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 26,762 - -
Change - -16.44% -16% 8.96% 30.33% -9.07% - -
Enterprise Value (EV) 1 49,570 65,841 62,316 70,956 69,103 61,694 63,744 59,526
Change - 32.83% -5.35% 13.87% -2.61% -10.72% 3.32% -6.62%
P/E 2.86x 8.95x 6.4x 27.8x 31.2x 14.1x 6.52x 6.35x
PBR 0.25x 0.23x 0.19x 0.22x 0.28x 0.25x 0.24x 0.24x
PEG - -0.1x 0.4x -0.4x 1.9x 0x 0x 2.43x
Capitalization / Revenue 1.93x 1.69x 1.58x 1.16x 1.5x 1.93x 1.15x 1.02x
EV / Revenue 3.23x 4.51x 4.76x 3.64x 3.53x 4.44x 2.75x 2.28x
EV / EBITDA 4.83x 9.88x 11.3x 15x 14.1x 16.7x 8.45x 6.87x
EV / EBIT 5.09x 10.7x 12.3x 16.5x 15.6x 19x 9.14x 7.59x
EV / FCF 10.8x - -199x -15.6x 6.15x 8.95x -278x 12.1x
FCF Yield 9.25% - -0.5% -6.41% 16.3% 11.2% -0.36% 8.26%
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% 7.32% 7.32% 7.32%
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 13,902 23,188 26,138
EBITDA 1 10,253 6,663 5,512 4,738 4,888 3,684 7,539 8,667
EBIT 1 9,732 6,180 5,068 4,301 4,436 3,246 6,978 7,845
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 34,932 36,981 32,764
Reference price 2 20.30 17.00 14.28 15.56 20.28 18.44 18.44 18.44
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 3/29/23 3/20/24 3/19/25 3/23/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.35x4.89x13.14x3.3% 43.71B
18.19x3.99x16.05x1.35% 28.84B
8.21x1.5x7.93x4.36% 27.33B
5.51x0.67x1.4x9.07% 26.52B
14.34x3.09x14.81x2.51% 26.38B
10.67x2.16x9.19x3.93% 21.47B
7.9x0.88x3.19x2.83% 20.22B
13.51x6.49x17.07x1.61% 19.89B
16.86x9.52x17.92x4.86% 18.24B
Average 12.28x 3.69x 11.19x 3.76% 25.84B
Weighted average by Cap. 12.51x 3.59x 11.22x 3.75%

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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  5. Valuation Kerry Properties Limited
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