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 91,791 120,792 136,798 - -
Change - 1.54% -20.36% -0.69% 31.59% 13.25% - -
Enterprise Value (EV) 1 124,643 135,011 129,109 135,537 160,332 176,154 176,787 179,937
Change - 8.32% -4.37% 4.98% 18.29% 9.87% 0.36% 1.78%
P/E 16x 14.6x 35.1x -122x -77.7x 16.2x 15.8x 14.7x
PBR 0.39x 0.4x 0.32x 0.34x - 0.51x 0.51x 0.5x
PEG - 1.3x -0.5x 1x -1x -0x 7.91x 1.89x
Capitalization / Revenue 7.19x 8.39x 6.3x 6.36x 7.53x 7.09x 7.1x 6.92x
EV / Revenue 7.84x 9.77x 8.8x 9.39x 10x 9.13x 9.18x 9.1x
EV / EBITDA 12.3x 14.7x 15.5x 15.9x 17.6x 17.3x 18x 17.1x
EV / EBIT 12.7x 16.4x 16.3x 16.7x 18.6x 18.7x 19.1x 17.6x
EV / FCF 124x -54.6x 52.5x -198x 30.1x 36x 31x 20.3x
FCF Yield 0.81% -1.83% 1.9% -0.5% 3.32% 2.78% 3.22% 4.91%
Dividend per Share 2 0.95 1 1.05 1.1 1.15 1.208 1.261 1.319
Rate of return 4.86% 5.04% 6.65% 6.95% 5.48% 5.08% 5.31% 5.55%
EPS 2 1.22 1.36 0.45 -0.13 -0.27 1.47 1.499 1.616
Distribution rate 77.9% 73.5% 233% -846% -426% 82.1% 84.1% 81.6%
Net sales 1 15,891 13,826 14,670 14,428 16,041 19,300 19,256 19,778
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 8,281 8,309 9,477
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 23.76 23.76 23.76
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.36x9.21x17.47x5.02% 17.64B
60.56x - - - 64.64B
13.75x4.48x12.05x3.68% 39.14B
5.61x0.73x1.51x8.77% 27.43B
8.05x1.45x8.04x4.4% 26.73B
17.28x3.88x15.6x1.42% 26.68B
13.18x3.02x14.44x2.65% 24.33B
9.11x3.35x7.66x-.--% 21.47B
10.19x2x8.23x4.12% 20.47B
7.95x0.88x3.21x2.81% 20.33B
Average 16.20x 3.22x 9.80x 3.65% 28.89B
Weighted average by Cap. 22.36x 3.14x 9.82x 3.72%

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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