Stock HLD HENDERSON LAND DEVELOPMENT COMPANY LIMITED
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Financials Henderson Land Development Company Limited Berne S.E.

Equities

HLD

HK0012000102

Real Estate Development & Operations

Delayed Berne S.E.
Other stock markets
 		5-day change 1st Jan Change
- CHF -.--% Intraday chart for Henderson Land Development Company Limited -.--% -.--%
Jun. 04 The Henderson Investment Limited and Henderson Land Development Company Limited Have Decided to Integrate Their Respective Membership Loyalty Programmes, CU APP and HCOINS CI
Jun. 04 Henderson to Continue Land Development Despite Turnover of Some Lands to Government MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 185,183 146,452 160,734 131,928 116,435 110,868 - -
Enterprise Value (EV) 1 267,693 236,553 249,526 208,160 186,647 219,240 223,196 273,736
P/E ratio 10.9 x 14.3 x 12.2 x 14.3 x 12.6 x 10.5 x 10.1 x 9.06 x
Yield 4.71% 5.95% 5.42% 6.61% 7.48% 7.86% 7.85% 7.89%
Capitalization / Revenue 7.66 x 5.85 x 6.83 x 5.16 x 4.22 x 3.69 x 3.48 x 3.69 x
EV / Revenue 11.1 x 9.45 x 10.6 x 8.15 x 6.77 x 7.29 x 7 x 9.11 x
EV / EBITDA 24.2 x 18.8 x 20 x 26.9 x 22.1 x 24.4 x 24.4 x 27.8 x
EV / FCF 84.3 x 52.5 x -4.61 x 26.2 x 18.9 x 15.4 x 20.9 x 17.5 x
FCF Yield 1.19% 1.91% -21.7% 3.82% 5.3% 6.48% 4.79% 5.7%
Price to Book 0.58 x 0.45 x 0.48 x 0.4 x 0.36 x 0.33 x 0.33 x 0.33 x
Nbr of stocks (in thousands) 4,841,387 4,841,387 4,841,387 4,841,387 4,841,387 4,841,387 - -
Reference price 2 38.25 30.25 33.20 27.25 24.05 22.90 22.90 22.90
Announcement Date 3/23/20 3/23/21 3/22/22 3/21/23 3/21/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 24,184 25,020 23,527 25,551 27,570 30,080 31,894 30,043
EBITDA 1 11,078 12,599 12,495 7,747 8,446 8,992 9,165 9,848
EBIT 1 10,701 12,171 11,990 7,207 7,907 8,566 8,939 9,032
Operating Margin 44.25% 48.65% 50.96% 28.21% 28.68% 28.48% 28.03% 30.06%
Earnings before Tax (EBT) 1 19,086 12,714 15,378 10,780 10,444 12,436 12,492 12,214
Net income 1 16,994 10,192 13,195 9,239 9,261 11,287 11,427 12,371
Net margin 70.27% 40.74% 56.08% 36.16% 33.59% 37.52% 35.83% 41.18%
EPS 2 3.510 2.110 2.730 1.910 1.910 2.190 2.266 2.528
Free Cash Flow 1 3,175 4,510 -54,165 7,945 9,892 14,216 10,686 15,614
FCF margin 13.13% 18.03% -230.22% 31.09% 35.88% 47.26% 33.51% 51.97%
FCF Conversion (EBITDA) 28.66% 35.8% - 102.56% 117.12% 158.09% 116.6% 158.54%
FCF Conversion (Net income) 18.68% 44.25% - 85.99% 106.81% 125.96% 93.51% 126.21%
Dividend per Share 2 1.800 1.800 1.800 1.800 1.800 1.800 1.799 1.807
Announcement Date 3/23/20 3/23/21 3/22/22 3/21/23 3/21/24 - - -
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 16,055 10,943 14,077 8,792 14,735 9,506 16,045 10,278 17,292 14,108 17,693
EBITDA - - - - - - - - - - -
EBIT 1 - - - 5,793 6,197 3,442 3,765 4,568 3,339 4,736 5,711
Operating Margin - - - 65.89% 42.06% 36.21% 23.47% 44.44% 19.31% 33.57% 32.28%
Earnings before Tax (EBT) 1 - - - - - - - - 4,205 6,602 6,143
Net income 1 - - - - - - - - 3,304 5,411 5,035
Net margin - - - - - - - - 19.11% 38.36% 28.46%
EPS 2 1.960 0.5900 1.520 1.350 1.380 0.9900 0.9200 1.230 0.6800 1.190 1.240
Dividend per Share - - - - - - - - 1.300 - -
Announcement Date 3/23/20 8/20/20 3/23/21 8/23/21 3/22/22 8/23/22 3/21/23 8/22/23 3/21/24 - -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 82,510 90,101 88,792 76,232 70,212 108,373 112,329 162,868
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 7.448 x 7.151 x 7.106 x 9.84 x 8.313 x 12.05 x 12.26 x 16.54 x
Free Cash Flow 1 3,175 4,510 -54,165 7,945 9,892 14,217 10,686 15,614
ROE (net income / shareholders' equity) 5.36% 3.14% 3.98% 2.79% 2.83% 3.16% 3.27% 3.54%
ROA (Net income/ Total Assets) 3.79% 2.22% 2.61% 1.71% 1.73% 1.78% 1.9% 2.21%
Assets 1 448,178 458,170 505,691 539,977 536,155 635,706 600,560 560,628
Book Value Per Share 2 66.30 67.70 69.20 67.70 67.50 68.70 69.60 68.80
Cash Flow per Share 2 1.390 1.460 0.1400 2.300 2.990 0.0700 0.0600 1.050
Capex 1 3,569 2,562 54,850 3,186 4,568 5,865 10,737 13,127
Capex / Sales 14.76% 10.24% 233.14% 12.47% 16.57% 19.5% 33.66% 43.69%
Announcement Date 3/23/20 3/23/21 3/22/22 3/21/23 3/21/24 - - -
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 Henderson Land Development Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
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Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
22.9 HKD
Average target price
25.19 HKD
Spread / Average Target
+10.01%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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