Financials Vipshop Holdings Limited

Equities

VIPS

US92763W1036

Internet Services

Real-time Estimate Cboe BZX Other stock markets 10:41:43 2024-09-20 am EDT			5-day change	1st Jan Change
13.11 ^USD	-1.87%		+2.46%	-26.15%

Sep. 19	Vipshop Holdings Limited Announces Change of Chief Technology Officer	CI
Aug. 22	Nomura Adjusts Price Target on Vipshop Holdings to $12.70 From $14, Maintains Neutral Rating	MT

Projected Income Statement: Vipshop Holdings Limited

Fiscal Period: Dicembre	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	92,994	101,858	117,060	103,152	112,856	107,480	109,896	113,088
Change	-	9.53%	14.92%	-11.88%	9.41%	-4.76%	2.25%	2.91%
EBITDA ¹	6,002	6,867	6,691	7,432	10,407	10,660	10,493	10,592
Change	-	14.4%	-2.55%	11.07%	40.03%	2.42%	-1.57%	0.95%
EBIT ¹	5,052	5,860	5,582	6,197	9,104	9,141	9,295	9,478
Change	-	16%	-4.74%	11.02%	46.9%	0.41%	1.68%	1.98%
Interest Paid ¹	-86	-67.36	-14.46	-24.26	-22.93	-36	-34.67	-32
Earnings before Tax (EBT) ¹	4,943	7,019	5,873	8,077	9,987	9,620	9,991	10,592
Change	-	42.01%	-16.33%	37.52%	23.64%	-3.67%	3.85%	6.02%
Net income ¹	4,017	5,907	4,681	6,299	8,117	7,723	7,917	8,326
Change	-	47.06%	-20.75%	34.56%	28.86%	-4.85%	2.51%	5.17%
Announcement Date	3/5/20	2/25/21	2/23/22	2/23/23	2/28/24	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019 Q2	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	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	22,744	19,613	29,319	18,793	24,111	23,180	35,775	28,398	29,608	24,922	34,132	25,245	24,535	21,615	31,758	27,536	27,879	22,766	34,674	27,646	26,875	20,718	32,121
Change	-	-13.77%	49.49%	-35.9%	28.3%	-3.86%	54.34%	-20.62%	4.26%	-15.83%	36.96%	-26.04%	-2.81%	-11.9%	46.92%	-13.29%	1.25%	-18.34%	52.31%	-20.27%	-2.79%	-22.11%	55.04%
EBITDA ¹	1,170	1,374	3,265	993.7	1,452	1,254	2,801	1,763	1,722	1,022	2,081	1,560	1,546	1,415	-	-	-	-	-	-	2,402	1,483	3,433
Change	-	17.44%	137.61%	-69.56%	46.07%	-13.61%	123.39%	-37.06%	-2.32%	-40.63%	103.57%	-25.06%	-0.92%	-8.47%	-100%	-	-	-	-	-	0%	-38.25%	131.48%
EBIT ¹	965.4	1,169	2,054	782.2	1,240	1,248	2,590	1,511	1,471	770.8	1,830	1,283	1,268	1,137	2,509	1,986	1,916	1,534	3,668	2,760	2,232	1,307	2,777
Change	-	21.14%	75.62%	-61.91%	58.53%	0.65%	107.5%	-41.64%	-2.71%	-47.58%	137.38%	-29.9%	-1.12%	-10.33%	120.62%	-20.86%	-3.48%	-19.98%	139.18%	-24.77%	-19.11%	-38.18%	112.53%
Charge d'intérêts ¹	-12.19	-27.09	-14.74	-35.4	-21.07	-4.623	-6.269	-3.696	-1.614	-4.253	-4.899	-4.735	-6.494	-8.718	-4.311	-5.706	-1.989	-0.466	-14.77	-10.56	-13.67	-10	-10
Earnings before Tax (EBT) ¹	1,041	1,106	1,721	914.2	1,856	1,446	2,803	1,790	1,342	880.4	1,860	1,431	1,612	1,948	3,086	2,236	2,401	1,571	3,780	2,959	2,303	1,407	2,907
Change	-	6.3%	55.57%	-46.89%	103.05%	-22.12%	93.86%	-36.14%	-25.01%	-34.42%	111.31%	-23.09%	12.63%	20.87%	58.43%	-27.56%	7.37%	-34.56%	140.62%	-21.71%	-22.18%	-39.07%	106.69%
Net income ¹	813.5	875.5	1,456	684.8	1,537	1,244	2,441	1,545	1,092	628.4	1,415	1,096	1,283	1,686	2,234	1,859	2,097	1,208	2,952	2,317	1,931	1,128	2,261
Change	-	7.62%	66.26%	-52.95%	124.43%	-19.03%	96.14%	-36.68%	-29.31%	-42.48%	125.16%	-22.56%	17.09%	31.46%	32.45%	-16.79%	12.84%	-42.39%	144.32%	-21.52%	-16.64%	-39.04%	100.49%
Announcement Date	8/14/19	11/13/19	3/5/20	5/27/20	8/19/20	11/13/20	2/25/21	5/19/21	8/18/21	11/18/21	2/23/22	5/19/22	8/19/22	11/22/22	2/23/23	5/23/23	8/18/23	11/14/23	2/28/24	5/22/24	8/20/24	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2021 S1
Net sales ¹	58,006
Change	-
EBITDA	-
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	8/18/21

