Company Valuation: Kerry Properties Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 29,526 24,672 20,725 22,582 29,432 25,238 - -
Change - -16.44% -16% 8.96% 30.33% -14.25% - -
Enterprise Value (EV) 1 49,570 65,841 62,316 70,956 69,103 59,770 61,952 57,529
Change - 32.83% -5.35% 13.87% -2.61% -13.51% 3.65% -7.14%
P/E 2.86x 8.95x 6.4x 27.8x 31.2x 13.3x 6.15x 5.99x
PBR 0.25x 0.23x 0.19x 0.22x 0.28x 0.24x 0.23x 0.23x
PEG - -0.1x 0.4x -0.4x 1.9x 0x 0x 2.29x
Capitalization / Revenue 1.93x 1.69x 1.58x 1.16x 1.5x 1.82x 1.09x 0.97x
EV / Revenue 3.23x 4.51x 4.76x 3.64x 3.53x 4.3x 2.68x 2.2x
EV / EBITDA 4.83x 9.88x 11.3x 15x 14.1x 16.3x 8.25x 6.66x
EV / EBIT 5.09x 10.7x 12.3x 16.5x 15.6x 18.4x 8.9x 7.35x
EV / FCF 10.8x - -199x -15.6x 6.15x 8.67x -271x 11.7x
FCF Yield 9.25% - -0.5% -6.41% 16.3% 11.5% -0.37% 8.55%
Dividend per Share 2 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35
Rate of return 6.65% 7.94% 9.45% 8.68% 6.66% 7.76% 7.76% 7.76%
EPS 2 7.11 1.9 2.23 0.56 0.65 1.307 2.829 2.902
Distribution rate 19% 71.1% 60.5% 241% 208% 103% 47.7% 46.5%
Net sales 1 15,327 14,590 13,090 19,499 19,568 13,885 23,144 26,119
EBITDA 1 10,253 6,663 5,512 4,738 4,888 3,674 7,510 8,637
EBIT 1 9,732 6,180 5,068 4,301 4,436 3,245 6,961 7,832
Net income 1 10,358 2,755 3,243 808 938 1,775 3,941 4,063
Net Debt 1 20,044 41,169 41,591 48,374 39,671 34,532 36,713 32,290
Reference price 2 20.30 17.00 14.28 15.56 20.28 17.39 17.39 17.39
Nbr of stocks (in thousands) 1,454,472 1,451,306 1,451,306 1,451,306 1,451,306 1,451,306 - -
Announcement Date 3/17/22 A 3/29/23 A 3/20/24 A 3/19/25 A 3/23/26 A - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.31x4.3x16.27x7.76% 3.22B
65.15x - - - 70.02B
12.47x4.37x11.22x3.86% 39.48B
18.62x4.04x16.26x1.32% 28.72B
5.68x0.75x1.56x8.71% 27.63B
7.97x1.46x8.19x4.44% 26.54B
14.44x3.15x15.07x2.42% 26.64B
10.23x2.01x7.74x4.1% 20.56B
8.24x2.9x6.79x-.--% 19.76B
7.44x0.82x3x3% 19.02B
Average 16.35x 2.65x 9.57x 3.96% 28.16B
Weighted average by Cap. 24.50x 2.65x 9.33x 3.69%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Kerry Properties Limited

Historical PBR trend

Valuation ratios - PBR - Kerry Properties Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Kerry Properties Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Kerry Properties Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - Kerry Properties Limited
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