Company Valuation: Swire Properties Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 114,309 116,064 92,430 91,791 120,792 138,180 - -
Change - 1.54% -20.36% -0.69% 31.59% 14.39% - -
Enterprise Value (EV) 1 124,643 135,011 129,109 135,537 160,332 177,536 178,169 181,319
Change - 8.32% -4.37% 4.98% 18.29% 10.73% 0.36% 1.77%
P/E 16x 14.6x 35.1x -122x -77.7x 16.5x 16.2x 15x
PBR 0.39x 0.4x 0.32x 0.34x - 0.51x 0.51x 0.51x
PEG - 1.3x -0.5x 1x -1x -0x 8.7x 1.86x
Capitalization / Revenue 7.19x 8.39x 6.3x 6.36x 7.53x 7.22x 7.27x 7.13x
EV / Revenue 7.84x 9.77x 8.8x 9.39x 10x 9.27x 9.38x 9.36x
EV / EBITDA 12.3x 14.7x 15.5x 15.9x 17.6x 17.5x 18.3x 17.2x
EV / EBIT 12.7x 16.4x 16.3x 16.7x 18.6x 18.9x 19.3x 17.7x
EV / FCF 124x -54.6x 52.5x -198x 30.1x 36.3x 31.3x 20.5x
FCF Yield 0.81% -1.83% 1.9% -0.5% 3.32% 2.76% 3.2% 4.88%
Dividend per Share 2 0.95 1 1.05 1.1 1.15 1.206 1.261 1.319
Rate of return 4.86% 5.04% 6.65% 6.95% 5.48% 5.02% 5.25% 5.5%
EPS 2 1.22 1.36 0.45 -0.13 -0.27 1.455 1.482 1.601
Distribution rate 77.9% 73.5% 233% -846% -426% 82.9% 85.1% 82.4%
Net sales 1 15,891 13,826 14,670 14,428 16,041 19,150 18,997 19,376
EBITDA 1 10,141 9,156 8,349 8,533 9,106 10,169 9,751 10,530
EBIT 1 9,786 8,223 7,912 8,097 8,598 9,377 9,218 10,232
Net income 1 7,121 7,980 2,637 -766 -1,533 8,176 8,178 9,410
Net Debt 1 10,334 18,947 36,679 43,746 39,540 39,356 39,990 43,139
Reference price 2 19.54 19.84 15.80 15.82 20.98 24.00 24.00 24.00
Nbr of stocks (in thousands) 5,850,000 5,850,000 5,850,000 5,802,221 5,757,485 5,757,485 - -
Announcement Date 10/3/22 9/3/23 14/3/24 13/3/25 12/3/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.54x9.29x17.49x5.01% 17.67B
18.87x4.09x16.54x1.29% 28.87B
5.41x0.63x1.33x9.24% 26.04B
14.39x3.15x15.03x2.44% 26.14B
7.99x0.88x3.22x2.8% 20.44B
13.57x6.57x17.43x1.58% 19.58B
33.46x15.57x53.84x1.22% 17.61B
35.32x13.06x32.82x3.34% 17.11B
7.47x1.77x5.46x2.84% 16.38B
9.4x27.83x - 2.34% 16B
Average 16.24x 8.28x 18.13x 3.21% 20.58B
Weighted average by Cap. 15.79x 7.29x 16.97x 3.31%

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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