Company Valuation: Vipshop Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 36,156 57,408 68,234 50,525 60,999 44,414 - -
Change - 58.78% 18.86% -25.95% 20.73% -27.19% - -
Enterprise Value (EV) 1 23,947 35,397 42,149 24,746 37,548 19,305 17,762 14,462
Change - 47.81% 19.08% -41.29% 51.73% -48.59% -7.99% -18.58%
P/E Ratio 7.91x 9.57x 8.73x 6.85x 8.74x 5.12x 6.05x 5.72x
PBR 1.11x 1.47x 1.58x 1.1x 1.45x 0.92x 0.83x 0.75x
PEG - 0.2x 0.2x -14.11x -6.27x 0.2x -0.4x 0.99x
Capitalization / Revenue 0.31x 0.56x 0.6x 0.47x 0.58x 0.42x 0.41x 0.4x
EV / Revenue 0.2x 0.34x 0.37x 0.23x 0.35x 0.18x 0.16x 0.13x
EV / EBITDA 3.58x 4.76x 4.05x 2.34x 3.89x 1.92x 1.73x 1.33x
EV / EBIT 4.29x 5.71x 4.63x 2.7x 4.62x 2.26x 2.05x 1.6x
EV / FCF 7.56x 4.77x 4.59x 4.45x 6.97x 1.28x 2.3x 1.64x
FCF Yield 13.2% 21% 21.8% 22.5% 14.3% 78.2% 43.5% 60.9%
Dividend per Share 2 - - 3.095 3.48 4.242 4.165 4.328 4.299
Rate of return - - 2.46% 3.54% 3.43% 4.5% 4.68% 4.65%
EPS 2 6.75 9.83 14.42 14.35 14.15 18.07 15.29 16.17
Distribution rate - - 21.5% 24.3% 30% 23% 28.3% 26.6%
Net sales 1 117,060 103,152 112,856 108,421 105,920 106,148 108,400 110,571
EBITDA 1 6,691 7,432 10,407 10,596 9,662 10,057 10,255 10,838
EBIT 1 5,582 6,197 9,104 9,173 8,136 8,546 8,659 9,057
Net income 1 4,681 6,299 8,117 7,740 7,242 9,368 7,531 7,787
Net Debt 1 -12,209 -22,012 -26,085 -25,778 -23,451 -25,109 -26,652 -29,952
Reference price 2 53.36 94.08 125.93 98.32 123.73 92.48 92.48 92.48
Nbr of stocks (in thousands) 677,559 610,223 541,822 513,885 493,000 480,271 - -
Announcement Date 23/02/22 23/02/23 28/02/24 21/02/25 26/02/26 - - -
1CNY in Million2CNY
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
5.12x0.18x1.92x4.5% 6.57B
19.19x1.37x9.56x1.01% 253B
128.17x9.48x51.32x-.--% 147B
8.64x0.66x2.96x-.--% 116B
41.9x1.85x17.82x-.--% 84.87B
-38.71x0.76x52.6x-.--% 59.35B
24x4.31x14.01x1.13% 48.54B
19.46x5.34x12.89x - 28.46B
28.53x3.64x16.25x-.--% 5.42B
21.24x6.56x11.4x2.83% 5.27B
Average 25.75x 3.41x 19.07x 1.05% 75.53B
Weighted average by Cap. 37.10x 3.23x 21.40x 0.49%

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

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