WHARF REAL ESTATE INVESTMENT COMPANY LIMITED Financials Wharf Real Estate Investment Company Limited
Equities
1997
KYG9593A1040
Real Estate Development & Operations
|
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 24.6 HKD | -3.53% |
|
-6.82% | -6.82% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 144,373 | 122,512 | 120,235 | 138,148 | 80,156 | 77,424 | - | - |
| Enterprise Value (EV) 1 | 189,929 | 177,155 | 167,769 | 183,297 | 116,456 | 110,749 | 108,064 | 105,292 |
| P/E ratio | 36.9 x | -15.6 x | 27.3 x | -15.6 x | 16.8 x | 11.5 x | 10.7 x | 10.1 x |
| Yield | 4.27% | 3.64% | 3.31% | 2.88% | 4.85% | 5.62% | 6.08% | 6.47% |
| Capitalization / Revenue | 9 x | 7.9 x | 7.49 x | 11.1 x | 6.02 x | 5.64 x | 5.47 x | 5.31 x |
| EV / Revenue | 11.8 x | 11.4 x | 10.5 x | 14.7 x | 8.75 x | 8.07 x | 7.63 x | 7.22 x |
| EV / EBITDA | 14.6 x | 17.3 x | 17.9 x | 20.1 x | 11.4 x | 10.5 x | 9.93 x | 9.32 x |
| EV / FCF | 34.4 x | 39.7 x | 22.1 x | 28.3 x | 20.3 x | 14.2 x | 14.5 x | 13.5 x |
| FCF Yield | 2.91% | 2.52% | 4.52% | 3.54% | 4.93% | 7.04% | 6.92% | 7.41% |
| Price to Book | 0.67 x | 0.6 x | 0.58 x | 0.73 x | 0.42 x | 0.4 x | 0.39 x | 0.39 x |
| Nbr of stocks (in thousands) | 3,036,227 | 3,036,227 | 3,036,227 | 3,036,227 | 3,036,227 | 3,036,227 | - | - |
| Reference price 2 | 47.55 | 40.35 | 39.60 | 45.50 | 26.40 | 25.50 | 25.50 | 25.50 |
| Announcement Date | 3/5/20 | 3/4/21 | 3/3/22 | 3/7/23 | 3/7/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 16,043 | 15,515 | 16,043 | 12,459 | 13,306 | 13,725 | 14,159 | 14,587 |
| EBITDA 1 | 13,001 | 10,267 | 9,394 | 9,121 | 10,239 | 10,500 | 10,883 | 11,297 |
| EBIT 1 | 12,711 | 9,973 | 9,064 | 8,841 | 9,993 | 10,219 | 10,577 | 10,952 |
| Operating Margin | 79.23% | 64.28% | 56.5% | 70.96% | 75.1% | 74.45% | 74.7% | 75.08% |
| Earnings before Tax (EBT) 1 | 5,952 | -6,933 | 6,038 | -7,575 | 5,782 | 8,235 | 8,939 | 9,203 |
| Net income 1 | 3,928 | -7,854 | 4,391 | -8,856 | 4,766 | 6,748 | 7,280 | 7,660 |
| Net margin | 24.48% | -50.62% | 27.37% | -71.08% | 35.82% | 49.17% | 51.42% | 52.51% |
| EPS 2 | 1.290 | -2.590 | 1.450 | -2.920 | 1.570 | 2.221 | 2.388 | 2.532 |
| Free Cash Flow 1 | 5,518 | 4,462 | 7,575 | 6,484 | 5,740 | 7,800 | 7,473 | 7,802 |
| FCF margin | 34.4% | 28.76% | 47.22% | 52.04% | 43.14% | 56.83% | 52.78% | 53.48% |
| FCF Conversion (EBITDA) | 42.44% | 43.46% | 80.64% | 71.09% | 56.06% | 74.28% | 68.67% | 69.06% |
| FCF Conversion (Net income) | 140.48% | - | 172.51% | - | 120.44% | 115.58% | 102.65% | 101.85% |
| Dividend per Share 2 | 2.030 | 1.470 | 1.310 | 1.310 | 1.280 | 1.433 | 1.551 | 1.651 |
