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 91,791 120,792 143,016 - -
Change - 1.54% -20.36% -0.69% 31.59% 18.4% - -
Enterprise Value (EV) 1 124,643 135,011 129,109 135,537 160,332 182,372 183,006 186,155
Change - 8.32% -4.37% 4.98% 18.29% 13.75% 0.35% 1.72%
P/E 16x 14.6x 35.1x -122x -77.7x 16.9x 16.6x 15.5x
PBR 0.39x 0.4x 0.32x 0.34x - 0.53x 0.53x 0.53x
PEG - 1.3x -0.5x 1x -1x -0x 11.12x 2.18x
Capitalization / Revenue 7.19x 8.39x 6.3x 6.36x 7.53x 7.47x 7.53x 7.38x
EV / Revenue 7.84x 9.77x 8.8x 9.39x 10x 9.52x 9.63x 9.61x
EV / EBITDA 12.3x 14.7x 15.5x 15.9x 17.6x 17.9x 18.6x 17.7x
EV / EBIT 12.7x 16.4x 16.3x 16.7x 18.6x 19.4x 19.7x 18.2x
EV / FCF 124x -54.6x 52.5x -198x 30.1x 37.3x 32.1x 21.1x
FCF Yield 0.81% -1.83% 1.9% -0.5% 3.32% 2.68% 3.11% 4.75%
Dividend per Share 2 0.95 1 1.05 1.1 1.15 1.207 1.261 1.319
Rate of return 4.86% 5.04% 6.65% 6.95% 5.48% 4.86% 5.07% 5.31%
EPS 2 1.22 1.36 0.45 -0.13 -0.27 1.473 1.495 1.601
Distribution rate 77.9% 73.5% 233% -846% -426% 81.9% 84.3% 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 10,174 9,817 10,530
EBIT 1 9,786 8,223 7,912 8,097 8,598 9,400 9,269 10,232
Net income 1 7,121 7,980 2,637 -766 -1,533 8,282 8,256 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 24.84 24.84 24.84
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 3/10/22 3/9/23 3/14/24 3/13/25 3/12/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.81x9.5x17.88x4.87% 18.18B
15.54x4.93x13.27x3.26% 44.27B
18.08x3.98x15.99x1.35% 28.56B
8.39x1.51x7.99x4.3% 27.68B
5.55x0.68x1.43x9.01% 26.71B
14.34x3.09x14.81x2.51% 26.28B
10.43x2.11x8.97x4.02% 20.99B
7.9x0.88x3.19x2.83% 20.22B
13.26x6.44x16.92x1.64% 19.43B
9.92x1.47x12.31x3.86% 18.16B
Average 12.02x 3.46x 11.28x 3.77% 25.05B
Weighted average by Cap. 12.31x 3.43x 11.27x 3.76%

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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