Valuation Hong Kong Exchanges and Clearing Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 03:08:19 2025-01-24 am EST			5-day change	1st Jan Change
300.60 ^HKD	+2.45%		+4.52%	+1.97%

Jan. 22	HKEX CEO Expects 100 Deals in IPO Pipeline	MT
Jan. 16	HKEX Imposes Sanctions on FingerTango, Sanctions Five Directors, Directs Three for Training	MT

Data adjusted to current consolidation scope

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	318,300	537,449	576,163	426,739	339,171	380,111	380,111	-
Change	-	68.85%	7.2%	-25.93%	-20.52%	12.07%	0%	-
Enterprise Value (EV) ¹	188,503	379,876	395,228	244,010	329,332	357,776	345,412	343,269
Change	-	101.52%	4.04%	-38.26%	34.97%	8.64%	-3.46%	-0.62%
P/E ratio	33.9x	46.8x	46x	42.4x	28.6x	29.8x	28.4x	27x
PBR	7.18x	11x	11.6x	8.58x	6.61x	7.17x	6.97x	6.7x
PEG	-	2.2x	5.23x	-2.2x	1.6x	3.84x	5.92x	5.26x
Capitalization / Revenue	19.5x	28x	27.5x	23.1x	16.5x	17.1x	16.3x	15.6x
EV / Revenue	11.6x	19.8x	18.9x	13.2x	16.1x	16.1x	14.8x	14.1x
EV / EBITDA	15.4x	25.9x	24.3x	18.5x	22.2x	22.1x	20.2x	19.2x
EV / EBIT	16.8x	28.3x	26.5x	20.8x	24.6x	24.3x	22.3x	21.1x
EV / FCF	21x	28.3x	35.1x	17.7x	32.5x	30.7x	27.5x	25x
FCF Yield	4.76%	3.53%	2.85%	5.64%	3.07%	3.26%	3.64%	4%
Dividend per Share ²	6.71	8.17	8.87	7.14	8.41	9.048	9.458	9.9
Rate of return	2.65%	1.92%	1.95%	2.12%	3.14%	3.01%	3.15%	3.29%
EPS ²	7.47	9.09	9.89	7.95	9.36	10.09	10.57	11.11
Distribution rate	89.8%	89.9%	89.7%	89.8%	89.9%	89.7%	89.5%	89.1%
Net sales ¹	16,311	19,190	20,950	18,456	20,516	22,257	23,350	24,390
EBITDA ¹	12,263	14,641	16,269	13,185	14,828	16,187	17,081	17,853
EBIT ¹	11,219	13,444	14,915	11,726	13,385	14,744	15,509	16,251
Net income ¹	9,391	11,505	12,535	10,078	11,862	12,799	13,422	14,124
Net Debt ¹	-129,797	-157,573	-180,935	-182,729	-9,839	-22,334	-34,699	-36,842
Reference price ²	253.00	425.00	455.40	337.20	268.00	300.60	300.60	300.60
Nbr of stocks (in thousands)	1,258,104	1,264,586	1,265,179	1,265,538	1,265,563	1,264,506	1,264,506	-
Announcement Date	2/26/20	2/24/21	2/24/22	2/23/23	2/29/24	-	-	-

¹HKD in Million²HKD

Estimates

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E ratio	EV / Sales	EV / EBITDA	Yield	Capi. ($)
HONG KONG EXCHANGES AND CLEARING LIMITED	29.8x	16.07x	22.1x	+3.01%	48.8B
INTERCONTINENTAL EXCHANGE, INC.	33.57x	11.83x	18.16x	+1.14%	90.42B
LONDON STOCK EXCHANGE GROUP PLC	76.65x	7.94x	16.9x	+1.06%	77.98B
NASDAQ, INC.	42.62x	12.15x	21.66x	+1.15%	46.64B
DEUTSCHE BÖRSE AG	22.7x	8.22x	14.26x	+1.73%	45.3B
EURONEXT N.V.	19.36x	7.88x	12.84x	+2.55%	11.99B
SINGAPORE EXCHANGE LIMITED	22.28x	8.76x	15.14x	+2.95%	9.79B
B3 S.A. - BRASIL, BOLSA, BALCÃO	12.65x	5.57x	7.83x	+7.66%	9.52B
TMX GROUP LIMITED	32.61x	9.96x	18.26x	+1.62%	8.92B
MARKETAXESS HOLDINGS INC.	31.05x	9.65x	19.08x	+1.31%	8.46B
Average	32.33x	9.80x	16.62x	+2.42%	35.78B
Weighted average by Cap.	40.82x	10.66x	17.87x	+1.74%