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 9,547 - -
Change - -24.09% -22.24% -11.62% 0.27% -15.05% - -
Enterprise Value (EV) 1 21,950 15,565 10,405 7,398 6,158 3,987 3,302 2,709
Change - -29.09% -33.15% -28.9% -16.76% -35.26% -17.17% -17.96%
P/E 41.9x 27.5x 17.2x 13.3x 17.3x 10.2x 9.38x 8.6x
PBR 2.48x 1.78x 1.3x 1.08x 1.05x 0.84x 0.79x 0.74x
PEG - 1.8x 0.7x 0.9x -0.8x 0.2x 1.08x 0.95x
Capitalization / Revenue 2.03x 1.25x 0.81x 0.65x 0.58x 0.46x 0.43x 0.4x
EV / Revenue 2.07x 1.2x 0.67x 0.43x 0.32x 0.19x 0.15x 0.11x
EV / EBITDA 27.3x 17x 10.3x 6.02x 5.94x 3.01x 2.27x 1.78x
EV / EBIT 29.5x 18.9x 11.4x 6.51x 6.44x 3.11x 2.33x 1.74x
EV / FCF 32x 16.1x 5.82x 4.08x 3.78x 20.4x 2.83x 2.17x
FCF Yield 3.12% 6.22% 17.2% 24.5% 26.5% 4.89% 35.3% 46.2%
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% 3.72% 3.96% 4.36%
EPS 2 0.4837 0.5597 0.6939 0.7927 0.6185 0.8894 0.9663 1.053
Distribution rate 20.7% 21.4% 24.5% 30.3% 42% 37.9% 37.1% 37.5%
Net sales 1 10,591 13,024 15,627 17,172 19,273 20,566 22,241 24,119
EBITDA 1 804.6 914.7 1,011 1,228 1,036 1,324 1,452 1,522
EBIT 1 744.7 824.8 915.3 1,136 955.8 1,283 1,416 1,558
Net income 1 512.9 593.5 735.7 840.5 654.6 937.9 1,019 1,109
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 9.060 9.060 9.060
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.($)
10.19x0.19x3.01x3.72% 1.42B
23.06x0.93x11.24x-.--% 39.96B
18.53x0.83x6.93x2.47% 19.07B
14.23x0.57x9.48x-.--% 15.74B
17.1x3.51x11.48x5.82% 11.2B
20.69x8.56x16.93x4.64% 10.29B
59.22x2.28x9.01x-.--% 7.06B
36.08x1.29x12.59x0.9% 5.99B
34.3x1.07x8.22x0.34% 4.66B
31.08x12.26x - 1.86% 4.29B
Average 26.45x 3.15x 9.88x 1.98% 11.97B
Weighted average by Cap. 23.77x 2.27x 10.53x 1.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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