THE WHARF HOLDINGS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 25.15 HKD | +0.20% |
|
+3.71% | 0.00% |
| Mar. 20 | Mainland Chinese surge into Hong Kong property after stamp duties scrapped | RE |
| Mar. 19 | Mainland Chinese surge into Hong Kong property after stamp duties scrapped | RE |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 60,436 | 63,620 | 73,192 | 70,136 | 76,859 | 76,859 | - | - |
| Enterprise Value (EV) 1 | 79,436 | 89,120 | 109,937 | 90,100 | 84,698 | 84,099 | 83,267 | 76,831 |
| P/E ratio | 17.9 x | 16.4 x | 12.2 x | -41 x | 81.1 x | 16.3 x | 14.7 x | 13.7 x |
| Yield | 1.64% | 1.92% | 1.67% | 1.74% | 1.59% | 1.72% | 1.83% | 1.92% |
| Capitalization / Revenue | 3.58 x | 3.03 x | 3.27 x | 3.88 x | 4.06 x | 5.03 x | 4.59 x | 4.32 x |
| EV / Revenue | 4.71 x | 4.24 x | 4.91 x | 4.99 x | 4.47 x | 5.5 x | 4.98 x | 4.31 x |
| EV / EBITDA | 9.26 x | 7.53 x | 11.8 x | 12.3 x | 11.1 x | 12.5 x | 11.9 x | 11.2 x |
| EV / FCF | 9,337,685 x | 32,034,570 x | 70,744,437 x | 17,434,177 x | - | - | - | - |
| FCF Yield | 0% | 0% | 0% | 0% | - | - | - | - |
| Price to Book | 0.42 x | 0.4 x | 0.45 x | 0.46 x | 0.54 x | 0.51 x | 0.5 x | 0.5 x |
| Nbr of stocks (in thousands) | 3,049,227 | 3,051,327 | 3,056,027 | 3,056,027 | 3,056,027 | 3,056,027 | - | - |
| Reference price 2 | 19.82 | 20.85 | 23.95 | 22.95 | 25.15 | 25.15 | 25.15 | 25.15 |
| Announcement Date | 3/10/20 | 3/9/21 | 3/9/22 | 3/9/23 | 3/12/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 16,874 | 20,997 | 22,378 | 18,064 | 18,950 | 15,287 | 16,730 | 17,807 |
| EBITDA 1 | 8,581 | 11,828 | 9,290 | 7,320 | 7,602 | 6,737 | 6,991 | 6,865 |
| EBIT 1 | 7,869 | 11,104 | 8,536 | 6,603 | 6,896 | 6,083 | 6,524 | 6,524 |
| Operating Margin | 46.63% | 52.88% | 38.14% | 36.55% | 36.39% | 39.79% | 39% | 36.64% |
| Earnings before Tax (EBT) 1 | 6,470 | 9,527 | 9,237 | 226 | 2,195 | 5,936 | 6,350 | 5,893 |
| Net income 1 | 3,386 | 3,864 | 6,019 | -1,705 | 945 | 4,794 | 4,979 | 6,418 |
| Net margin | 20.07% | 18.4% | 26.9% | -9.44% | 4.99% | 31.36% | 29.76% | 36.05% |
| EPS 2 | 1.110 | 1.270 | 1.970 | -0.5600 | 0.3100 | 1.544 | 1.706 | 1.838 |
| Free Cash Flow | 8,507 | 2,782 | 1,554 | 5,168 | - | - | - | - |
| FCF margin | 50.41% | 13.25% | 6.94% | 28.61% | - | - | - | - |
| FCF Conversion (EBITDA) | 99.14% | 23.52% | 16.73% | 70.6% | - | - | - | - |
| FCF Conversion (Net income) | 251.24% | 72% | 25.82% | - | - | - | - | - |
| Dividend per Share 2 | 0.3250 | 0.4000 | 0.4000 | 0.4000 | 0.4000 | 0.4321 | 0.4599 | 0.4820 |
| Announcement Date | 3/10/20 | 3/9/21 | 3/9/22 | 3/9/23 | 3/12/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,810 | 5,551 | 15,446 | 12,337 | 10,041 | 8,209 | 9,855 | 8,130 | 10,820 | 7,760 | 8,407 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | - | 4,301 | 4,235 | 3,479 | 3,124 | 3,139 | 3,757 | 3,410 | 3,695 |
| Operating Margin | - | - | - | 34.86% | 42.18% | 42.38% | 31.7% | 38.61% | 34.72% | 43.95% | 43.95% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | 784 | - | - |
| Net income | - | - | - | - | - | - | - | - | 249 | - | - |
| Net margin | - | - | - | - | - | - | - | - | 2.3% | - | - |
| EPS 2 | 0.3100 | -0.5700 | 1.840 | 0.3400 | 1.630 | 0.0200 | -0.5800 | 0.2300 | 0.0800 | 0.8300 | 0.9000 |
| Dividend per Share | - | - | - | - | - | - | - | - | 0.2000 | - | - |
| Announcement Date | 3/10/20 | 8/3/20 | 3/9/21 | 8/10/21 | 3/9/22 | 8/10/22 | 3/9/23 | 8/9/23 | 3/12/24 | - | - |
1HKD in Million2HKD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 19,000 | 25,500 | 36,745 | 19,964 | 7,839 | 7,240 | 6,408 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | 27.6 |
| Leverage (Debt/EBITDA) | 2.214 x | 2.156 x | 3.955 x | 2.727 x | 1.031 x | 1.075 x | 0.9167 x | - |
| Free Cash Flow | 8,507 | 2,782 | 1,554 | 5,168 | - | - | - | - |
| ROE (net income / shareholders' equity) | 2.43% | 2.6% | 3.75% | -1.09% | 2.42% | 2.94% | 3.29% | 3.32% |
| ROA (Net income/ Total Assets) | 1.44% | 1.6% | 2.37% | 0.13% | 1.67% | 2.59% | 2.44% | 2.79% |
| Assets 1 | 234,780 | 241,500 | 253,902 | -1,337,675 | 56,529 | 185,457 | 204,495 | 230,050 |
| Book Value Per Share 2 | 46.90 | 52.10 | 53.00 | 49.60 | 46.80 | 49.30 | 50.50 | 50.10 |
| Cash Flow per Share 2 | 3.060 | 3.390 | 0.8400 | 2.020 | 0.7800 | 3.810 | 3.230 | 2.230 |
| Capex 1 | 813 | 7,518 | 1,000 | 1,015 | 774 | 2,025 | 2,025 | 2,025 |
| Capex / Sales | 4.82% | 35.81% | 4.47% | 5.62% | 4.08% | 13.25% | 12.1% | 11.37% |
| Announcement Date | 3/10/20 | 3/9/21 | 3/9/22 | 3/9/23 | 3/12/24 | - | - | - |
1HKD in Million2HKD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
SELL
Number of Analysts
9
Last Close Price
25.15
HKD
Average target price
22.18
HKD
Spread / Average Target
-11.82%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| 0.00% | 9.82B | |
| +36.16% | 27.94B | |
| -13.74% | 26.97B | |
| +25.00% | 26.95B | |
| -0.71% | 25.32B | |
| +44.49% | 22.58B | |
| +2.78% | 19.59B | |
| +1.45% | 19.52B | |
| +28.54% | 16.23B | |
| -14.80% | 14.98B |
- Stock Market
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- Financials The Wharf Holdings Limited
