Company Valuation: Tern Properties Company Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 1,015 1,067 1,053 548.9 499 429.7
Change - 5.14% -1.25% -47.89% -9.09% -13.89%
Enterprise Value (EV) 1 1,125 950 928.3 296.8 169.3 74.15
Change - -15.58% -2.28% -68.03% -42.94% -56.21%
P/E -7.56x -19.4x -14x -56x -9.16x -16.3x
PBR 0.35x 0.39x 0.4x 0.21x 0.2x 0.17x
PEG - 0.3x -0.4x 0.6x -0x 0.3x
Capitalization / Revenue 19.9x 22.7x 24.5x 9.18x 10.4x 8.21x
EV / Revenue 22x 20.2x 21.6x 4.96x 3.53x 1.42x
EV / EBITDA 52.9x 81.5x 94.5x 13.9x 15.3x 7.82x
EV / EBIT 56.2x 90.8x 103x 14.2x 15.8x 8.17x
EV / FCF -26.1x 18.8x -126x 6.36x 14.5x 1.19x
FCF Yield -3.83% 5.32% -0.79% 15.7% 6.9% 83.7%
Dividend per Share 2 0.036 0.027 0.017 0.017 0.017 0.017
Rate of return 0.98% 0.7% 0.45% 0.86% 0.94% 1.1%
EPS 2 -0.4842 -0.1987 -0.2713 -0.0353 -0.1964 -0.0951
Distribution rate -7.44% -13.6% -6.27% -48.1% -8.65% -17.9%
Net sales 1 51.1 46.96 43.05 59.81 47.91 52.36
EBITDA 1 21.27 11.66 9.82 21.42 11.08 9.477
EBIT 1 20.03 10.46 9.014 20.95 10.69 9.073
Net income 1 -134.2 -55.08 -75.2 -9.797 -54.46 -26.36
Net Debt 1 110.7 -116.8 -125.2 -252.1 -329.7 -355.6
Reference price 2 3.660 3.848 3.800 1.980 1.800 1.550
Nbr of stocks (in thousands) 277,233 277,233 277,233 277,233 277,233 277,233
Announcement Date 7/16/21 7/21/22 7/20/23 7/18/24 7/18/25 7/16/26
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 40.67M
16.63x5.21x14.02x3.04% 47.38B
9.3x1.56x8.16x3.82% 32.18B
18.25x4.03x16.32x1.35% 27.9B
5.48x0.66x1.38x9.12% 26.37B
13.89x3.09x14.78x2.52% 25.36B
11.15x2.12x9.92x3.98% 21.12B
7.95x0.88x3.21x2.81% 20.33B
10.79x1.69x14.65x3.5% 19.68B
13.38x6.55x17.49x1.59% 19.4B
Average 11.87x 2.87x 11.10x 3.53% 23.98B
Weighted average by Cap. 12.36x 3.04x 11.24x 3.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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