Financials Xiaomi Corporation

Equities

1810

KYG9830T1067

Phones & Handheld Devices

Delayed Hong Kong S.E. Other stock markets 07:24:23 29/04/2024 BST			5-day change	1st Jan Change
17.42 ^HKD	+0.35%		+10.11%	+11.67%

04-28	China must maintain, develop advantages in new energy vehicles, premier says	RE
04-28	CHINA PREMIER LI VISITED BOOTHS BELONGING TO FIRMS INCLUDING DON…	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	229,797	703,249	384,505	240,970	355,123	400,499	-	-
Enterprise Value (EV) ¹	199,977	648,495	353,890	206,683	295,466	319,879	307,053	288,455
P/E ratio	23.5 x	33.9 x	20.3 x	96.6 x	20.5 x	29.5 x	24.6 x	20.3 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	1.12 x	2.86 x	1.17 x	0.86 x	1.31 x	1.27 x	1.13 x	0.99 x
EV / Revenue	0.97 x	2.64 x	1.08 x	0.74 x	1.09 x	1.01 x	0.86 x	0.71 x
EV / EBITDA	15.2 x	25.2 x	12.2 x	31.7 x	11.9 x	16.2 x	14.3 x	10.7 x
EV / FCF	9.8 x	34.4 x	135 x	-19.7 x	8.78 x	22.7 x	17.4 x	16.8 x
FCF Yield	10.2%	2.91%	0.74%	-5.09%	11.4%	4.41%	5.75%	5.95%
Price to Book	2.81 x	5.42 x	2.8 x	1.67 x	2.15 x	2.16 x	1.97 x	1.77 x
Nbr of stocks (in thousands)	23,853,257	25,167,385	24,967,962	24,940,021	25,045,738	24,922,700	-	-
Reference price ²	9.634	27.94	15.40	9.662	14.18	16.07	16.07	16.07
Announcement Date	31/03/20	24/03/21	22/03/22	24/03/23	19/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	205,839	245,866	328,309	280,044	270,970	315,181	355,498	406,039
EBITDA ¹	13,141	25,743	29,090	6,524	24,845	19,734	21,494	26,983
EBIT ¹	11,760	24,035	26,029	2,816	20,009	14,352	16,085	21,877
Operating Margin	5.71%	9.78%	7.93%	1.01%	7.38%	4.55%	4.52%	5.39%
Earnings before Tax (EBT) ¹	12,163	21,633	24,417	3,934	22,011	16,793	19,442	24,664
Net income ¹	10,103	20,313	19,339	2,474	17,475	14,212	16,858	20,998
Net margin	4.91%	8.26%	5.89%	0.88%	6.45%	4.51%	4.74%	5.17%
EPS ²	0.4100	0.8250	0.7600	0.1000	0.6900	0.5440	0.6519	0.7928
Free Cash Flow ¹	20,405	18,853	2,616	-10,513	33,638	14,098	17,663	17,159
FCF margin	9.91%	7.67%	0.8%	-3.75%	12.41%	4.47%	4.97%	4.23%
FCF Conversion (EBITDA)	155.28%	73.23%	8.99%	-	135.39%	71.44%	82.18%	63.59%
FCF Conversion (Net income)	201.97%	92.81%	13.53%	-	192.49%	99.2%	104.78%	81.71%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	31/03/20	24/03/21	22/03/22	24/03/23	19/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	103,240	78,063	85,575	73,352	70,171	143,522	70,474	66,047	59,477	67,355	70,894	73,244	71,551	78,580	82,699	85,931	81,620
EBITDA ¹	-	3,530	5,292	-32.83	2,680	-	-430	4,306	6,825	5,066	6,653	6,284	5,086	5,064	4,784	3,434	-
EBIT ¹	-	2,730	4,416	-911.3	1,733	-	-1,361	3,356	5,900	4,041	5,011	5,057	3,167	3,730	3,649	2,135	3,896
Operating Margin	-	3.5%	5.16%	-1.24%	2.47%	-	-1.93%	5.08%	9.92%	6%	7.07%	6.9%	4.43%	4.75%	4.41%	2.48%	4.77%
Earnings before Tax (EBT) ¹	-	1,787	3,884	-415.9	1,737	1,321	-1,191	3,804	5,471	4,956	5,887	5,698	4,293	3,887	3,953	2,732	4,973
Net income ¹	6,662	792.3	2,486	-587.6	1,386	798.8	-1,476	3,151	4,204	3,670	4,869	4,727	3,310	3,187	3,257	2,587	4,097
Net margin	6.45%	1.01%	2.9%	-0.8%	1.98%	0.56%	-2.09%	4.77%	7.07%	5.45%	6.87%	6.45%	4.63%	4.06%	3.94%	3.01%	5.02%
EPS ²	-	0.0300	0.1000	-0.0200	0.0600	0.0300	-0.0600	0.1300	0.1700	0.1500	0.1900	0.1800	0.1335	0.1186	0.1193	0.1080	0.1600
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	26/08/20	23/11/21	22/03/22	19/05/22	19/08/22	19/08/22	23/11/22	24/03/23	24/05/23	29/08/23	20/11/23	19/03/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	29,819	54,755	30,615	34,287	59,657	80,620	93,446	112,044
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	20,405	18,853	2,616	-10,513	33,638	14,098	17,663	17,159
ROE (net income / shareholders' equity)	13.2%	19.8%	14.8%	6.07%	11.4%	8.22%	8.69%	9.44%
ROA (Net income/ Total Assets)	6.11%	9.29%	7.08%	3.01%	5.85%	4.29%	4.63%	4.64%
Assets ¹	165,390	218,654	273,285	82,254	298,879	331,526	364,445	452,552
Book Value Per Share ²	3.420	5.160	5.500	5.790	6.590	7.440	8.170	9.070
Cash Flow per Share ²	0.9700	0.8900	0.3800	-0.1700	1.630	0.6800	0.8600	1.080
Capex ¹	3,405	3,026	7,169	6,123	7,662	7,852	7,843	7,915
Capex / Sales	1.65%	1.23%	2.18%	2.19%	2.83%	2.49%	2.21%	1.95%
Announcement Date	31/03/20	24/03/21	22/03/22	24/03/23	19/03/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Xiaomi Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16.07 CNY

Average target price

17.99 CNY

Spread / Average Target

+11.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Phones & Smart Phones