Stock 66 MTR CORPORATION LIMITED
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Financials MTR Corporation Limited

Equities

66

HK0066009694

Passenger Transportation, Ground & Sea

Market Closed - Hong Kong S.E.
Other stock markets
 01:38:06 30/04/2024 pm IST 		5-day change 1st Jan Change
25.85 HKD -0.58% Intraday chart for MTR Corporation Limited +7.48% -14.69%
20/03 Mainland Chinese surge into Hong Kong property after stamp duties scrapped RE
19/03 Mainland Chinese surge into Hong Kong property after stamp duties scrapped RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,83,574 2,67,943 2,59,196 2,56,455 1,88,381 1,60,715 - -
Enterprise Value (EV) 1 3,01,988 2,97,535 2,82,124 2,88,307 1,88,381 2,09,461 2,21,526 2,32,066
P/E ratio 23.7 x -55.6 x 27.2 x 26 x 24.2 x 11.6 x 9.42 x 8.86 x
Yield 2.67% 2.84% 3.03% 3.17% 4.32% 5.07% 5.13% 5.13%
Capitalization / Revenue 5.2 x 6.3 x 5.49 x 5.36 x 3.31 x 2.69 x 2.56 x 2.45 x
EV / Revenue 5.54 x 6.99 x 5.98 x 6.03 x 3.31 x 3.5 x 3.52 x 3.53 x
EV / EBITDA 16.4 x 26 x 34.6 x 36.4 x 12.3 x 9.78 x 9.59 x 10.4 x
EV / FCF 39.2 x -41.8 x -537 x -23 x - 18.4 x -160 x -
FCF Yield 2.55% -2.39% -0.19% -4.35% - 5.43% -0.63% -
Price to Book 1.52 x 1.51 x 1.44 x 1.43 x 1.05 x 0.86 x 0.82 x 0.78 x
Nbr of stocks (in thousands) 61,57,949 61,80,928 61,93,463 62,02,061 62,17,197 62,17,197 - -
Reference price 2 46.05 43.35 41.85 41.35 30.30 25.85 25.85 25.85
Announcement Date 05/03/20 11/03/21 10/03/22 09/03/23 07/03/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 54,504 42,541 47,202 47,812 56,982 59,823 62,854 65,659
EBITDA 1 18,450 11,434 8,148 7,911 15,310 21,423 23,092 22,398
EBIT 1 13,213 6,069 13,555 12,446 10,675 18,944 21,542 19,218
Operating Margin 24.24% 14.27% 28.72% 26.03% 18.73% 31.67% 34.27% 29.27%
Earnings before Tax (EBT) 1 14,014 -3,520 11,940 11,749 9,663 27,912 24,903 -
Net income 1 11,932 -4,809 9,552 9,827 7,784 16,007 18,082 18,593
Net margin 21.89% -11.3% 20.24% 20.55% 13.66% 26.76% 28.77% 28.32%
EPS 2 1.940 -0.7800 1.540 1.590 1.250 2.221 2.744 2.919
Free Cash Flow 1 7,712 -7,113 -525 -12,527 - 11,376 -1,387 -
FCF margin 14.15% -16.72% -1.11% -26.2% - 19.02% -2.21% -
FCF Conversion (EBITDA) 41.8% - - - - 53.1% - -
FCF Conversion (Net income) 64.63% - - - - 71.07% - -
Dividend per Share 2 1.230 1.230 1.270 1.310 1.310 1.311 1.327 1.327
Announcement Date 05/03/20 11/03/21 10/03/22 09/03/23 07/03/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 - 20,949 22,317 24,885 23,033 24,779 27,574 29,408 27,912 30,238
EBITDA - - - - - - - - - -
EBIT - - 4,818 8,737 - - - - - -
Operating Margin - - 21.59% 35.11% - - - - - -
Earnings before Tax (EBT) - - - 8,423 - - - 4,683 - -
Net income -334 - - 6,879 - - - 3,606 - -
Net margin - - - 27.64% - - - 12.26% - -
EPS 2 - -0.7300 0.4300 1.110 0.7600 0.8300 0.6700 0.5800 1.050 1.140
Dividend per Share - 0.9800 - - - - - 0.8900 - -
Announcement Date 06/08/20 11/03/21 12/08/21 10/03/22 11/08/22 09/03/23 10/08/23 07/03/24 - -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 18,414 29,592 22,928 31,852 - 48,746 60,811 71,351
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.998 x 2.588 x 2.814 x 4.026 x - 2.275 x 2.633 x 3.186 x
Free Cash Flow 1 7,712 -7,113 -525 -12,527 - 11,376 -1,387 -
ROE (net income / shareholders' equity) 5.75% 2.41% 6.26% 5.47% 4.35% 8.49% 9.04% 8.75%
ROA (Net income/ Total Assets) 3.75% 1.51% 3.28% 3.17% 2.31% 4.97% 5.37% 4.1%
Assets 1 3,18,586 -3,18,224 2,91,328 3,09,580 3,36,751 3,21,778 3,37,026 4,53,495
Book Value Per Share 2 30.30 28.70 29.00 28.90 28.70 29.90 31.60 33.00
Cash Flow per Share 2 2.770 41.30 1.210 1.090 1.800 5.390 2.200 1.730
Capex 1 9,331 9,661 7,997 10,808 - 20,700 24,043 28,460
Capex / Sales 17.12% 22.71% 16.94% 22.61% - 34.6% 38.25% 43.35%
Announcement Date 05/03/20 11/03/21 10/03/22 09/03/23 07/03/24 - - -
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 MTR Corporation Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
25.85 HKD
Average target price
30.41 HKD
Spread / Average Target
+17.64%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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