Stock 4 THE WHARF HOLDINGS LIMITED
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Financials The Wharf Holdings Limited

Equities

4

HK0004000045

Real Estate Development & Operations

Delayed Hong Kong S.E.
Other stock markets
 08:51:58 30/04/2024 am IST 		5-day change 1st Jan Change
25.3 HKD +2.22% Intraday chart for The Wharf Holdings Limited +1.81% +0.60%
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 60,436 63,620 73,192 70,136 76,859 75,637 - -
Enterprise Value (EV) 1 79,436 89,120 1,09,937 90,100 84,698 82,877 82,045 75,609
P/E ratio 17.9 x 16.4 x 12.2 x -41 x 81.1 x 16 x 14.5 x 13.5 x
Yield 1.64% 1.92% 1.67% 1.74% 1.59% 1.75% 1.86% 1.95%
Capitalization / Revenue 3.58 x 3.03 x 3.27 x 3.88 x 4.06 x 4.95 x 4.52 x 4.25 x
EV / Revenue 4.71 x 4.24 x 4.91 x 4.99 x 4.47 x 5.42 x 4.9 x 4.25 x
EV / EBITDA 9.26 x 7.53 x 11.8 x 12.3 x 11.1 x 12.3 x 11.7 x 11 x
EV / FCF 93,37,685 x 3,20,34,570 x 7,07,44,437 x 1,74,34,177 x - - - -
FCF Yield 0% 0% 0% 0% - - - -
Price to Book 0.42 x 0.4 x 0.45 x 0.46 x 0.54 x 0.5 x 0.49 x 0.49 x
Nbr of stocks (in thousands) 30,49,227 30,51,327 30,56,027 30,56,027 30,56,027 30,56,027 - -
Reference price 2 19.82 20.85 23.95 22.95 25.15 24.75 24.75 24.75
Announcement Date 10/03/20 09/03/21 09/03/22 09/03/23 12/03/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 16,874 20,997 22,378 18,064 18,950 15,287 16,730 17,807
EBITDA 1 8,581 11,828 9,290 7,320 7,602 6,737 6,991 6,865
EBIT 1 7,869 11,104 8,536 6,603 6,896 6,083 6,524 6,524
Operating Margin 46.63% 52.88% 38.14% 36.55% 36.39% 39.79% 39% 36.64%
Earnings before Tax (EBT) 1 6,470 9,527 9,237 226 2,195 5,936 6,350 5,893
Net income 1 3,386 3,864 6,019 -1,705 945 4,794 4,979 6,418
Net margin 20.07% 18.4% 26.9% -9.44% 4.99% 31.36% 29.76% 36.05%
EPS 2 1.110 1.270 1.970 -0.5600 0.3100 1.544 1.706 1.838
Free Cash Flow 8,507 2,782 1,554 5,168 - - - -
FCF margin 50.41% 13.25% 6.94% 28.61% - - - -
FCF Conversion (EBITDA) 99.14% 23.52% 16.73% 70.6% - - - -
FCF Conversion (Net income) 251.24% 72% 25.82% - - - - -
Dividend per Share 2 0.3250 0.4000 0.4000 0.4000 0.4000 0.4321 0.4599 0.4820
Announcement Date 10/03/20 09/03/21 09/03/22 09/03/23 12/03/24 - - -
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 8,810 5,551 15,446 12,337 10,041 8,209 9,855 8,130 10,820 7,760 8,407
EBITDA - - - - - - - - - - -
EBIT 1 - - - 4,301 4,235 3,479 3,124 3,139 3,757 3,410 3,695
Operating Margin - - - 34.86% 42.18% 42.38% 31.7% 38.61% 34.72% 43.95% 43.95%
Earnings before Tax (EBT) - - - - - - - - 784 - -
Net income - - - - - - - - 249 - -
Net margin - - - - - - - - 2.3% - -
EPS 2 0.3100 -0.5700 1.840 0.3400 1.630 0.0200 -0.5800 0.2300 0.0800 0.8300 0.9000
Dividend per Share - - - - - - - - 0.2000 - -
Announcement Date 10/03/20 03/08/20 09/03/21 10/08/21 09/03/22 10/08/22 09/03/23 09/08/23 12/03/24 - -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 19,000 25,500 36,745 19,964 7,839 7,240 6,408 -
Net Cash position 1 - - - - - - - 27.6
Leverage (Debt/EBITDA) 2.214 x 2.156 x 3.955 x 2.727 x 1.031 x 1.075 x 0.9167 x -
Free Cash Flow 8,507 2,782 1,554 5,168 - - - -
ROE (net income / shareholders' equity) 2.43% 2.6% 3.75% -1.09% 2.42% 2.94% 3.29% 3.32%
ROA (Net income/ Total Assets) 1.44% 1.6% 2.37% 0.13% 1.67% 2.59% 2.44% 2.79%
Assets 1 2,34,780 2,41,500 2,53,902 -13,37,675 56,529 1,85,457 2,04,495 2,30,050
Book Value Per Share 2 46.90 52.10 53.00 49.60 46.80 49.30 50.50 50.10
Cash Flow per Share 2 3.060 3.390 0.8400 2.020 0.7800 3.810 3.230 2.230
Capex 1 813 7,518 1,000 1,015 774 2,025 2,025 2,025
Capex / Sales 4.82% 35.81% 4.47% 5.62% 4.08% 13.25% 12.1% 11.37%
Announcement Date 10/03/20 09/03/21 09/03/22 09/03/23 12/03/24 - - -
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 The Wharf Holdings Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
SELL
Number of Analysts
9
Last Close Price
24.75 HKD
Average target price
22.18 HKD
Spread / Average Target
-10.39%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

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