BAOZUN INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2.75 USD | +6.18% |
|
+18.53% | +0.36% |
| Apr. 19 | Baozun Appoints Catherine Zhu CFO | MT |
| Apr. 19 | Baozun Inc. Announces Change of Chief Financial Officer | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 14,393 | 17,429 | 6,389 | 2,149 | 1,175 | 1,209 | - | - |
| Enterprise Value (EV) 1 | 14,693 | 14,163 | 4,071 | 126.1 | 1,175 | -970 | -1,338 | -1,833 |
| P/E ratio | 48.8 x | 33.5 x | -28.9 x | -3.42 x | -4.16 x | -7.31 x | 13.2 x | 4.82 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 1.98 x | 1.97 x | 0.68 x | 0.26 x | 0.13 x | 0.13 x | 0.12 x | 0.12 x |
| EV / Revenue | 2.02 x | 1.6 x | 0.43 x | 0.02 x | 0.13 x | -0.11 x | -0.14 x | -0.18 x |
| EV / EBITDA | 29.2 x | 19.9 x | 19 x | 0.52 x | - | -14.1 x | -6.47 x | -5.51 x |
| EV / FCF | 69.9 x | 71.2 x | -10.7 x | 0.72 x | - | -12.1 x | -4.09 x | -4.26 x |
| FCF Yield | 1.43% | 1.4% | -9.38% | 139% | - | -8.25% | -24.4% | -23.5% |
| Price to Book | 5.63 x | 2.86 x | 1.07 x | 0.53 x | - | 0.23 x | 0.23 x | 0.22 x |
| Nbr of stocks (in thousands) | 62,423 | 77,760 | 72,358 | 58,801 | 60,401 | 60,669 | - | - |
| Reference price 2 | 230.6 | 224.1 | 88.29 | 36.56 | 19.45 | 19.93 | 19.93 | 19.93 |
| Announcement Date | 3/18/20 | 3/4/21 | 3/10/22 | 3/22/23 | 3/21/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,278 | 8,852 | 9,396 | 8,401 | 8,812 | 9,129 | 9,763 | 10,167 |
| EBITDA 1 | 503.7 | 710.4 | 214 | 243 | - | 68.8 | 206.7 | 332.5 |
| EBIT 1 | 383.7 | 558.7 | 7.021 | 46.44 | -206.4 | -105.4 | 88.14 | 181.3 |
| Operating Margin | 5.27% | 6.31% | 0.07% | 0.55% | -2.34% | -1.15% | 0.9% | 1.78% |
| Earnings before Tax (EBT) 1 | 348.3 | 548.9 | -154 | -580.3 | -217 | -91.67 | 113.6 | 203.7 |
| Net income 1 | 281.3 | 426 | -219.8 | -653.3 | -278.4 | -98.12 | 87.75 | 182.5 |
| Net margin | 3.86% | 4.81% | -2.34% | -7.78% | -3.16% | -1.07% | 0.9% | 1.8% |
| EPS 2 | 4.720 | 6.690 | -3.050 | -10.69 | -4.680 | -2.726 | 1.514 | 4.132 |
| Free Cash Flow 1 | 210.1 | 199 | -381.7 | 175.6 | - | 80 | 327 | 430.7 |
| FCF margin | 2.89% | 2.25% | -4.06% | 2.09% | - | 0.88% | 3.35% | 4.24% |
| FCF Conversion (EBITDA) | 41.71% | 28.01% | - | 72.29% | - | 116.28% | 158.17% | 129.52% |
| FCF Conversion (Net income) | 74.7% | 46.71% | - | - | - | - | 372.64% | 235.97% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 3/18/20 | 3/4/21 | 3/10/22 | 3/22/23 | 3/21/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,325 | 1,899 | 3,173 | 1,984 | 2,122 | 1,741 | 2,553 | 1,888 | 2,320 | 1,824 | 2,780 | 1,890 | 2,409 | 1,891 | 2,976 |
| EBITDA | - | - | 41.68 | - | 28.12 | 25.22 | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 159.5 | -156.5 | 4.001 | -41.17 | -23.36 | -26.26 | 137.2 | -40.63 | -36.44 | -135.7 | 6.398 | -54.03 | 8.45 | -13.25 | 37 |
| Operating Margin | 3.69% | -8.24% | 0.13% | -2.07% | -1.1% | -1.51% | 5.37% | -2.15% | -1.57% | -7.44% | 0.23% | -2.86% | 0.35% | -0.7% | 1.24% |
| Earnings before Tax (EBT) 1 | - | -286.8 | 2.825 | -122.1 | -71.52 | -152.5 | -234.3 | -77.64 | -14.1 | -131.5 | 6.233 | -93 | 17 | -44 | 37 |
| Net income 1 | - | -292.5 | -8.345 | -122.4 | -77.76 | -168.9 | -284.3 | -83.55 | -20.03 | -126.4 | -48.41 | -72 | - | - | - |
| Net margin | - | -15.41% | -0.26% | -6.17% | -3.66% | -9.7% | -11.13% | -4.43% | -0.86% | -6.93% | -1.74% | -3.81% | - | - | - |
| EPS 2 | - | -4.000 | -0.1200 | -1.870 | -1.260 | -2.880 | -4.840 | - | -0.3400 | -2.120 | - | 0.0100 | 0.3300 | 0.2700 | 1.120 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/19/21 | 11/30/21 | 3/10/22 | 5/26/22 | 8/23/22 | 11/29/22 | 3/22/23 | 5/25/23 | 8/28/23 | 11/22/23 | 3/21/24 | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 300 | - | - | - | - | - | - | - |
| Net Cash position 1 | - | 3,266 | 2,318 | 2,023 | - | 2,179 | 2,547 | 3,042 |
| Leverage (Debt/EBITDA) | 0.5953 x | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 210 | 199 | -382 | 176 | - | 80 | 327 | 431 |
| ROE (net income / shareholders' equity) | 15% | 12.3% | 3.31% | 2.94% | - | -0.93% | 1.78% | 3.31% |
| ROA (Net income/ Total Assets) | 6.43% | 6.09% | 1.75% | 1.18% | - | -0.23% | 1.67% | 2.3% |
| Assets 1 | 4,377 | 6,995 | -12,552 | -55,447 | - | 42,050 | 5,265 | 7,935 |
| Book Value Per Share 2 | 40.90 | 78.40 | 82.30 | 69.50 | - | 86.90 | 88.50 | 90.60 |
| Cash Flow per Share 2 | 1.680 | 1.620 | -3.340 | 6.260 | - | 1.130 | 3.070 | 5.770 |
| Capex 1 | 91.3 | 111 | 286 | 207 | - | 195 | 193 | 213 |
| Capex / Sales | 1.25% | 1.25% | 3.04% | 2.46% | - | 2.14% | 1.98% | 2.09% |
| Announcement Date | 3/18/20 | 3/4/21 | 3/10/22 | 3/22/23 | 3/21/24 | - | - | - |
1CNY in Million2CNY
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
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
19.93
CNY
Average target price
24.45
CNY
Spread / Average Target
+22.70%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +0.36% | 167M | |
| +18.66% | 414B | |
| +15.27% | 242B | |
| +12.15% | 144B | |
| +20.63% | 104B | |
| +17.19% | 83.87B | |
| +54.11% | 57.64B | |
| +33.59% | 53.37B | |
| +6.02% | 37.83B | |
| +15.88% | 34.11B |
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