MEITUAN INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 115.6 HKD | +3.68% |
|
+21.30% | +41.15% |
| Apr. 26 | Delivery Hero Shares Slump After Report That Meituan Plans Saudi Launch | DJ |
| Apr. 26 | Delivery Hero extends losses - competition concerns | DP |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 211,733 | 528,942 | 1,458,935 | 1,126,918 | 955,524 | 663,763 | 663,763 | - |
| Enterprise Value (EV) 1 | 155,129 | 471,657 | 1,421,899 | 1,069,041 | 881,605 | 464,829 | 534,083 | 488,278 |
| P/E ratio | -1.89 x | 240 x | 318 x | -47.1 x | -142 x | 35.3 x | 28.7 x | 17.9 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 3.25 x | 5.42 x | 12.7 x | 6.29 x | 4.34 x | 1.68 x | 2.05 x | 1.75 x |
| EV / Revenue | 2.38 x | 4.84 x | 12.4 x | 5.97 x | 4.01 x | 1.68 x | 1.65 x | 1.29 x |
| EV / EBITDA | -32.8 x | 65 x | 300 x | -110 x | 90.7 x | 19.5 x | 13.8 x | 9.14 x |
| EV / FCF | -13.6 x | 183 x | -518 x | -82.1 x | 155 x | 23.8 x | 18.2 x | 10.4 x |
| FCF Yield | -7.34% | 0.55% | -0.19% | -1.22% | 0.64% | 4.2% | 5.49% | 9.62% |
| Price to Book | 1.21 x | 5.7 x | 14.8 x | 8.83 x | 7.42 x | 4.49 x | 3.78 x | 3.06 x |
| Nbr of stocks (in thousands) | 5,492,715 | 5,808,400 | 5,883,965 | 6,135,944 | 6,192,973 | 6,202,954 | 6,202,954 | - |
| Reference price 2 | 38.55 | 91.07 | 248.0 | 183.7 | 154.3 | 107.0 | 107.0 | 107.0 |
| Announcement Date | 3/11/19 | 3/30/20 | 3/26/21 | 3/25/22 | 3/24/23 | 3/22/24 | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 65,227 | 97,529 | 114,795 | 179,128 | 219,955 | 276,745 | 324,405 | 379,236 |
| EBITDA 1 | -4,734 | 7,254 | 4,738 | -9,694 | 9,725 | 23,878 | 38,706 | 53,431 |
| EBIT 1 | -11,086 | 2,700 | 4,330 | -23,127 | -5,820 | 13,415 | 25,685 | 40,301 |
| Operating Margin | -17% | 2.77% | 3.77% | -12.91% | -2.65% | 4.85% | 7.92% | 10.63% |
| Earnings before Tax (EBT) 1 | -115,491 | 2,762 | 4,438 | -23,566 | -6,756 | 14,022 | 25,189 | 40,172 |
| Net income 1 | -115,477 | 2,239 | 4,708 | -23,538 | -6,686 | 13,856 | 22,899 | 36,963 |
| Net margin | -177.04% | 2.3% | 4.1% | -13.14% | -3.04% | 5.01% | 7.06% | 9.75% |
| EPS 2 | -20.40 | 0.3800 | 0.7800 | -3.900 | -1.090 | 2.110 | 3.725 | 5.989 |
| Free Cash Flow 1 | -11,380 | 2,574 | -2,748 | -13,022 | 5,680 | 23,863 | 29,324 | 46,984 |
| FCF margin | -17.45% | 2.64% | -2.39% | -7.27% | 2.58% | 8.66% | 9.04% | 12.39% |
| FCF Conversion (EBITDA) | - | 35.49% | - | - | 58.41% | 95.97% | 75.76% | 87.93% |
| FCF Conversion (Net income) | - | 114.98% | - | - | - | 191.02% | 128.06% | 127.11% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 3/11/19 | 3/30/20 | 3/26/21 | 3/25/22 | 3/24/23 | 3/22/24 | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q2 | 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 | 43,759 | 48,829 | 49,523 | 46,269 | 50,938 | 62,619 | 60,129 | 58,617 | 67,965 | 76,467 | 73,696 | 69,600 | 78,584 | 87,975 | 85,738 |
