Financials JD.com, Inc.

Equities

JD

US47215P1066

Department Stores

Market Closed - Nasdaq Other stock markets 21:00:00 11/09/2024 BST			Pre-market 13:32:53
26.56 ^USD	+2.23%		26.40	-0.62%

09-10	Chinese apps including from JD.com and Alibaba complete data compliance process	RE
09-06	Allianz Gets China Regulatory Nod to Transfer Stake in JD.com JV to Allianz China	MT

Projected Income Statement: JD.com, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	576,888	745,802	951,592	1,046,236	1,084,662	1,135,101	1,196,829	1,259,342
Change	-	29.28%	27.59%	9.95%	3.67%	4.65%	5.44%	5.22%
EBITDA ¹	13,811	20,681	18,712	33,602	42,452	48,489	53,424	58,880
Change	-	49.74%	-9.52%	79.58%	26.34%	14.22%	10.18%	10.21%
EBIT ¹	8,995	12,343	4,141	19,723	26,025	36,833	43,174	48,961
Change	-	37.22%	-66.45%	376.29%	31.95%	41.53%	17.22%	13.4%
Interest Paid ¹	-725	-1,125	-1,213	-2,106	-2,881	-2,600	-2,460	-2,470
Earnings before Tax (EBT) ¹	13,693	50,819	-2,581	13,867	31,650	43,197	46,805	52,601
Change	-	271.14%	-	-	128.24%	36.48%	8.35%	12.38%
Net income ¹	12,184	49,405	-3,560	10,380	24,167	34,220	37,092	41,254
Change	-	305.49%	-	-	132.82%	41.6%	8.39%	11.22%
Announcement Date	02/03/20	11/03/21	10/03/22	09/03/23	06/03/24	-	-	-

