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 25,267 - -
Change - -16.44% -16% 8.96% 30.33% -14.15% - -
Enterprise Value (EV) 1 49,570 65,841 62,316 70,956 69,103 60,199 62,249 58,031
Change - 32.83% -5.35% 13.87% -2.61% -12.89% 3.4% -6.78%
P/E 2.86x 8.95x 6.4x 27.8x 31.2x 13.3x 6.16x 6x
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 2.3x
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 4.33x 2.68x 2.22x
EV / EBITDA 4.83x 9.88x 11.3x 15x 14.1x 16.3x 8.26x 6.7x
EV / EBIT 5.09x 10.7x 12.3x 16.5x 15.6x 18.5x 8.92x 7.4x
EV / FCF 10.8x - -199x -15.6x 6.15x 8.73x -272x 11.8x
FCF Yield 9.25% - -0.5% -6.41% 16.3% 11.5% -0.37% 8.48%
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% 7.75% 7.75% 7.75%
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 17.41 17.41 17.41
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.04x4.51x12.17x3.61% 39.98B
17.8x3.94x15.85x1.38% 28.22B
7.88x1.42x7.8x4.49% 26.51B
5.45x0.65x1.36x9.17% 26.23B
13.78x3.08x14.74x2.54% 26.13B
10.63x2.15x9.15x3.95% 21.37B
7.85x0.87x3.17x2.85% 20.08B
13.11x6.41x16.85x1.66% 19.31B
37.44x13.73x34.11x3.16% 18.14B
Average 14.22x 4.08x 12.80x 3.65% 25.11B
Weighted average by Cap. 13.69x 3.82x 12.24x 3.72%

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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