331 2,724
Net Debt 1 -19,302 -8,514 -7,597 -748 -11,004 -24,802
Reference price 2 23.90 22.30 21.80 18.00 19.18 19.35
Nbr of stocks (in thousands) 1,935,467 2,005,851 2,057,938 2,121,188 2,186,420 2,249,048
Announcement Date 23/09/21 22/09/22 28/09/23 26/09/24 25/09/25 30/09/26
1HKD in Million2HKD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 5.55B
62.18x - - - 66.39B
13.85x4.5x12.11x3.66% 39.4B
5.64x0.74x1.53x8.73% 27.58B
8.14x1.45x8.09x4.36% 27.04B
17.19x3.87x15.55x1.43% 26.47B
13.08x3.01x14.39x2.67% 24.08B
9.12x3.35x7.67x-.--% 21.5B
7.83x0.87x3.16x2.85% 20.03B
10.08x1.97x8.13x4.17% 20.25B
Average 16.34x 2.47x 8.83x 3.48% 27.83B
Weighted average by Cap. 23.38x 2.62x 9.15x 3.62%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Tsim Sha Tsui Properties Limited

Historical PBR trend

Valuation ratios - PBR - Tsim Sha Tsui Properties Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Tsim Sha Tsui Properties Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Tsim Sha Tsui Properties Limited

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