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	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	150,281	134,843	170,684	146,205	201,054	174,214	224,328	203,176	253,800	218,708	275,907	239,655	267,600	243,535	295,446	242,956	287,931	247,698	306,077	260,049	291,397	260,147	318,286	272,771	307,280	268,824	334,969	278,525
Change	-	-10.27%	26.58%	-14.34%	37.51%	-13.35%	28.77%	-9.43%	24.92%	-13.83%	26.15%	-13.14%	11.66%	-8.99%	21.32%	-17.77%	18.51%	-13.97%	23.57%	-15.04%	12.05%	-10.8%	22.35%	-14.3%	12.65%	-12.51%	24.61%	-16.85%
EBITDA ¹	4,429	4,214	1,966	4,514	6,900	6,602	2,665	4,940	3,747	5,863	4,162	6,066	7,175	11,463	8,898	9,499	10,403	12,889	9,661	10,787	13,530	13,973	12,153	12,766	14,919	16,137	13,205	13,413
Change	-	-4.85%	-53.36%	129.66%	52.86%	-4.33%	-59.64%	85.39%	-24.15%	56.48%	-29.01%	45.75%	18.28%	59.76%	-22.38%	6.75%	9.52%	23.9%	-25.04%	11.66%	25.43%	16.75%	-13.03%	5.04%	16.87%	8.16%	-18.17%	1.57%
EBIT ¹	2,267	4,973	529.5	2,320	5,044	4,383	594.9	1,660	300.8	2,572	-392	2,409	3,758	8,728	4,828	6,427	8,270	9,303	2,025	7,700	10,501	11,105	8,272	9,144	11,033	12,373	9,412	-
Change	-	119.42%	-89.35%	338.2%	117.37%	-13.1%	-86.43%	178.97%	-81.88%	755.32%	-	-	56%	132.25%	-44.68%	33.12%	28.68%	12.49%	-78.23%	280.25%	36.38%	20.66%	-25.51%	10.55%	20.65%	12.15%	-23.93%	-100%
Charge d'intérêts ¹	-154.8	-162.9	-219.8	-207.1	-324.2	-297.8	-296.1	-257.8	-232.3	-276.1	-447.2	-345	-484	-579	-698	-590	-654	-710	-927	-601	-688	-632.3	-605.3	-500	-500	-500	-500	-
Earnings before Tax (EBT) ¹	984.7	1,156	4,033	1,384	17,210	8,276	23,950	4,122	1,047	-2,616	-5,133	-2,915	5,256	7,710	3,816	7,808	9,734	10,802	3,306	9,065	15,616	11,871	8,963	10,229	14,132	13,523	10,562	-
Change	-	17.35%	249.01%	-65.69%	1,143.8%	-51.91%	189.39%	-82.79%	-74.6%	-	96.21%	-43.22%	-	46.69%	-50.51%	104.61%	24.67%	10.97%	-69.39%	174.2%	72.27%	17.28%	-24.5%	14.13%	38.16%	-4.31%	-21.9%	-100%
Net income ¹	618.8	612.3	3,634	1,073	16,447	7,560	24,325	3,617	794.3	-2,807	-5,165	-2,991	4,376	5,963	3,032	6,261	6,581	7,936	3,389	7,130	12,644	9,676	7,399	7,930	9,454	10,792	8,438	-
Change	-	-1.06%	493.54%	-70.48%	1,433.02%	-54.03%	221.75%	-85.13%	-78.04%	-	84.02%	-42.09%	-	36.27%	-49.15%	106.5%	5.11%	20.59%	-57.3%	110.39%	77.34%	22.95%	-23.53%	7.18%	19.22%	14.15%	-21.81%	-100%
Announcement Date	13/08/19	15/11/19	02/03/20	15/05/20	17/08/20	16/11/20	11/03/21	19/05/21	23/08/21	18/11/21	10/03/22	17/05/22	23/08/22	18/11/22	09/03/23	11/05/23	16/08/23	15/11/23	06/03/24	16/05/24	15/08/24	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Forecast Balance Sheet: JD.com, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-51,522	-130,871	-171,577	-177,577	-143,146	-77,360	-97,519	-119,261
Change	-	-354.01%	-231.1%	-203.5%	-180.61%	-154.04%	-226.06%	-222.3%
Announcement Date	02/03/20	11/03/21	10/03/22	09/03/23	06/03/24	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: JD.com, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	1,094	7,670	18,566	17,667	18,378	16,839	17,825	18,308
Change	-	600.88%	142.06%	-4.84%	4.02%	-8.38%	5.85%	2.71%
Free Cash Flow (FCF) ¹	19,453	34,922	26,228	40,152	41,143	39,243	40,661	44,765
Change	-	79.52%	-24.9%	53.09%	2.47%	-4.62%	3.61%	10.09%
Announcement Date	02/03/20	11/03/21	10/03/22	09/03/23	06/03/24	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: JD.com, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	2.39%	2.77%	1.97%	3.21%	3.91%	4.27%	4.46%	4.68%
EBIT Margin (%)	1.56%	1.65%	0.44%	1.89%	2.4%	3.24%	3.61%	3.89%
EBT Margin (%)	2.37%	6.81%	-0.27%	1.33%	2.92%	3.81%	3.91%	4.18%
Net margin (%)	2.11%	6.62%	-0.37%	0.99%	2.23%	3.01%	3.1%	3.28%
FCF margin (%)	3.37%	4.68%	2.76%	3.84%	3.79%	3.46%	3.4%	3.55%
FCF / Net Income (%)	159.66%	70.69%	-736.82%	386.82%	170.24%	114.68%	109.62%	108.51%
Profitability
ROA	4.59%	4.93%	3.75%	5.17%	3.95%	5.62%	5.85%	6.03%
ROE	15.18%	12.49%	8.68%	13.37%	10.86%	15.08%	14.47%	14.17%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.19%	1.03%	1.95%	1.69%	1.69%	1.48%	1.49%	1.45%
CAPEX / EBITDA (%)	7.92%	37.09%	99.22%	52.58%	43.29%	34.73%	33.36%	31.09%
CAPEX / FCF (%)	5.63%	21.96%	70.79%	44%	44.67%	42.91%	43.84%	40.9%
Items per share
Cash flow per share ¹	17.02	28.16	27.23	36.35	37.49	38.1	39.59	44.68
Change	-	65.48%	-3.31%	33.53%	3.12%	1.62%	3.91%	12.86%
Dividend per Share ¹	-	-	-	4.261	5.469	6.178	6.607	7.028
Change	-	-	-	-	28.36%	12.95%	6.95%	6.37%
Book Value Per Share ¹	55.98	120.9	134.3	136.1	147.8	168	190	210.9
Change	-	115.89%	11.13%	1.31%	8.6%	13.68%	13.12%	10.98%
EPS ¹	8.21	31.68	-2.29	6.42	15.23	22.27	24.04	27.09
Change	-	285.87%	-107.23%	-380.35%	137.23%	46.24%	7.95%	12.68%
Nbr of stocks (in thousands)	1,460,161	1,549,877	1,536,133	1,565,500	1,573,500	1,464,000	1,464,000	1,464,000
Announcement Date	02/03/20	11/03/21	10/03/22	09/03/23	06/03/24	-	-	-