Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 1.373 B - 1.585 B | 1.464 B |
| Discount Rate | 11.3% - 9.3% | 10.3% |
| Fair Value | HK$ 5.80 - HK$ 7.41 | HK$ 6.48 |
| Upside | 4.8% - 33.8% | 17.0% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (CNY in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 5,511 | 7,696 | 10,900 | 13,051 | 14,024 | 14,024 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 784 | 1,074 | 1,442 | 1,803 | 2,010 | 2,010 | |
| (+) Net Interest Expense | (33) | (54) | (52) | (75) | (98) | (98) | |
| (+) Other Non Operating Exp. | 16 | (6) | (12) | (22) | (56) | (56) | |
| (+) D&A | 13 | 20 | 31 | 37 | 37 | 37 | |
| (+) Non-recurring Items | (11) | (2) | 1 | 11 | 7 | 7 | |
| Adjusted EBITDA | 769 | 1,032 | 1,410 | 1,754 | 1,900 | 1,900 | |
| (-) D&A | (13) | (20) | (31) | (37) | (37) | (37) | |
| Adjusted EBIT | 756 | 1,012 | 1,379 | 1,717 | 1,863 | 1,863 | |
| % of Revenue | 13.7% | 13.2% | 12.7% | 13.2% | 13.3% | 13.3% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 12.7% | 13.2% | 13.7% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (CNY in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 12,208 | 14,281 | 17,133 | 11,399 | |||
| (+) Cash & Short Term Investments | 5,803 | 5,803 | 5,803 | 5,803 | |||
| (+) Investments & Other | 21 | 21 | 21 | 21 | |||
| (-) Debt | (172) | (172) | (172) | (172) | |||
| (-) Other Liabilities | (64) | (64) | (64) | (64) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 17,797 | 19,869 | 22,722 | 16,987 | |||
| (/) Shares Outstanding | 3,284.0 | 3,284.0 | 3,284.0 | 3,284.0 | |||
| Implied Stock Price (CNY) | 5.42 | 6.05 | 6.92 | 5.17 | |||
| FX Rate: CNY/HKD | 0.93 | 0.93 | 0.93 | 0.93 | |||
| Implied Stock Price (HKD) | 5.80 | 6.48 | 7.41 | 5.54 | |||
| Upside / (Downside) | 4.77% | 16.97% | 33.76% | ||||
| Stock Price | 5.54 | ||||||
| Stock Price Close | 5.54 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | CNY | ||||||
| Trading Currency | HKD | ||||||
| FX Rate: CNY/HKD | 0.93 | ||||||
| Market Cap | 18,193.1 | ||||||
| Shares Outstanding | 3,284.0 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||