Company Valuation: CK Hutchison Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 2,08,623 1,92,882 1,79,438 1,60,287 1,58,947 2,45,506 2,45,506 -
Change - -7.54% -6.97% -10.67% -0.84% 54.46% 0% -
Enterprise Value (EV) 1 3,93,726 3,61,051 3,28,246 2,92,097 2,88,561 3,16,590 3,70,169 3,55,313
Change - -8.3% -9.09% -11.01% -1.21% 9.71% 0.21% -4.01%
P/E ratio 7.16x 5.78x 4.9x 6.82x 9.3x 17.1x 9.03x 9.31x
PBR 0.42x 0.37x 0.16x 0.29x 0.3x 0.36x 0.43x 0.41x
PEG - 0.4x 0.5x -0.2x -0.3x -0.6x 0.2x -3.09x
Capitalization / Revenue 0.52x 0.43x 0.39x 0.35x 0.33x 0.4x 0.48x 0.46x
EV / Revenue 0.97x 0.81x 0.72x 0.63x 0.61x 0.62x 0.72x 0.67x
EV / EBITDA 3.22x 2.66x 2.31x 2.29x 5.51x 5.52x 5.78x 5.36x
EV / EBIT 6.75x 5.25x 4.19x 4.65x 4.62x 16.7x 11.9x 10.7x
EV / FCF 8.55x 28.8x 10.6x 11.2x 9.05x 7.59x 8.26x 8.49x
FCF Yield 11.7% 3.47% 9.4% 8.95% 11% 13.2% 12.1% 11.8%
Dividend per Share 2 2.314 2.66 2.926 2.531 2.202 2.312 2.417 2.595
Rate of return 4.28% 5.29% 6.25% 6.05% 5.31% 4.37% 3.77% 4.05%
EPS 2 7.56 8.7 9.57 6.14 4.46 3.09 7.098 6.884
Distribution rate 30.6% 30.6% 30.6% 41.2% 49.4% 74.8% 34% 37.7%
Net sales 1 4,03,846 4,45,383 4,57,229 4,61,558 4,76,682 5,07,297 5,16,741 5,32,775
EBITDA 1 1,22,348 1,35,653 1,42,132 1,27,309 52,370 57,351 64,070 66,334
EBIT 1 58,304 68,818 78,261 62,770 62,498 18,960 31,090 33,138
Net income 1 29,143 33,484 36,680 23,500 17,088 11,841 25,942 25,695
Net Debt 1 1,85,103 1,68,169 1,48,808 1,31,810 1,29,614 1,13,789 1,24,663 1,09,807
Reference price 2 54.10 50.30 46.85 41.85 41.50 64.10 64.10 64.10
Nbr of stocks (in thousands) 38,56,241 38,34,635 38,30,045 38,30,045 38,30,045 38,30,044 38,30,044 -
Announcement Date 18/03/21 17/03/22 16/03/23 21/03/24 20/03/25 19/03/26 - -
1HKD in Million2HKD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.73x0.83x6.52x3.75% 3.08TCr
18.68x1.72x11.58x-.--% 2.33TCr
15.54x2.01x9.72x2.52% 1.14TCr
20.41x4.3x13.36x1.95% 461.74Cr
7.22x0.91x5.33x4.44% 370.49Cr
17.44x2.13x8.3x4.69% 169.72Cr
6.36x0.71x4.31x1.2% 134.05Cr
59.6x4.34x46.68x0.16% 117.03Cr
Average 19.87x 2.12x 13.22x 2.34% 975.89Cr
Weighted average by Cap. 16.20x 1.56x 9.45x 2.3%

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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