Company Valuation: China Merchants Property Operation & Service Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 21,483 16,308 12,682 11,208 11,239 9,589 - -
Change - -24.09% -22.24% -11.62% 0.27% -14.68% - -
Enterprise Value (EV) 1 21,950 15,565 10,405 7,398 6,158 4,029 3,344 2,751
Change - -29.09% -33.15% -28.9% -16.76% -34.57% -16.99% -17.74%
P/E 41.9x 27.5x 17.2x 13.3x 17.3x 10.2x 9.54x 8.78x
PBR 2.48x 1.78x 1.3x 1.08x 1.05x 0.85x 0.8x 0.75x
PEG - 1.8x 0.7x 0.9x -0.8x 0.2x 1.31x 1.03x
Capitalization / Revenue 2.03x 1.25x 0.81x 0.65x 0.58x 0.47x 0.43x 0.4x
EV / Revenue 2.07x 1.2x 0.67x 0.43x 0.32x 0.2x 0.15x 0.12x
EV / EBITDA 27.3x 17x 10.3x 6.02x 5.94x 3.04x 2.42x 1.94x
EV / EBIT 29.5x 18.9x 11.4x 6.51x 6.44x 3.14x 2.39x 1.79x
EV / FCF 32x 16.1x 5.82x 4.08x 3.78x 20.7x 2.87x 2.2x
FCF Yield 3.12% 6.22% 17.2% 24.5% 26.5% 4.84% 34.9% 45.5%
Dividend per Share 2 0.1 0.12 0.17 0.24 0.26 0.3371 0.3585 0.395
Rate of return 0.49% 0.78% 1.42% 2.27% 2.43% 3.7% 3.94% 4.34%
EPS 2 0.4837 0.5597 0.6939 0.7927 0.6185 0.8894 0.9543 1.036
Distribution rate 20.7% 21.4% 24.5% 30.3% 42% 37.9% 37.6% 38.1%
Net sales 1 10,591 13,024 15,627 17,172 19,273 20,566 22,116 23,865
EBITDA 1 804.6 914.7 1,011 1,228 1,036 1,324 1,385 1,421
EBIT 1 744.7 824.8 915.3 1,136 955.8 1,283 1,399 1,536
Net income 1 512.9 593.5 735.7 840.5 654.6 937.9 1,006 1,092
Net Debt 1 466.9 -743.4 -2,276 -3,810 -5,081 -5,560 -6,245 -6,838
Reference price 2 20.260 15.380 11.960 10.570 10.680 9.100 9.100 9.100
Nbr of stocks (in thousands) 1,060,346 1,060,346 1,060,346 1,060,346 1,052,294 1,053,720 - -
Announcement Date 3/17/22 3/17/23 3/15/24 3/16/25 3/13/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.23x0.2x3.04x3.7% 1.43B
22.25x0.9x10.88x-.--% 38.54B
19.94x0.95x7.83x2.29% 20.65B
12.72x0.49x8.05x-.--% 14.06B
17.57x3.5x11.27x5.66% 11.54B
18.86x8.05x15.76x5.09% 9.29B
61.3x2.26x8.93x-.--% 6.98B
36.06x1.29x12.58x0.88% 5.97B
33.97x1.07x8.18x0.34% 4.62B
28.96x11.42x - 2% 4B
Average 26.19x 3.01x 9.61x 2% 11.71B
Weighted average by Cap. 23.54x 2.14x 10.17x 1.54%

Y-o-Y evolution of P/E

Valuation ratios - P/E - China Merchants Property Operation & Service Co., Ltd.

Historical PBR trend

Valuation ratios - PBR - China Merchants Property Operation & Service Co., Ltd.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - China Merchants Property Operation & Service Co., Ltd.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - China Merchants Property Operation & Service Co., Ltd.


Year-on-year evolution of the Yield

Valuation ratios - Yield - China Merchants Property Operation & Service Co., Ltd.
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