¹CNY in Million

Estimates

Forecast Balance Sheet: Vipshop Holdings Limited

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-8,468	-18,281	-12,209	-22,012	-26,085	-27,265	-31,408	-35,342
Change	-	-315.88%	-166.79%	-280.29%	-218.5%	-204.52%	-215.2%	-212.53%
Announcement Date	3/5/20	2/25/21	2/23/22	2/23/23	2/28/24	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Vipshop Holdings Limited

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	4,278	2,272	3,579	3,103	5,231	3,181	2,575	2,466
Change	-	-46.89%	57.52%	-13.3%	68.59%	-39.19%	-19.06%	-4.23%
Free Cash Flow (FCF) ¹	8,013	9,549	3,166	7,417	9,184	8,340	9,815	9,986
Change	-	19.17%	-66.84%	134.27%	23.82%	-9.19%	17.68%	1.74%
Announcement Date	3/5/20	2/25/21	2/23/22	2/23/23	2/28/24	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Vipshop Holdings Limited

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	6.45%	6.74%	5.72%	7.2%	9.22%	9.92%	9.55%	9.37%
EBIT Margin (%)	5.43%	5.75%	4.77%	6.01%	8.07%	8.51%	8.46%	8.38%
EBT Margin (%)	5.32%	6.89%	5.02%	7.83%	8.85%	8.95%	9.09%	9.37%
Net margin (%)	4.32%	5.8%	4%	6.11%	7.19%	7.19%	7.2%	7.36%
FCF margin (%)	8.62%	9.37%	2.7%	7.19%	8.14%	7.76%	8.93%	8.83%
FCF / Net Income (%)	199.47%	161.65%	67.63%	117.75%	113.15%	107.99%	123.98%	119.94%
Profitability
ROA	8.72%	10.99%	9.92%	10.7%	13.8%	10.75%	10.2%	9.78%
ROE	46.54%	23.48%	19.67%	20.91%	27.28%	20.07%	18.12%	16.78%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.6%	2.23%	3.06%	3.01%	4.63%	2.96%	2.34%	2.18%
CAPEX / EBITDA (%)	71.27%	33.09%	53.48%	41.75%	50.26%	29.84%	24.54%	23.28%
CAPEX / FCF (%)	53.39%	23.79%	113.03%	41.83%	56.96%	38.14%	26.23%	24.69%
Items per share
Cash flow per share ¹	18.06	17.13	9.722	16.42	25.61	15.61	19.45	22.29
Change	-	-5.18%	-43.23%	68.86%	56.02%	-39.07%	24.65%	14.56%
Dividend per Share ¹	-	-	-	-	3.095	3.154	4.598	5.374
Change	-	-	-	-	-	1.92%	45.76%	16.9%
Book Value Per Share ¹	32.08	41.99	48.06	64	79.57	83.21	97.01	112.7
Change	-	30.9%	14.46%	33.16%	24.33%	4.57%	16.59%	16.2%
EPS ¹	5.92	8.56	6.75	9.83	14.42	14.32	14.89	16.06
Change	-	44.59%	-21.14%	45.63%	46.69%	-0.72%	3.99%	7.87%
Nbr of stocks (in thousands)	668,998	677,324	677,559	610,223	541,822	533,450	533,450	533,450
Announcement Date	3/5/20	2/25/21	2/23/22	2/23/23	2/28/24	-	-	-