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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 1.6 B - 3.435 B | 2.197 B |
| Discount Rate | 10.0% - 8.0% | 9.0% |
| Fair Value | HK$ 29.47 - HK$ 54.27 | HK$ 37.22 |
| Upside | 31.0% - 141.2% | 65.4% |
| 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 | 18,145 | 23,705 | 30,106 | 33,183 | 36,224 | 36,224 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 2,109 | 2,320 | 2,021 | 2,658 | 1,696 | 1,696 | |
| (+) Net Interest Expense | (25) | (75) | (35) | (116) | (78) | (78) | |
| (+) Other Non Operating Exp. | (91) | (150) | (171) | (263) | 73 | 73 | |
| (+) D&A | 150 | 313 | 730 | 899 | 899 | 899 | |
| (+) Non-recurring Items | (166) | (131) | (279) | (232) | (43) | (43) | |
| Adjusted EBITDA | 1,976 | 2,277 | 2,266 | 2,946 | 2,547 | 2,547 | |
| (-) D&A | (150) | (313) | (730) | (899) | (899) | (899) | |
| Adjusted EBIT | 1,826 | 1,964 | 1,536 | 2,047 | 1,648 | 1,648 | |
| % of Revenue | 10.1% | 8.3% | 5.1% | 6.2% | 4.5% | 4.5% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 4.5% | 6.2% | 10.1% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (CNY in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 15,998 | 24,416 | 42,934 | 8,424 | |||
| (+) Cash & Short Term Investments | 14,125 | 14,125 | 14,125 | 14,125 | |||
| (+) Investments & Other | 2,961 | 2,961 | 2,961 | 2,961 | |||
| (-) Debt | (336) | (336) | (336) | (336) | |||
| (-) Other Liabilities | (737) | (737) | (737) | (737) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 32,011 | 40,429 | 58,947 | 24,437 | |||
| (/) Shares Outstanding | 1,160.0 | 1,160.0 | 1,160.0 | 1,160.0 | |||
| Implied Stock Price (CNY) | 27.60 | 34.85 | 50.82 | 21.07 | |||
| FX Rate: CNY/HKD | 0.94 | 0.94 | 0.94 | 0.94 | |||
| Implied Stock Price (HKD) | 29.47 | 37.22 | 54.27 | 22.50 | |||
| Upside / (Downside) | 30.99% | 65.44% | 141.22% | ||||
| Stock Price | 22.50 | ||||||
| Stock Price Close | 22.50 | ||||||
| Restatment Type | Press Release | ||||||
| Reporting Currency | CNY | ||||||
| Trading Currency | HKD | ||||||
| FX Rate: CNY/HKD | 0.94 | ||||||
| Market Cap | 26,100.1 | ||||||
| Shares Outstanding | 1,160.0 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||