SANDS CHINA LTD |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 18.58 HKD | -0.11% |
|
-0.32% | -18.69% |
| Jun. 04 | Macau casinos play best hands to win over premium customers | RE |
| May. 13 | Macau Casino Operators' Shares Rise After China Expands Travel Visa Scheme | DJ |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 43,245 | 35,532 | 18,853 | 26,841 | 23,683 | 19,250 | - | - |
| Enterprise Value (EV) 1 | 46,382 | 41,736 | 26,139 | 35,320 | 30,650 | 24,954 | 23,703 | 22,632 |
| P/E ratio | 21.3 x | -23.3 x | -18 x | -17 x | 34.2 x | 13.7 x | 10.6 x | 9.05 x |
| Yield | 4.75% | - | - | - | - | 1.95% | 4.96% | 7.76% |
| Capitalization / Revenue | 4.91 x | 21.1 x | 6.56 x | 16.7 x | 3.62 x | 2.44 x | 2.22 x | 2.05 x |
| EV / Revenue | 5.27 x | 24.7 x | 9.09 x | 22 x | 4.69 x | 3.17 x | 2.73 x | 2.41 x |
| EV / EBITDA | 14.5 x | -97.5 x | 76.7 x | -109 x | 13.8 x | 9.07 x | 7.63 x | 6.66 x |
| EV / FCF | 22.5 x | -22.5 x | -47.4 x | -49.5 x | 14.9 x | 12.3 x | 10.1 x | 7.58 x |
| FCF Yield | 4.44% | -4.44% | -2.11% | -2.02% | 6.73% | 8.13% | 9.93% | 13.2% |
| Price to Book | 9.72 x | 18.4 x | 21.2 x | -38.3 x | -5,853 x | 13.6 x | 6.86 x | 5.01 x |
| Nbr of stocks (in thousands) | 8,088,352 | 8,090,119 | 8,093,189 | 8,093,189 | 8,093,380 | 8,093,380 | - | - |
| Reference price 2 | 5.347 | 4.392 | 2.329 | 3.316 | 2.926 | 2.378 | 2.378 | 2.378 |
| Announcement Date | 2/21/20 | 2/19/21 | 1/26/22 | 2/17/23 | 1/24/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,808 | 1,687 | 2,874 | 1,605 | 6,534 | 7,880 | 8,685 | 9,402 |
| EBITDA 1 | 3,193 | -428 | 341 | -323 | 2,225 | 2,751 | 3,107 | 3,399 |
| EBIT 1 | 2,275 | -1,239 | -537 | -1,163 | 1,225 | 1,811 | 2,157 | 2,420 |
| Operating Margin | 25.83% | -73.44% | -18.68% | -72.46% | 18.75% | 22.98% | 24.83% | 25.75% |
| Earnings before Tax (EBT) 1 | 2,033 | -1,507 | -1,045 | -1,588 | 741 | 1,451 | 1,844 | 2,157 |
| Net income 1 | 2,033 | -1,523 | -1,048 | -1,582 | 692 | 1,448 | 1,828 | 2,136 |
| Net margin | 23.08% | -90.28% | -36.46% | -98.57% | 10.59% | 18.38% | 21.05% | 22.72% |
| EPS 2 | 0.2513 | -0.1882 | -0.1295 | -0.1955 | 0.0856 | 0.1740 | 0.2252 | 0.2629 |
| Free Cash Flow 1 | 2,058 | -1,854 | -552 | -714 | 2,062 | 2,028 | 2,354 | 2,986 |
| FCF margin | 23.37% | -109.9% | -19.21% | -44.49% | 31.56% | 25.74% | 27.11% | 31.76% |
| FCF Conversion (EBITDA) | 64.45% | - | - | - | 92.67% | 73.73% | 75.76% | 87.85% |
| FCF Conversion (Net income) | 101.23% | - | - | - | 297.98% | 140.01% | 128.76% | 139.78% |
| Dividend per Share 2 | 0.2540 | - | - | - | - | 0.0463 | 0.1180 | 0.1844 |
| Announcement Date | 2/21/20 | 2/19/21 | 1/26/22 | 2/17/23 | 1/24/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q2 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 848 | 609 | 643 | 547 | 368 | 250 | 440 | 1,625 | 1,860 | 1,809 | 1,916 | 1,931 | 2,036 |
| EBITDA 1 | - | - | 74 | - | - | - | - | - | 654 | 610 | - | - | - |
| EBIT 1 | - | -145.5 | -145.5 | -287 | -287 | -294.5 | -295 | - | - | 366.3 | 425.4 | 437.4 | 542.2 |
| Operating Margin | - | -23.89% | -22.63% | -52.47% | -77.99% | -117.8% | -67.05% | - | - | 20.24% | 22.2% | 22.65% | 26.63% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS 2 | - | -0.0400 | -0.0400 | -0.0500 | -0.0500 | -0.0500 | -0.0455 | - | - | 0.0300 | 0.0400 | 0.0400 | 0.0500 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 12/23/20 | 10/20/21 | 1/26/22 | 4/27/22 | 8/12/22 | 10/19/22 | 2/17/23 | 8/11/23 | 1/24/24 | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 3,137 | 6,204 | 7,286 | 8,479 | 6,967 | 5,705 | 4,453 | 3,383 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.9825 x | -14.5 x | 21.37 x | -26.25 x | 3.131 x | 2.074 x | 1.433 x | 0.9951 x |
| Free Cash Flow 1 | 2,058 | -1,854 | -552 | -714 | 2,062 | 2,028 | 2,354 | 2,986 |
| ROE (net income / shareholders' equity) | 45.9% | -47.8% | -64.7% | -1,683% | - | 187% | 87.8% | 68.6% |
| ROA (Net income/ Total Assets) | 16.8% | -13.4% | -8.83% | -15.3% | 6.65% | 13.9% | 16.2% | 20.7% |
| Assets 1 | 12,079 | 11,324 | 11,873 | 10,328 | 10,406 | 10,417 | 11,317 | 10,343 |
| Book Value Per Share 2 | 0.5500 | 0.2400 | 0.1100 | -0.0900 | -0 | 0.1800 | 0.3500 | 0.4700 |
| Cash Flow per Share 2 | 0.3500 | -0.1000 | 0.0100 | -0.0600 | 0.2800 | 0.3300 | 0.3700 | 0.4200 |
| Capex 1 | 754 | 1,038 | 640 | 241 | 231 | 741 | 733 | 562 |
| Capex / Sales | 8.56% | 61.53% | 22.27% | 15.02% | 3.54% | 9.4% | 8.44% | 5.97% |
| Announcement Date | 2/21/20 | 2/19/21 | 1/26/22 | 2/17/23 | 1/24/24 | - | - | - |
1USD in Million2USD
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
A
Sell
Buy
Mean consensus
BUY
Number of Analysts
21
Last Close Price
2.378
USD
Average target price
3.756
USD
Spread / Average Target
+57.91%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -18.69% | 19.25B | |
| +6.24% | 33.47B | |
| -8.57% | 22.38B | |
| -6.01% | 22.14B | |
| +15.58% | 19.65B | |
| +4.65% | 17.84B | |
| -0.33% | 9.89B | |
| -23.08% | 7.8B | |
| +6.82% | 7.58B | |
| +41.27% | 6.82B |
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