Company Valuation: MTR Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 259,196 256,455 188,381 168,693 185,500 196,206 - -
Change - -1.06% -26.54% -10.45% 9.96% 5.77% - -
Enterprise Value (EV) 1 282,124 288,307 225,638 218,491 230,306 262,193 279,017 301,823
Change - 2.19% -21.74% -3.17% 5.41% 13.85% 6.42% 8.17%
P/E 27.2x 26x 24.2x 10.7x 12.6x 11.6x 16.8x 20.5x
PBR 1.44x 1.43x 1.05x 0.91x - 0.98x 0.97x 0.96x
PEG - 8.01x -1.1x 0x -1.78x 0.8x -0.5x -1.2x
Capitalization / Revenue 5.49x 5.36x 3.31x 2.81x 3.34x 3.52x 3.39x 3.36x
EV / Revenue 5.98x 6.03x 3.96x 3.64x 4.15x 4.71x 4.83x 5.17x
EV / EBITDA 34.6x 36.4x 14.7x 12.2x 13x 14.7x 15.4x 16.2x
EV / EBIT 20.8x 23.2x 21.1x 10.6x 11.6x 11.4x 17.3x 22.7x
EV / FCF -537x -23x -164x -236x -29.8x -45.4x -27.7x -16.2x
FCF Yield -0.19% -4.35% -0.61% -0.42% -3.35% -2.2% -3.6% -6.17%
Dividend per Share 2 1.27 1.31 1.31 1.31 1.31 1.31 1.31 1.31
Rate of return 3.03% 3.17% 4.32% 4.83% 4.4% 4.17% 4.17% 4.17%
EPS 2 1.54 1.59 1.25 2.54 2.36 2.711 1.865 1.535
Distribution rate 82.5% 82.4% 105% 51.6% 55.5% 48.3% 70.3% 85.3%
Net sales 1 47,202 47,812 56,982 60,011 55,465 55,682 57,799 58,394
EBITDA 1 8,148 7,911 15,310 17,904 17,710 17,859 18,161 18,666
EBIT 1 13,555 12,446 10,675 20,557 19,923 22,975 16,161 13,306
Net income 1 9,552 9,827 7,784 15,772 14,677 17,154 12,261 12,680
Net Debt 1 22,928 31,852 37,257 49,798 44,806 65,986 82,811 105,616
Reference price 2 41.85 41.35 30.30 27.10 29.80 31.42 31.42 31.42
Nbr of stocks (in thousands) 6,193,463 6,202,061 6,217,197 6,224,823 6,224,823 6,224,823 - -
Announcement Date 3/10/22 3/9/23 3/7/24 3/6/25 3/12/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.59x4.7x14.65x4.17% 24.96B
13.24x4.08x10.61x3.15% 4.82B
13.97x0.67x4.68x5.96% 2.21B
9.18x0.37x2.36x3.97% 1.27B
-21.57x7.9x22.2x0.85% 1.06B
4.01x1.56x4.62x4.7% 239M
Average 5.07x 3.21x 9.85x 3.8% 5.76B
Weighted average by Cap. 10.81x 4.27x 13.16x 4.04%

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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