HONG KONG EXCHANGES AND CLEARING LIMITED

Financials Hong Kong Exchanges and Clearing Limited Deutsche Boerse AG

Equities

D9I

HK0000931664

Financial & Commodity Market Operators

Market Closed - Deutsche Boerse AG Other stock markets 06:59:02 24/05/2024 pm IST			5-day change	1st Jan Change
31.8 ^EUR	-1.24%		-7.02%	+4.61%

20/05	Copper's record run at risk as US shipments calm speculator frenzy	RE
14/05	Nomura Adjusts Hong Kong Exchanges and Clearing’s Price Target to HK$330.58 From HK$324.31, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,18,300	5,37,449	5,76,163	4,26,739	3,39,135	3,46,485	-	-
Enterprise Value (EV) ¹	1,88,503	3,79,876	3,95,228	2,44,010	3,29,296	3,30,003	3,28,969	3,27,920
P/E ratio	33.9 x	46.8 x	46 x	42.4 x	28.6 x	28 x	26.8 x	25 x
Yield	2.65%	1.92%	1.95%	2.12%	3.14%	3.2%	3.33%	3.57%
Capitalization / Revenue	19.5 x	28 x	27.5 x	23.1 x	16.5 x	16.2 x	15.4 x	14.5 x
EV / Revenue	11.6 x	19.8 x	18.9 x	13.2 x	16.1 x	15.4 x	14.6 x	13.7 x
EV / EBITDA	15.4 x	25.9 x	24.3 x	18.5 x	22.2 x	21 x	20 x	18.5 x
EV / FCF	21 x	28.3 x	35.1 x	17.7 x	32.5 x	29.3 x	27.1 x	22.5 x
FCF Yield	4.76%	3.53%	2.85%	5.64%	3.07%	3.42%	3.69%	4.44%
Price to Book	7.18 x	11 x	11.6 x	8.58 x	6.61 x	6.5 x	6.33 x	6.03 x
Nbr of stocks (in thousands)	12,58,104	12,64,586	12,65,179	12,65,538	12,65,431	12,64,545	-	-
Reference price ²	253.0	425.0	455.4	337.2	268.0	274.0	274.0	274.0
Announcement Date	26/02/20	24/02/21	24/02/22	23/02/23	29/02/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,311	19,190	20,950	18,456	20,516	21,391	22,516	23,893
EBITDA ¹	12,263	14,641	16,269	13,185	14,828	15,704	16,428	17,723
EBIT ¹	11,219	13,444	14,915	11,726	13,385	14,214	14,893	16,011
Operating Margin	68.78%	70.06%	71.19%	63.53%	65.24%	66.45%	66.15%	67.01%
Earnings before Tax (EBT) ¹	10,951	13,332	14,841	11,659	13,332	13,937	14,777	15,729
Net income ¹	9,391	11,505	12,535	10,078	11,862	12,405	13,017	13,981
Net margin	57.57%	59.95%	59.83%	54.61%	57.82%	57.99%	57.81%	58.51%
EPS ²	7.470	9.090	9.890	7.950	9.360	9.773	10.23	10.94
Free Cash Flow ¹	8,971	13,418	11,270	13,772	10,119	11,274	12,138	14,576
FCF margin	55%	69.92%	53.79%	74.62%	49.32%	52.7%	53.91%	61%
FCF Conversion (EBITDA)	73.16%	91.65%	69.27%	104.45%	68.24%	71.79%	73.89%	82.24%
FCF Conversion (Net income)	95.53%	116.63%	89.91%	136.65%	85.31%	90.88%	93.25%	104.26%
Dividend per Share ²	6.710	8.170	8.870	7.140	8.410	8.773	9.121	9.793
Announcement Date	26/02/20	24/02/21	24/02/22	23/02/23	29/02/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	10,408	-	5,309	4,732	4,690	4,247	8,937	4,318	5,201	5,558	5,017	5,084	4,857	5,201	5,450	5,540	5,309	5,325
EBITDA ¹	-	7,935	-	4,164	3,498	3,473	2,921	6,394	2,984	3,807	4,209	3,650	3,706	3,263	3,705	-	-	-	-
EBIT ¹	-	7,283	-	3,820	3,150	3,119	2,558	5,677	2,629	3,420	3,844	1,833	3,344	2,901	3,360	3,858	3,785	3,291	-
Operating Margin	-	69.98%	-	71.95%	66.57%	66.5%	60.23%	63.52%	60.88%	65.76%	69.16%	36.54%	65.77%	59.73%	64.6%	70.79%	68.32%	61.99%	-
Earnings before Tax (EBT) ¹	-	7,228	-	3,801	3,134	3,108	2,538	5,646	2,611	3,402	3,829	3,280	3,336	2,887	3,356	-	-	-	-
Net income ¹	5,233	6,272	-	3,251	2,674	2,668	2,168	4,836	2,263	2,979	3,436	2,876	2,953	2,597	2,970	2,879	3,033	2,931	2,973
Net margin	-	60.26%	-	61.24%	56.51%	56.89%	51.05%	54.11%	52.41%	57.28%	61.82%	57.33%	58.08%	53.47%	57.1%	52.82%	54.75%	55.2%	55.82%
EPS ²	4.150	-	-	2.560	2.110	2.110	1.710	3.820	1.790	2.340	2.690	2.290	2.330	2.050	2.340	2.279	2.392	2.312	2.351
Dividend per Share ²	-	-	4.690	-	4.180	-	3.450	-	-	3.690	-	4.500	-	3.910	-	4.166	-	4.234	-
Announcement Date	19/08/20	24/02/21	11/08/21	27/10/21	24/02/22	27/04/22	17/08/22	17/08/22	19/10/22	23/02/23	26/04/23	16/08/23	20/10/23	29/02/24	24/04/24	-	-	-	-

