招商积余

股票价格

12.08 CNY

公允价值

11.28 CNY

7.6%

Normalized EBIT Margin

0.5%

Normalized CapEx as % of Revenue

30.0%

Normalized Tax Rate

Earnings Power Value

股票价格

12.08 CNY

公允价值

11.28 CNY

看涨

-6.7%

Adj EBIT Margin

Normalized EBIT Margin

Normalized Tax Rate

CapEx

Adj Earnings

Fair Value


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	8,651	10,591	13,024	15,627	17,172	17,172

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	629	746	822	928	1,139	1,139
(+) Net Interest Expense	165	114	37	42	7	7
(+) Other Non Operating Exp.	(3)	6	6	22	20	20
(+) D&A	36	36	46	56	43	43
(+) Non-recurring Items	(71)	(98)	(40)	(49)	(35)	(35)
Adjusted EBITDA	755	804	872	998	1,174	1,174

(-) D&A	(36)	(36)	(46)	(56)	(43)	(43)

Adjusted EBIT	719	768	826	942	1,131	1,131
% of Revenue	8.3%	7.3%	6.3%	6.0%	6.6%	6.6%


	Low	Median	High

Adjusted EBIT Margin	6.0%	6.6%	8.3%

支持的计算方式

Equity Waterfall


Equity Waterfall

	Model
(CNY in millions)	Low	Mid	High	Market
Enterprise Value	6,591	8,070	11,306	8,922
(+) Cash & Short Term Investments	4,669	4,669	4,669	4,669
(+) Investments & Other	305	305	305	305
(-) Debt	(948)	(948)	(948)	(948)
(-) Other Liabilities	(151)	(151)	(151)	(151)
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	10,465	11,945	15,181	12,797
(/) Shares Outstanding	1,059.4	1,059.4	1,059.4	1,059.4
Implied Stock Price (CNY)	9.88	11.28	14.33	12.08
FX Rate: CNY/CNY	1.00	1.00	1.00	1.00
Implied Stock Price (CNY)	9.88	11.28	14.33	12.08

Upside / (Downside)	-18.22%	-6.66%	18.63%


Stock Price	12.08
Stock Price Close	12.08
Restatment Type	Original
Reporting Currency	CNY
Trading Currency	CNY
FX Rate: CNY/CNY	1.00
Market Cap	12,797.0
Shares Outstanding	1,059.4
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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