Stock 12 HENDERSON LAND DEVELOPMENT COMPANY LIMITED
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Financials Henderson Land Development Company Limited

Equities

12

HK0012000102

Real Estate Development & Operations

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
23.75 HKD +0.85% Intraday chart for Henderson Land Development Company Limited +7.22% -1.25%
Mar. 25 Christie's to open new Hong Kong HQ, sees growing Asian Gen Z interest RE
Mar. 22 Earnings Season, FX Roil Asian Stock Markets MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 185,183 146,452 160,734 131,928 116,435 114,983 - -
Enterprise Value (EV) 1 267,693 236,553 249,526 208,160 116,435 223,358 227,267 277,602
P/E ratio 10.9 x 14.3 x 12.2 x 14.3 x 12.6 x 10.7 x 10.2 x 9.08 x
Yield 4.71% 5.95% 5.42% 6.61% - 7.58% 7.59% 7.63%
Capitalization / Revenue 7.66 x 5.85 x 6.83 x 5.16 x 4.22 x 3.89 x 3.62 x 3.88 x
EV / Revenue 11.1 x 9.45 x 10.6 x 8.15 x 4.22 x 7.55 x 7.16 x 9.37 x
EV / EBITDA 24.2 x 18.8 x 20 x 26.9 x 13.8 x 24.8 x 24.8 x 28.2 x
EV / FCF 84.3 x 52.5 x -4.61 x 26.2 x - 12.1 x 16.3 x 15.3 x
FCF Yield 1.19% 1.91% -21.7% 3.82% - 8.27% 6.13% 6.52%
Price to Book 0.58 x 0.45 x 0.48 x 0.4 x - 0.35 x 0.34 x 0.34 x
Nbr of stocks (in thousands) 4,841,387 4,841,387 4,841,387 4,841,387 4,841,387 4,841,387 - -
Reference price 2 38.25 30.25 33.20 27.25 24.05 23.75 23.75 23.75
Announcement Date 3/23/20 3/23/21 3/22/22 3/21/23 3/21/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 24,184 25,020 23,527 25,551 27,570 29,590 31,758 29,631
EBITDA 1 11,078 12,599 12,495 7,747 8,446 8,991 9,161 9,838
EBIT 1 10,701 12,171 11,990 7,207 7,907 8,312 9,073 9,001
Operating Margin 44.25% 48.65% 50.96% 28.21% 28.68% 28.09% 28.57% 30.38%
Earnings before Tax (EBT) 1 19,086 12,714 15,378 10,780 10,444 11,967 12,843 12,415
Net income 1 16,994 10,192 13,195 9,239 9,261 11,439 11,743 12,903
Net margin 70.27% 40.74% 56.08% 36.16% 33.59% 38.66% 36.98% 43.54%
EPS 2 3.510 2.110 2.730 1.910 1.910 2.227 2.329 2.616
Free Cash Flow 1 3,175 4,510 -54,165 7,945 - 18,480 13,925 18,099
FCF margin 13.13% 18.03% -230.22% 31.09% - 62.45% 43.85% 61.08%
FCF Conversion (EBITDA) 28.66% 35.8% - 102.56% - 205.53% 152% 183.97%
FCF Conversion (Net income) 18.68% 44.25% - 85.99% - 161.56% 118.58% 140.27%
Dividend per Share 2 1.800 1.800 1.800 1.800 - 1.800 1.803 1.813
Announcement Date 3/23/20 3/23/21 3/22/22 3/21/23 3/21/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 16,055 10,943 14,077 8,792 14,735 9,506 16,045 10,278 17,292 13,259 17,683
EBITDA - - - - - - - - - - -
EBIT 1 - - - 5,793 6,197 3,442 3,765 4,568 3,339 4,475 6,130
Operating Margin - - - 65.89% 42.06% 36.21% 23.47% 44.44% 19.31% 33.75% 34.67%
Earnings before Tax (EBT) - - - - - - - - 4,205 - -
Net income - - - - - - - - 3,304 - -
Net margin - - - - - - - - 19.11% - -
EPS 2 1.960 0.5900 1.520 1.350 1.380 0.9900 0.9200 1.230 0.6800 1.290 1.470
Dividend per Share - - - - - - - - - - -
Announcement Date 3/23/20 8/20/20 3/23/21 8/23/21 3/22/22 8/23/22 3/21/23 8/22/23 3/21/24 - -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 82,510 90,101 88,792 76,232 - 108,375 112,284 162,619
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 7.448 x 7.151 x 7.106 x 9.84 x - 12.05 x 12.26 x 16.53 x
Free Cash Flow 1 3,175 4,510 -54,165 7,945 - 18,480 13,925 18,099
ROE (net income / shareholders' equity) 5.36% 3.14% 3.98% 2.79% - 3.16% 3.27% 3.54%
ROA (Net income/ Total Assets) 3.79% 2.22% 2.61% 1.71% - 1.78% 1.9% 2.21%
Assets 1 448,178 458,170 505,691 539,977 - 644,263 617,166 584,710
Book Value Per Share 2 66.30 67.70 69.20 67.70 - 68.00 69.70 68.90
Cash Flow per Share 2 1.390 1.460 0.1400 2.300 - 0.0700 0.0600 1.050
Capex 1 3,569 2,562 54,850 3,186 - 5,865 10,737 13,127
Capex / Sales 14.76% 10.24% 233.14% 12.47% - 19.82% 33.81% 44.3%
Announcement Date 3/23/20 3/23/21 3/22/22 3/21/23 3/21/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Henderson Land Development Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
23.75 HKD
Average target price
25.53 HKD
Spread / Average Target
+7.49%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Real Estate Development & Operations
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