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,29,797	1,57,573	1,80,935	1,82,729	9,839	16,482	17,516	18,565
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,971	13,418	11,270	13,772	10,119	11,274	12,138	14,576
ROE (net income / shareholders' equity)	22.1%	24.7%	25.4%	20.3%	23.5%	23.5%	23.9%	24.6%
ROA (Net income/ Total Assets)	3.51%	3.39%	3.14%	2.5%	3.17%	3.6%	3.63%	3.95%
Assets ¹	2,67,500	3,39,080	3,99,204	4,02,685	3,73,615	3,44,415	3,58,877	3,54,297
Book Value Per Share ²	35.20	38.70	39.20	39.30	40.60	42.20	43.30	45.40
Cash Flow per Share ²	8.010	11.70	9.740	11.80	9.070	12.10	11.00	12.60
Capex ¹	1,091	1,351	1,070	1,184	1,381	1,557	1,470	1,641
Capex / Sales	6.69%	7.04%	5.11%	6.42%	6.73%	7.28%	6.53%	6.87%
Announcement Date	26/02/20	24/02/21	24/02/22	23/02/23	29/02/24	-	-	-

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 Hong Kong Exchanges and Clearing Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

274 HKD

Average target price

296.4 HKD

Spread / Average Target

+8.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Financial & Commodity Market Operators

	1st Jan change	Capi.
INTERCONTINENTAL EXCHANGE, INC.	+6.16%	78.2B
LONDON STOCK EXCHANGE PLC	+0.54%	63B
DEUTSCHE BÖRSE AG	-1.13%	37.05B
NASDAQ, INC.	+7.03%	35.88B
B3 S.A. - BRASIL, BOLSA, BALCÃO	-23.44%	11.84B
EURONEXT N.V.	+15.13%	10.19B
MARKETAXESS HOLDINGS INC.	-25.94%	8.22B
TMX GROUP LIMITED	+15.54%	7.51B
SINGAPORE EXCHANGE LIMITED	-4.58%	7.43B

Other Financial & Commodity Market Operators