| Announcement Date | 3/5/20 | 3/4/21 | 3/3/22 | 3/7/23 | 3/7/24 | - | - | - |
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 | 7,545 | 6,775 | 8,740 | 7,485 | 8,558 | 6,210 | 6,249 | 6,473 | 6,833 | 7,020 | 7,020 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | 4,966 | - | 4,428 | 4,636 | 4,446 | 4,395 | 4,940 | 5,053 | 5,354 | 5,354 |
| Operating Margin | - | 73.3% | - | 59.16% | 54.17% | 71.59% | 70.33% | 76.32% | 73.95% | 76.27% | 76.27% |
| Earnings before Tax (EBT) | - | -4,464 | - | - | - | - | - | - | 3,375 | - | - |
| Net income | - | -4,454 | - | - | - | -1,468 | - | - | 2,961 | - | - |
| Net margin | - | -65.74% | - | - | - | -23.64% | - | - | 43.33% | - | - |
| EPS 2 | -1.010 | -1.470 | -1.120 | 0.9800 | 0.4700 | -0.4800 | -2.440 | 0.5900 | 0.9800 | 1.160 | 1.160 |
| Dividend per Share | - | 0.7800 | - | - | - | - | - | - | 0.6100 | - | - |
| Announcement Date | 3/5/20 | 7/30/20 | 3/4/21 | 8/5/21 | 3/3/22 | 8/4/22 | 3/7/23 | 8/7/23 | 3/7/24 | - | - |
1HKD in Million2HKD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 45,556 | 54,643 | 47,534 | 45,149 | 36,300 | 33,325 | 30,640 | 27,868 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.504 x | 5.322 x | 5.06 x | 4.95 x | 3.545 x | 3.174 x | 2.815 x | 2.467 x |
| Free Cash Flow 1 | 5,518 | 4,462 | 7,575 | 6,484 | 5,740 | 7,800 | 7,473 | 7,802 |
| ROE (net income / shareholders' equity) | 4.5% | 3.55% | 3.17% | 3.12% | 3.15% | 3.55% | 3.81% | 3.87% |
| ROA (Net income/ Total Assets) | 3.47% | 2.66% | 2.37% | 2.34% | 2.4% | 2.97% | 3.12% | 3.24% |
| Assets 1 | 113,297 | -295,308 | 185,321 | -378,268 | 198,443 | 227,535 | 233,121 | 236,663 |
| Book Value Per Share 2 | 71.20 | 67.40 | 67.90 | 62.70 | 63.10 | 63.80 | 64.70 | 65.60 |
| Cash Flow per Share 2 | 3.950 | 1.590 | 2.620 | 2.200 | 1.930 | 2.430 | 2.480 | 2.640 |
| Capex 1 | 6,505 | 362 | 393 | 204 | 125 | 888 | 671 | 771 |
| Capex / Sales | 40.55% | 2.33% | 2.45% | 1.64% | 0.94% | 6.47% | 4.74% | 5.29% |
| Announcement Date | 3/5/20 | 3/4/21 | 3/3/22 | 3/7/23 | 3/7/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
25.5
HKD
Average target price
32.11
HKD
Spread / Average Target
+25.93%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -6.82% | 9.91B | |
| +7.32% | 27.84B | |
| -10.54% | 26.91B | |
| +20.72% | 25.02B | |
| +13.06% | 24.4B | |
| +11.34% | 21.69B | |
| +31.55% | 20.61B | |
| -3.03% | 18.62B | |
| +4.75% | 16.98B | |
| +26.98% | 16.08B |
- Stock Market
- Equities
- 1997 Stock
- Financials Wharf Real Estate Investment Company Limited
