Stock 17 NEW WORLD DEVELOPMENT COMPANY LIMITED
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Financials New World Development Company Limited

Equities

17

HK0000608585

Real Estate Development & Operations

Delayed Hong Kong S.E.
Other stock markets
 04:09:05 2024-06-07 am EDT 		5-day change 1st Jan Change
8.34 HKD +0.12% Intraday chart for New World Development Company Limited -1.42% -31.19%
May. 24 New Times Energy Arm Rents Offices in Hong Kong MT
May. 16 New World joins up with Shum Yip on innovation and tech property projects RE

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 124,923 97,580 102,587 70,843 48,521 20,989 - -
Enterprise Value (EV) 1 213,211 221,678 216,989 206,436 185,658 143,992 144,966 143,604
P/E ratio 6.87 x 89 x 87.7 x 56.3 x 49.4 x 14.1 x 11.6 x 8.46 x
Yield 4.17% 5.33% 5.11% 7.32% 12.2% 5.59% 5.9% 6.09%
Capitalization / Revenue 1.63 x 1.65 x 1.5 x 1.04 x 0.51 x 0.48 x 0.54 x 0.52 x
EV / Revenue 2.78 x 3.76 x 3.18 x 3.03 x 1.95 x 3.29 x 3.72 x 3.58 x
EV / EBITDA 12.5 x 16.1 x 15.7 x 16.8 x 12.9 x 12.5 x 13.7 x 12.5 x
EV / FCF -68 x -8.18 x 87.3 x 109 x 49.3 x 4.38 x 19.8 x 12.5 x
FCF Yield -1.47% -12.2% 1.15% 0.92% 2.03% 22.8% 5.04% 8.01%
Price to Book 0.56 x 0.39 x 0.38 x 0.33 x 0.2 x 0.11 x 0.11 x 0.11 x
Nbr of stocks (in thousands) 2,555,704 2,549,117 2,542,432 2,516,633 2,516,633 2,516,633 - -
Reference price 2 48.88 38.28 40.35 28.15 19.28 8.340 8.340 8.340
Announcement Date 9/25/19 9/30/20 9/30/21 9/30/22 9/29/23 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 76,764 59,008 68,233 68,213 95,214 43,714 38,971 40,154
EBITDA 1 17,012 13,733 13,832 12,295 14,356 11,495 10,610 11,450
EBIT 1 14,558 10,038 9,982 8,133 11,111 8,863 8,265 9,195
Operating Margin 18.96% 17.01% 14.63% 11.92% 11.67% 20.28% 21.21% 22.9%
Earnings before Tax (EBT) 1 29,129 10,794 10,366 9,214 10,096 6,831 6,762 7,808
Net income 1 18,160 1,096 1,172 1,249 900.9 1,366 1,539 2,381
Net margin 23.66% 1.86% 1.72% 1.83% 0.95% 3.13% 3.95% 5.93%
EPS 2 7.120 0.4300 0.4600 0.5000 0.3900 0.5922 0.7196 0.9857
Free Cash Flow 1 -3,134 -27,086 2,486 1,901 3,762 32,849 7,306 11,503
FCF margin -4.08% -45.9% 3.64% 2.79% 3.95% 75.15% 18.75% 28.65%
FCF Conversion (EBITDA) - - 17.97% 15.46% 26.21% 285.77% 68.85% 100.46%
FCF Conversion (Net income) - - 212.15% 152.16% 417.62% 2,404.51% 474.6% 483.16%
Dividend per Share 2 2.040 2.040 2.060 2.060 2.350 0.4659 0.4922 0.5076
Announcement Date 9/25/19 9/30/20 9/30/21 9/30/22 9/29/23 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 32,464 26,543 35,577 32,656 35,573 32,640 40,193 55,020 17,066 22,510
EBITDA - - - - - - - - - -
EBIT 1 - - - 4,553 6,004 2,129 5,638 5,474 5,729 4,262
Operating Margin - - - 13.94% 16.88% 6.52% 14.03% 9.95% 33.57% 18.93%
Earnings before Tax (EBT) - - - - - - - - 3,892 -
Net income - - - - - - - -1,573 -7,374 -
Net margin - - - - - - - -2.86% -43.21% -
EPS 2 1.520 0.3300 0.4000 0.0600 0.5700 -0.0700 0.4800 -0.0900 -2.840 0.5800
Dividend per Share 2 - - - - - - - 1.890 0.2000 0.2950
Announcement Date 2/28/20 9/30/20 2/26/21 9/30/21 2/25/22 9/30/22 2/23/23 9/29/23 2/29/24 -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 88,288 124,098 114,402 135,593 137,138 123,003 123,977 122,616
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.19 x 9.036 x 8.271 x 11.03 x 9.552 x 10.7 x 11.68 x 10.71 x
Free Cash Flow 1 -3,134 -27,086 2,486 1,901 3,762 32,849 7,306 11,503
ROE (net income / shareholders' equity) 4.01% 2.66% 2.67% 2.66% 0.36% 0.79% 0.76% 1.04%
ROA (Net income/ Total Assets) 1.79% 1.19% 1.14% 1.12% 0.14% 0.27% 0.33% 0.46%
Assets 1 1,014,451 91,794 103,025 111,347 626,060 499,814 464,105 519,819
Book Value Per Share 2 87.70 97.90 107.0 84.80 96.80 77.60 77.20 76.90
Cash Flow per Share 2 2.740 -4.030 3.790 2.960 4.370 20.70 -0.1800 4.170
Capex 1 10,145 16,796 7,161 5,551 7,228 4,265 3,410 2,661
Capex / Sales 13.22% 28.46% 10.49% 8.14% 7.59% 9.76% 8.75% 6.63%
Announcement Date 9/25/19 9/30/20 9/30/21 9/30/22 9/29/23 - - -
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 New World Development Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
16
Last Close Price
8.34 HKD
Average target price
9.109 HKD
Spread / Average Target
+9.23%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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