Stock 83690 MEITUAN
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Financials Meituan Hong Kong S.E.

Equities

83690

KYG596691124

Internet Services

Market Closed - Hong Kong S.E.
Other stock markets
 04:09:05 2024-06-07 am EDT 		5-day change 1st Jan Change
102.4 CNY -2.29% Intraday chart for Meituan +5.35% +37.82%
09:48am Nomura Adjusts Meituan’s Price Target to HK$135 From HK$129, Keeps at Buy MT
Jun. 07 Jefferies Adjusts Meituan’s Price Target to HK$135 From HK$125, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 528,942 1,458,935 1,126,918 955,524 464,829 634,031 - -
Enterprise Value (EV) 1 471,657 1,421,899 1,069,041 881,605 354,838 506,180 459,554 404,538
P/E ratio 240 x 318 x -47.1 x -142 x 35.3 x 23.1 x 15.9 x 12.3 x
Yield - - - - - - - -
Capitalization / Revenue 5.42 x 12.7 x 6.29 x 4.34 x 1.68 x 1.93 x 1.66 x 1.46 x
EV / Revenue 4.84 x 12.4 x 5.97 x 4.01 x 1.28 x 1.54 x 1.21 x 0.93 x
EV / EBITDA 65 x 300 x -110 x 90.7 x 14.9 x 12.5 x 8.46 x 5.86 x
EV / FCF 183 x -518 x -82.1 x 155 x 10.5 x 17 x 9.81 x 7.09 x
FCF Yield 0.55% -0.19% -1.22% 0.64% 9.48% 5.87% 10.2% 14.1%
Price to Book 5.7 x 14.8 x 8.83 x 7.42 x 3.06 x 3.54 x 2.88 x 2.28 x
Nbr of stocks (in thousands) 5,808,400 5,883,965 6,135,944 6,192,973 6,244,376 6,190,969 - -
Reference price 2 91.07 248.0 183.7 154.3 74.44 102.4 102.4 102.4
Announcement Date 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 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 97,529 114,795 179,128 219,955 276,745 328,491 381,273 433,217
EBITDA 1 7,254 4,738 -9,694 9,725 23,878 40,539 54,310 69,006
EBIT 1 2,700 4,330 -23,127 -5,820 13,415 30,087 43,189 56,673
Operating Margin 2.77% 3.77% -12.91% -2.65% 4.85% 9.16% 11.33% 13.08%
Earnings before Tax (EBT) 1 2,762 4,438 -23,566 -6,756 14,022 28,381 43,114 56,979
Net income 1 2,239 4,708 -23,538 -6,686 13,856 27,137 39,434 50,675
Net margin 2.3% 4.1% -13.14% -3.04% 5.01% 8.26% 10.34% 11.7%
EPS 2 0.3800 0.7800 -3.900 -1.090 2.110 4.426 6.438 8.325
Free Cash Flow 1 2,574 -2,748 -13,022 5,680 33,642 29,722 46,857 57,056
FCF margin 2.64% -2.39% -7.27% 2.58% 12.16% 9.05% 12.29% 13.17%
FCF Conversion (EBITDA) 35.49% - - 58.41% 140.89% 73.32% 86.28% 82.68%
FCF Conversion (Net income) 114.98% - - - 242.8% 109.53% 118.82% 112.59%
Dividend per Share 2 - - - - - - - -
Announcement Date 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 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 2025 Q1 2025 Q2
Net sales 1 49,523 46,269 50,938 62,619 60,129 58,617 67,965 76,467 73,696 73,276 80,138 89,605 85,717 82,380 90,117
EBITDA 1 -2,010 -1,841 3,803 4,802 2,961 6,262 7,682 6,189 3,744 8,070 12,090 11,454 9,458 13,740 -
EBIT 1 -5,006 -5,584 -492.8 988.2 -731.6 3,586 4,713 3,359 1,758 5,209 9,601 8,870 7,605 8,783 10,794
Operating Margin -10.11% -12.07% -0.97% 1.58% -1.22% 6.12% 6.93% 4.39% 2.39% 7.11% 11.98% 9.9% 8.87% 10.66% 11.98%
Earnings before Tax (EBT) 1 -5,344 -5,758 -1,121 1,209 -1,085 3,367 4,699 3,643 2,313 5,481 9,242 8,127 6,884 8,498 8,237
Net income 1 -5,339 -5,703 -1,117 1,216 -1,083 3,358 4,688 3,593 2,216 5,369 8,786 7,909 6,709 - -
Net margin -10.78% -12.32% -2.19% 1.94% -1.8% 5.73% 6.9% 4.7% 3.01% 7.33% 10.96% 8.83% 7.83% - -
EPS 2 -0.8800 -0.9220 -0.1800 0.2000 -0.1880 - - - - - 1.386 1.346 1.050 - -
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 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 6/6/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 57,286 37,036 57,876 73,919 109,991 127,851 174,477 229,493
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 2,574 -2,748 -13,022 5,680 33,642 29,722 46,857 57,056
ROE (net income / shareholders' equity) 2.51% 4.96% -21.1% -5.26% 9.87% 21.5% 21.6% 22.9%
ROA (Net income/ Total Assets) 1.77% 3.15% -11.6% -2.76% 5.16% 9.89% 11.4% 13%
Assets 1 126,334 149,295 203,614 242,602 268,756 274,361 345,636 389,838
Book Value Per Share 2 16.00 16.70 20.80 20.80 24.30 28.90 35.60 44.90
Cash Flow per Share 2 0.9400 1.410 -0.6600 1.850 6.430 6.710 9.380 12.10
Capex 1 3,000 11,223 9,010 5,731 6,880 8,389 9,216 9,811
Capex / Sales 3.08% 9.78% 5.03% 2.61% 2.49% 2.55% 2.42% 2.26%
Announcement Date 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

Ratings for Meituan

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
46
Last Close Price
102.4 CNY
Average target price
132.7 CNY
Spread / Average Target
+29.56%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector E-commerce & Auction Services

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E-commerce & Auction Services
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