| EBITDA 1 | -1,240 | -4,062 | -2,010 | -1,841 | 3,803 | 4,802 | 2,961 | 6,262 | 7,682 | 6,189 | 3,744 | 7,845 | 9,881 | 10,599 | 9,431 |
| EBIT 1 | -3,252 | -10,103 | -5,006 | -5,584 | -492.8 | 988.2 | -731.6 | 3,586 | 4,713 | 3,359 | 1,758 | 5,130 | 7,446 | 8,218 | 7,244 |
| Operating Margin | -7.43% | -20.69% | -10.11% | -12.07% | -0.97% | 1.58% | -1.22% | 6.12% | 6.93% | 4.39% | 2.39% | 7.37% | 9.47% | 9.34% | 8.45% |
| Earnings before Tax (EBT) 1 | -3,365 | -10,000 | -5,344 | -5,758 | -1,121 | 1,209 | -1,085 | 3,367 | 4,699 | 3,643 | 2,313 | 4,361 | 6,788 | 7,596 | 5,525 |
| Net income 1 | -3,357 | -9,995 | -5,339 | -5,703 | -1,117 | 1,216 | -1,083 | 3,358 | 4,688 | 3,593 | 2,216 | 3,990 | 5,478 | 8,430 | 6,324 |
| Net margin | -7.67% | -20.47% | -10.78% | -12.32% | -2.19% | 1.94% | -1.8% | 5.73% | 6.9% | 4.7% | 3.01% | 5.73% | 6.97% | 9.58% | 7.38% |
| EPS 2 | -0.5600 | -1.678 | -0.8800 | -0.9220 | -0.1800 | 0.2000 | -0.1880 | - | - | - | -0.0493 | 0.6200 | 1.110 | 1.060 | 0.7800 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/30/21 | 11/26/21 | 3/25/22 | 6/2/22 | 8/26/22 | 11/25/22 | 3/24/23 | 5/25/23 | 8/24/23 | 11/28/23 | 3/22/24 | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 56,604 | 57,286 | 37,036 | 57,876 | 73,919 | 95,451 | 129,680 | 175,485 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | -11,380 | 2,574 | -2,748 | -13,022 | 5,680 | 23,863 | 29,324 | 46,984 |
| ROE (net income / shareholders' equity) | -37% | 2.51% | 4.96% | -21.1% | -5.26% | 11.9% | 16.5% | 20.3% |
| ROA (Net income/ Total Assets) | -8.32% | 1.77% | 3.15% | -11.6% | -2.76% | 6.26% | 8.63% | 10.7% |
| Assets 1 | 1,387,463 | 126,334 | 149,295 | 203,614 | 242,602 | 199,628 | 265,192 | 344,748 |
| Book Value Per Share 2 | 31.80 | 16.00 | 16.70 | 20.80 | 20.80 | 23.80 | 28.30 | 34.90 |
| Cash Flow per Share 2 | -1.620 | 0.9400 | 1.410 | -0.6600 | 1.850 | 4.770 | 6.400 | 9.280 |
| Capex 1 | 2,200 | 3,000 | 11,223 | 9,010 | 5,731 | 7,967 | 8,321 | 8,740 |
| Capex / Sales | 3.37% | 3.08% | 9.78% | 5.03% | 2.61% | 2.89% | 2.56% | 2.3% |
| Announcement Date | 3/11/19 | 3/30/20 | 3/26/21 | 3/25/22 | 3/24/23 | 3/22/24 | - | - |
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
46
Last Close Price
107
CNY
Average target price
124.5
CNY
Spread / Average Target
+16.33%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +41.15% | 91.6B | |
| -2.53% | 184B | |
| -11.62% | 180B | |
| -8.43% | 91.88B | |
| -10.53% | 71.28B | |
| +19.26% | 26.35B | |
| +17.48% | 10.05B | |
| -11.43% | 8.53B | |
| -15.19% | 5.59B | |
| -14.39% | 3.7B |
- Stock Market
- Equities
- 3690 Stock
- Financials Meituan Inc.
