GDS HOLDINGS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 7.76 USD | +7.78% |
|
+22.78% | -14.91% |
| Mar. 28 | JPMorgan Cuts GDS Holdings' Price Target to $7 From $12, Keeps Neutral Rating | MT |
| Mar. 28 | Nomura Cuts GDS Holdings Price Target to $7 From $17, Maintains Neutral Rating | MT |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 19,881 | 52,437 | 114,194 | 55,988 | 27,101 | 10,715 | 10,715 | - |
| Enterprise Value (EV) 1 | 30,512 | 62,816 | 120,702 | 81,781 | 27,101 | 12,334 | 49,959 | 52,425 |
| P/E ratio | -46.1 x | -99.7 x | -130 x | -41.4 x | -17.2 x | -2.73 x | -6.24 x | -10.3 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 7.12 x | 12.7 x | 19.9 x | 7.16 x | 2.91 x | 1.24 x | 0.95 x | 0.82 x |
| EV / Revenue | 10.9 x | 15.2 x | 21 x | 10.5 x | 2.91 x | 1.24 x | 4.41 x | 4.01 x |
| EV / EBITDA | 29.2 x | 34.4 x | 45 x | 22.1 x | 6.37 x | 2.67 x | 9.97 x | 9.02 x |
| EV / FCF | -7.12 x | -14.7 x | -13.3 x | -9.63 x | -3.72 x | -12.3 x | -17.3 x | -20.6 x |
| FCF Yield | -14% | -6.78% | -7.5% | -10.4% | -26.8% | -8.16% | -5.78% | -4.86% |
| Price to Book | 3.56 x | 4.81 x | 3.74 x | 2.22 x | - | 0.46 x | 0.52 x | 0.54 x |
| Nbr of stocks (in thousands) | 125,233 | 146,031 | 186,897 | 186,898 | 190,554 | 190,554 | 190,554 | - |
| Reference price 2 | 158.8 | 359.1 | 611.0 | 299.6 | 142.2 | 56.23 | 56.23 | 56.23 |
| Announcement Date | 3/13/19 | 3/19/20 | 3/10/21 | 3/22/22 | 3/15/23 | 3/26/24 | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,792 | 4,122 | 5,739 | 7,819 | 9,326 | 9,957 | 11,324 | 13,076 |
| EBITDA 1 | 1,047 | 1,824 | 2,681 | 3,703 | 4,251 | 4,624 | 5,012 | 5,812 |
| EBIT 1 | 168.4 | 479.8 | 672.9 | 569.5 | 551.8 | 554.7 | 705.7 | 1,176 |
| Operating Margin | 6.03% | 11.64% | 11.73% | 7.28% | 5.92% | 5.57% | 6.23% | 9% |
| Earnings before Tax (EBT) 1 | -439.7 | -426.4 | -548.4 | -948.8 | -989.9 | -4,300 | -1,428 | -1,098 |
| Net income 1 | -430.3 | -500.2 | -737.7 | -1,314 | -1,510 | -4,344 | -1,607 | -1,221 |
| Net margin | -15.41% | -12.13% | -12.85% | -16.81% | -16.19% | -43.63% | -14.19% | -9.34% |
| EPS 2 | -3.440 | -3.600 | -4.710 | -7.230 | -8.250 | -23.67 | -9.011 | -5.444 |
| Free Cash Flow 1 | -4,285 | -4,259 | -9,057 | -8,491 | -7,276 | -3,995 | -2,890 | -2,546 |
| FCF margin | -153.46% | -103.32% | -157.82% | -108.6% | -78.03% | -39.98% | -25.52% | -19.47% |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 3/13/19 | 3/19/20 | 3/10/21 | 3/22/22 | 3/15/23 | 3/26/24 | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q2 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,864 | 2,061 | 2,187 | 2,244 | 2,310 | 4,554 | 2,368 | 2,404 | 2,409 | 2,472 | 2,519 | 2,556 | 2,663 | 2,774 | 2,892 | 3,052 |
