MTR CORPORATION LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 25.15 HKD | +0.60% |
|
+7.25% | -17.00% |
| 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 | 283,574 | 267,943 | 259,196 | 256,455 | 188,381 | 156,363 | - | - |
| Enterprise Value (EV) 1 | 301,988 | 297,535 | 282,124 | 288,307 | 188,381 | 205,553 | 217,083 | 229,114 |
| P/E ratio | 23.7 x | -55.6 x | 27.2 x | 26 x | 24.2 x | 11.2 x | 9.11 x | 9.73 x |
| Yield | 2.67% | 2.84% | 3.03% | 3.17% | 4.32% | 5.3% | 5.36% | 5.41% |
| Capitalization / Revenue | 5.2 x | 6.3 x | 5.49 x | 5.36 x | 3.31 x | 2.61 x | 2.48 x | 2.39 x |
| EV / Revenue | 5.54 x | 6.99 x | 5.98 x | 6.03 x | 3.31 x | 3.42 x | 3.44 x | 3.5 x |
| EV / EBITDA | 16.4 x | 26 x | 34.6 x | 36.4 x | 12.3 x | 9.58 x | 9.39 x | 9.85 x |
| EV / FCF | 39.2 x | -41.8 x | -537 x | -23 x | - | 18.1 x | 218 x | 20 x |
| FCF Yield | 2.55% | -2.39% | -0.19% | -4.35% | - | 5.53% | 0.46% | 4.99% |
| Price to Book | 1.52 x | 1.51 x | 1.44 x | 1.43 x | 1.05 x | 0.83 x | 0.8 x | 0.78 x |
| Nbr of stocks (in thousands) | 6,157,949 | 6,180,928 | 6,193,463 | 6,202,061 | 6,217,197 | 6,217,197 | - | - |
| Reference price 2 | 46.05 | 43.35 | 41.85 | 41.35 | 30.30 | 25.15 | 25.15 | 25.15 |
| Announcement Date | 3/5/20 | 3/11/21 | 3/10/22 | 3/9/23 | 3/7/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 54,504 | 42,541 | 47,202 | 47,812 | 56,982 | 60,023 | 63,058 | 65,467 |
| EBITDA 1 | 18,450 | 11,434 | 8,148 | 7,911 | 15,310 | 21,466 | 23,125 | 23,262 |
| EBIT 1 | 13,213 | 6,069 | 13,555 | 12,446 | 10,675 | 18,944 | 21,542 | 19,218 |
| Operating Margin | 24.24% | 14.27% | 28.72% | 26.03% | 18.73% | 31.56% | 34.16% | 29.36% |
| Earnings before Tax (EBT) 1 | 14,014 | -3,520 | 11,940 | 11,749 | 9,663 | 27,912 | 24,903 | - |
| Net income 1 | 11,932 | -4,809 | 9,552 | 9,827 | 7,784 | 16,115 | 18,184 | 15,725 |
| Net margin | 21.89% | -11.3% | 20.24% | 20.55% | 13.66% | 26.85% | 28.84% | 24.02% |
| EPS 2 | 1.940 | -0.7800 | 1.540 | 1.590 | 1.250 | 2.248 | 2.761 | 2.584 |
| Free Cash Flow 1 | 7,712 | -7,113 | -525 | -12,527 | - | 11,376 | 995.2 | 11,435 |
| FCF margin | 14.15% | -16.72% | -1.11% | -26.2% | - | 18.95% | 1.58% | 17.47% |
| FCF Conversion (EBITDA) | 41.8% | - | - | - | - | 53% | 4.3% | 49.16% |
| FCF Conversion (Net income) | 64.63% | - | - | - | - | 70.59% | 5.47% | 72.72% |
| Dividend per Share 2 | 1.230 | 1.230 | 1.270 | 1.310 | 1.310 | 1.332 | 1.349 | 1.360 |
| Announcement Date | 3/5/20 | 3/11/21 | 3/10/22 | 3/9/23 | 3/7/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 20,949 | 22,317 | 24,885 | 23,033 | 24,779 | 27,574 | 29,408 | 27,912 | 30,238 |
| EBITDA | - | - | - | - | - | - | - | - | - | - |
| EBIT | - | - | 4,818 | 8,737 | - | - | - | - | - | - |
| Operating Margin | - | - | 21.59% | 35.11% | - | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | 8,423 | - | - | - | 4,683 | - | - |
| Net income | -334 | - | - | 6,879 | - | - | - | 3,606 | - | - |
| Net margin | - | - | - | 27.64% | - | - | - | 12.26% | - | - |
| EPS 2 | - | -0.7300 | 0.4300 | 1.110 | 0.7600 | 0.8300 | 0.6700 | 0.5800 | 1.050 | 1.140 |
| Dividend per Share | - | 0.9800 | - | - | - | - | - | 0.8900 | - | - |
| Announcement Date | 8/6/20 | 3/11/21 | 8/12/21 | 3/10/22 | 8/11/22 | 3/9/23 | 8/10/23 | 3/7/24 | - | - |
1HKD in Million2HKD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 18,414 | 29,592 | 22,928 | 31,852 | - | 49,190 | 60,720 | 72,752 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.998 x | 2.588 x | 2.814 x | 4.026 x | - | 2.292 x | 2.626 x | 3.128 x |
| Free Cash Flow 1 | 7,712 | -7,113 | -525 | -12,527 | - | 11,376 | 995 | 11,435 |
| ROE (net income / shareholders' equity) | 5.75% | 2.41% | 6.26% | 5.47% | 4.35% | 8.6% | 9.26% | 6.95% |
| ROA (Net income/ Total Assets) | 3.75% | 1.51% | 3.28% | 3.17% | 2.31% | 4.97% | 5.37% | 4.1% |
| Assets 1 | 318,586 | -318,224 | 291,328 | 309,580 | 336,751 | 323,953 | 338,914 | 383,528 |
| Book Value Per Share 2 | 30.30 | 28.70 | 29.00 | 28.90 | 28.70 | 30.20 | 31.50 | 32.40 |
| Cash Flow per Share 2 | 2.770 | 41.30 | 1.210 | 1.090 | 1.800 | 5.390 | 2.770 | 3.000 |
| Capex 1 | 9,331 | 9,661 | 7,997 | 10,808 | - | 20,968 | 22,941 | 28,443 |
| Capex / Sales | 17.12% | 22.71% | 16.94% | 22.61% | - | 34.93% | 36.38% | 43.45% |
| Announcement Date | 3/5/20 | 3/11/21 | 3/10/22 | 3/9/23 | 3/7/24 | - | - | - |
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
HOLD
Number of Analysts
11
Last Close Price
25.15
HKD
Average target price
30.31
HKD
Spread / Average Target
+20.52%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -17.00% | 19.97B | |
| +5.71% | 2.35B | |
| -13.79% | 2.22B | |
| -0.96% | 614M | |
| -4.67% | 567M | |
| -5.28% | 291M | |
| +10.87% | 220M | |
| -0.44% | 209M | |
| -1.20% | 151M | |
| -1.43% | 146M |
- Stock Market
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- Financials MTR Corporation Limited
