Financials KE Holdings Inc. Hong Kong S.E.

Equities

2423

KYG5223Y1089

Real Estate Services

Delayed Hong Kong S.E. 07:25:10 16/05/2024 am IST 5-day change 1st Jan Change
46.65 HKD +1.63% Intraday chart for KE Holdings Inc. +6.87% +6.00%

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,73,337 1,52,202 1,19,260 1,41,868 1,59,573 - -
Enterprise Value (EV) 1 4,33,880 1,02,807 69,952 1,41,868 1,08,425 1,00,356 93,859
P/E ratio 423 x -290 x -82.3 x 23.5 x 28 x 21.9 x 18.1 x
Yield - - - - 0.79% 1% 1.28%
Capitalization / Revenue 6.72 x 1.88 x 1.97 x 1.82 x 1.92 x 1.72 x 1.64 x
EV / Revenue 6.16 x 1.27 x 1.15 x 1.82 x 1.31 x 1.08 x 0.97 x
EV / EBITDA 56.1 x 22.8 x 14.7 x 12.5 x 11.4 x 9.09 x 7.02 x
EV / FCF 51.2 x 47.5 x 9.12 x - 10.7 x 9.38 x 7.03 x
FCF Yield 1.95% 2.11% 11% - 9.31% 10.7% 14.2%
Price to Book 21.4 x 1.69 x 1.66 x - 1.93 x 1.77 x 1.67 x
Nbr of stocks (in thousands) 11,78,779 11,90,898 12,38,614 12,33,129 12,16,727 - -
Reference price 2 401.5 127.8 96.28 115.0 131.1 131.1 131.1
Announcement Date 15/03/21 09/03/22 16/03/23 14/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 70,481 80,752 60,669 77,777 82,955 92,946 97,184
EBITDA 1 7,738 4,504 4,744 11,345 9,500 11,041 13,364
EBIT 1 5,935 1,400 2,307 8,719 7,089 9,261 12,226
Operating Margin 8.42% 1.73% 3.8% 11.21% 8.55% 9.96% 12.58%
Earnings before Tax (EBT) 1 4,387 1,141 292.3 7,884 7,267 8,982 9,948
Net income 1 2,778 -524.1 -1,386 5,883 5,706 7,386 7,871
Net margin 3.94% -0.65% -2.28% 7.56% 6.88% 7.95% 8.1%
EPS 2 0.9500 -0.4400 -1.170 4.890 4.692 5.991 7.237
Free Cash Flow 1 8,475 2,165 7,668 - 10,095 10,702 13,350
FCF margin 12.02% 2.68% 12.64% - 12.17% 11.51% 13.74%
FCF Conversion (EBITDA) 109.53% 48.07% 161.64% - 106.27% 96.93% 99.89%
FCF Conversion (Net income) 305.12% - - - 176.91% 144.88% 169.61%
Dividend per Share 2 - - - - 1.034 1.308 1.681
Announcement Date 15/03/21 09/03/22 16/03/23 14/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 18,096 17,786 12,548 13,777 17,597 16,747 20,278 19,484 17,811 20,204 16,000 20,746 21,152 24,455
EBITDA 1 -549.8 484.3 340.9 -104 2,343 2,164 4,625 2,505 2,515 1,700 1,034 2,295 3,540 3,277
EBIT 1 -1,435 -397.7 -449.6 -690.2 2,108 1,339 3,830 2,148 1,886 855.8 551.6 1,967 2,797 2,852
Operating Margin -7.93% -2.24% -3.58% -5.01% 11.98% 7.99% 18.89% 11.02% 10.59% 4.24% 3.45% 9.48% 13.22% 11.66%
Earnings before Tax (EBT) 1 -1,562 -663.8 -431.7 -1,434 1,156 1,003 3,878 1,573 1,672 761.7 338 1,911 2,005 2,456
Net income 1 -1,765 -929.7 -618 -1,868 723.2 377 2,747 1,309 1,158 669.6 95 1,220 1,307 1,602
Net margin -9.75% -5.23% -4.92% -13.56% 4.11% 2.25% 13.55% 6.72% 6.5% 3.31% 0.59% 5.88% 6.18% 6.55%
EPS 2 -1.500 -0.7800 -0.5200 -1.570 0.6000 0.3100 2.260 1.080 0.9700 0.5600 0.7000 1.290 1.790 0.6000
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 08/11/21 09/03/22 31/05/22 23/08/22 30/11/22 16/03/23 18/05/23 31/08/23 08/11/23 14/03/24 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - -
Net Cash position 1 39,457 49,395 49,308 - 51,149 59,217 65,714
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 8,475 2,165 7,668 - 10,095 10,702 13,350
ROE (net income / shareholders' equity) 19.8% 3.43% 4.2% - 9.73% 10.3% 10.8%
ROA (Net income/ Total Assets) 6.67% 2.24% 2.72% - 5.25% 5.9% 6.08%
Assets 1 41,674 -23,369 -50,914 - 1,08,733 1,25,276 1,29,460
Book Value Per Share 2 18.80 75.70 57.90 - 67.90 74.10 78.40
Cash Flow per Share 2 4.130 1.010 7.110 - 9.700 14.20 15.40
Capex 1 887 1,430 793 - 1,047 1,093 1,075
Capex / Sales 1.26% 1.77% 1.31% - 1.26% 1.18% 1.11%
Announcement Date 15/03/21 09/03/22 16/03/23 14/03/24 - - -
1CNY in Million2CNY
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
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
20
Last Close Price
131.1 CNY
Average target price
147.9 CNY
Spread / Average Target
+12.76%
Consensus
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