| EBITDA 1 | 895.9 | 962.2 | 1,027 | 1,051 | 1,062 | 2,113 | 1,067 | 1,071 | 1,130 | 1,235 | 1,126 | 1,133 | 1,169 | 1,240 | 1,250 | 1,316 |
| EBIT 1 | 146.9 | 149.8 | 152 | 135.4 | 133.1 | - | 147 | 136.3 | 154.6 | 244.2 | 80.68 | 75.23 | 129.5 | 178.1 | 148.4 | 163.7 |
| Operating Margin | 7.88% | 7.27% | 6.95% | 6.03% | 5.76% | - | 6.21% | 5.67% | 6.42% | 9.88% | 3.2% | 2.94% | 4.86% | 6.42% | 5.13% | 5.36% |
| Earnings before Tax (EBT) 1 | -247.3 | -231.5 | -250.6 | -301.3 | -316.5 | - | -272.3 | -99.86 | -311 | -200 | -399.9 | -3,389 | -338.6 | -295 | -324.5 | -355.7 |
| Net income 1 | -324.9 | -337.5 | -350.7 | -574.5 | -387.9 | - | -353.1 | -194.4 | -489.2 | -239.9 | -434.9 | -3,180 | -289.8 | -254.8 | -281.2 | -724.8 |
| Net margin | -17.43% | -16.37% | -16.03% | -25.6% | -16.79% | - | -14.92% | -8.09% | -20.31% | -9.7% | -17.27% | -124.37% | -10.88% | -9.19% | -9.72% | -23.75% |
| EPS 2 | -1.790 | -1.850 | -1.920 | -3.150 | -2.120 | - | -1.930 | -1.060 | -2.670 | -1.310 | -2.370 | -17.30 | -1.706 | -1.612 | -1.504 | -4.126 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/17/21 | 11/16/21 | 3/22/22 | 5/18/22 | 8/23/22 | 8/23/22 | 11/21/22 | 3/15/23 | 5/25/23 | 8/22/23 | 11/22/23 | 3/26/24 | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 10,631 | 10,379 | 6,508 | 25,793 | - | 38,246 | 39,243 | 41,710 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 10.16 x | 5.69 x | 2.428 x | 6.965 x | - | 8.296 x | 7.83 x | 7.177 x |
| Free Cash Flow 1 | -4,285 | -4,259 | -9,057 | -8,491 | -7,276 | -3,995 | -2,890 | -2,546 |
| ROE (net income / shareholders' equity) | -8.61% | -6.33% | -4.11% | -5.25% | -5.25% | -7.1% | -7.44% | -5.42% |
| ROA (Net income/ Total Assets) | -2.53% | -1.91% | -1.66% | -2.04% | -2.06% | -1.92% | -1.62% | -1.15% |
| Assets 1 | 17,015 | 26,189 | 44,376 | 64,446 | 73,224 | 84,634 | 99,003 | 106,331 |
| Book Value Per Share 2 | 44.60 | 74.70 | 163.0 | 135.0 | - | 123.0 | 108.0 | 104.0 |
| Cash Flow per Share 2 | -0.0400 | 4.660 | 5.400 | 6.610 | - | 7.770 | 13.90 | 18.10 |
| Capex 1 | 4,272 | 4,553 | 8,037 | 9,699 | 7,804 | 7,389 | 6,466 | 5,823 |
| Capex / Sales | 153% | 110.44% | 140.04% | 124.05% | 83.68% | 73.96% | 57.1% | 44.53% |
| Announcement Date | 3/13/19 | 3/19/20 | 3/10/21 | 3/22/22 | 3/15/23 | 3/26/24 | - | - |
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
C
Sell
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
56.23
CNY
Average target price
111.2
CNY
Spread / Average Target
+97.80%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -14.91% | 1.48B | |
| -12.23% | 194B | |
| +0.74% | 166B | |
| +2.19% | 153B | |
| +4.34% | 99.85B | |
| +7.04% | 77.56B | |
| +19.09% | 73.55B | |
| -7.30% | 71B | |
| -20.54% | 52.81B | |
| +0.53% | 47.86B |
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- Financials GDS Holdings Limited
