Valuation Hong Kong Exchanges and Clearing Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 03:08:10 2025-12-17 am EST			5-day change	1st Jan Change
398.40 ^HKD	+0.61%		-1.09%	+35.14%

05:23am	Tencent bought back 1.1 million shares for HK$635.7 million on Dec 17 - HKEX filing	RE
05:17am	Standard Chartered bought back total 537,325 shares on other exchanges for GBP9.4 million on Dec 16, HKEX filing shows	RE

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	537,449	576,163	426,739	339,171	372,776	500,507	-	-
Change	-	7.2%	-25.93%	-20.52%	9.91%	34.26%	-	-
Enterprise Value (EV) ¹	379,876	395,228	244,010	329,332	358,183	388,467	355,491	283,870
Change	-	4.04%	-38.26%	34.97%	8.76%	8.45%	-8.49%	-20.15%
P/E ratio	46.8x	46x	42.4x	28.6x	28.6x	28.7x	28.6x	26.6x
PBR	11x	11.6x	8.58x	6.61x	6.92x	8.91x	8.59x	8.12x
PEG	-	5.23x	-2.2x	1.6x	2.88x	0.8x	62.07x	3.64x
Capitalization / Revenue	28x	27.5x	23.1x	16.5x	16.7x	17.4x	17.1x	16.3x
EV / Revenue	19.8x	18.9x	13.2x	16.1x	16x	13.5x	12.2x	9.22x
EV / EBITDA	25.9x	24.3x	18.5x	22.2x	22x	17.4x	15.9x	11.8x
EV / EBIT	28.3x	26.5x	20.8x	24.6x	24.1x	18.6x	17.2x	13.1x
EV / FCF	28.3x	35.1x	17.7x	32.5x	32.1x	36.1x	21x	15.2x
FCF Yield	3.53%	2.85%	5.64%	3.07%	3.12%	2.77%	4.76%	6.56%
Dividend per Share ²	8.17	8.87	7.14	8.41	9.26	12.39	12.28	13.23
Rate of return	1.92%	1.95%	2.12%	3.14%	3.14%	3.13%	3.1%	3.34%
EPS ²	9.09	9.89	7.95	9.36	10.29	13.8	13.86	14.87
Distribution rate	89.9%	89.7%	89.8%	89.9%	90%	89.8%	88.6%	89%
Net sales ¹	19,190	20,950	18,456	20,516	22,374	28,766	29,252	30,773
EBITDA ¹	14,641	16,269	13,185	14,828	16,281	22,338	22,352	23,994
EBIT ¹	13,444	14,915	11,726	13,385	14,879	20,851	20,703	21,695
Net income ¹	11,505	12,535	10,078	11,862	13,050	17,491	17,603	18,929
Net Debt ¹	-157,573	-180,935	-182,729	-9,839	-14,593	-112,040	-145,017	-216,638
Reference price ²	425.00	455.40	337.20	268.00	294.80	396.00	396.00	396.00
Nbr of stocks (in thousands)	1,264,586	1,265,179	1,265,538	1,265,563	1,264,506	1,263,907	-	-
Announcement Date	2/24/21	2/24/22	2/23/23	2/29/24	2/27/25	-	-	-

¹HKD in Million²HKD

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
HONG KONG EXCHANGES AND CLEARING LIMITED	28.7x	13.5x	17.39x	3.13%	64.34B
INTERCONTINENTAL EXCHANGE, INC.	28.58x	11.03x	16.73x	1.21%	91.26B
LONDON STOCK EXCHANGE GROUP PLC	39.87x	5.55x	11.41x	1.64%	59.58B
NASDAQ, INC.	32.31x	12x	20.63x	1.13%	53.06B
DEUTSCHE BÖRSE AG	19.89x	7.32x	12.55x	1.94%	46.91B
EURONEXT N.V.	19.07x	7.57x	12.02x	2.63%	14.64B
SINGAPORE EXCHANGE LIMITED	25.92x	11.76x	18.98x	2.65%	13.98B
B3 S.A. - BRASIL, BOLSA, BALCÃO	14.34x	6.9x	9.93x	5.39%	12.88B
TMX GROUP LIMITED	30.52x	9.54x	17.28x	1.61%	10.54B
SWISSQUOTE GROUP HOLDING SA	22.77x	-1.17x	-1.99x	1.32%	8.98B
Average	26.20x	8.40x	13.49x	2.26%	37.62B
Weighted average by Cap.	28.79x	9.68x	15.26x	1.95%