Company Valuation: Hesai Group

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 7,931 12,859 24,620 18,267 - -
Change - 62.13% 91.46% -25.81% - -
Enterprise Value (EV) 1 6,663 10,290 23,684 15,469 15,600 14,646
Change - 54.44% 130.17% -34.69% 0.85% -6.11%
P/E -16.6x -128x 52.6x 32.5x 18.9x 13.3x
PBR 2.08x 3.37x 2.43x 1.94x 1.76x 1.57x
PEG 0.4x 1.6x -0x 1.6x 0.3x 0.3x
Capitalization / Revenue 4.23x 6.19x 8.13x 4.19x 2.98x 2.28x
EV / Revenue 3.55x 4.95x 7.82x 3.55x 2.54x 1.82x
EV / EBITDA -13.7x -141x 81x 25x 14.4x 9.01x
EV / EBIT -11.7x -50.2x 140x 34x 18.3x 10.9x
EV / FCF -18.6x -49.5x -105x -67.7x 75x 33.9x
FCF Yield -5.36% -2.02% -0.95% -1.48% 1.33% 2.95%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -3.81 -0.79 2.98 3.593 6.175 8.772
Distribution rate - - - - - -
Net sales 1 1,877 2,077 3,028 4,361 6,132 8,027
EBITDA 1 -485.3 -73.1 292.5 618.3 1,082 1,625
EBIT 1 -571.6 -204.9 168.8 454.5 854.4 1,338
Net income 1 -476 -102.4 435.9 553.2 906.2 1,287
Net Debt 1 -1,269 -2,570 -936.5 -2,798 -2,667 -3,621
Reference price 2 63.18 100.87 156.67 116.76 116.76 116.76
Nbr of stocks (in thousands) 125,535 127,478 157,142 156,440 - -
Announcement Date 11/03/24 10/03/25 24/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
1784.42x121.93x1358.63x - 6.24B
-163.29x11.76x-169.9x-.--% 6.98B
-128.76x31.02x-413.85x - 1.74B
-124.66x14.74x-175.68x3.96% 1.64B
492.54x10.56x298.55x - 1.16B
21.91x3.8x13.17x2.77% 1.17B
Average 313.69x 32.30x 151.82x 2.24% 3.15B
Weighted average by Cap. 537.04x 49.56x 351.16x 0.99%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield