Financials Xiaomi Corporation Deutsche Boerse AG

Equities

3CP

KYG9830T1067

Phones & Handheld Devices

Market Closed - Deutsche Boerse AG Other stock markets 19:37:30 28/05/2024 BST			5-day change	1st Jan Change
2.109 ^EUR	-3.90%		-9.29%	+15.27%

05-24	Glass Lewis Controversy Alert: Xiaomi	MT
05-23	Communications Services Down on Risk Aversion - Communications Services Roundup	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	230,990	703,249	384,505	240,970	355,123	420,468	-	-
Enterprise Value (EV) ¹	201,171	648,495	353,890	206,683	295,466	335,186	320,800	299,203
P/E ratio	23.5 x	33.9 x	20.3 x	96.6 x	20.5 x	28.2 x	24.6 x	19.5 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	1.12 x	2.86 x	1.17 x	0.86 x	1.31 x	1.28 x	1.13 x	1 x
EV / Revenue	0.98 x	2.64 x	1.08 x	0.74 x	1.09 x	1.02 x	0.86 x	0.71 x
EV / EBITDA	15.3 x	25.2 x	12.2 x	31.7 x	11.9 x	16.2 x	14.5 x	10.9 x
EV / FCF	9.86 x	34.4 x	135 x	-19.7 x	8.78 x	21.7 x	17.5 x	14.1 x
FCF Yield	10.1%	2.91%	0.74%	-5.09%	11.4%	4.6%	5.71%	7.11%
Price to Book	2.81 x	5.42 x	2.8 x	1.67 x	2.15 x	2.29 x	2.05 x	1.84 x
Nbr of stocks (in thousands)	23,977,155	25,167,385	24,967,962	24,940,021	25,045,738	24,987,602	-	-
Reference price ²	9.634	27.94	15.40	9.662	14.18	16.83	16.83	16.83
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	329,503	371,288	420,252
EBITDA ¹	13,141	25,743	29,090	6,524	24,845	20,722	22,172	27,516
EBIT ¹	11,760	24,035	26,029	2,816	20,009	15,546	17,985	22,896
Operating Margin	5.71%	9.78%	7.93%	1.01%	7.38%	4.72%	4.84%	5.45%
Earnings before Tax (EBT) ¹	12,163	21,633	24,417	3,934	22,011	19,183	20,999	25,704
Net income ¹	10,103	20,313	19,339	2,474	17,475	15,437	17,544	21,970
Net margin	4.91%	8.26%	5.89%	0.88%	6.45%	4.68%	4.73%	5.23%
EPS ²	0.4100	0.8250	0.7600	0.1000	0.6900	0.5966	0.6842	0.8645
Free Cash Flow ¹	20,405	18,853	2,616	-10,513	33,638	15,426	18,317	21,261
FCF margin	9.91%	7.67%	0.8%	-3.75%	12.41%	4.68%	4.93%	5.06%
FCF Conversion (EBITDA)	155.28%	73.23%	8.99%	-	135.39%	74.44%	82.61%	77.27%
FCF Conversion (Net income)	201.97%	92.81%	13.53%	-	192.49%	99.93%	104.41%	96.77%
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 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	2025 Q2
Net sales ¹	103,240	85,575	73,352	70,171	143,522	70,474	66,047	59,477	67,355	70,894	73,244	75,507	84,219	86,096	88,293	87,539	94,470
EBITDA ¹	-	5,292	-32.83	2,680	-	-430	4,306	6,825	5,066	6,653	6,284	5,077	5,553	5,424	3,626	4,777	-
EBIT ¹	-	4,416	-911.3	1,733	-	-1,361	3,356	5,900	4,041	5,011	5,057	3,683	4,097	4,185	2,905	4,683	4,564
Operating Margin	-	5.16%	-1.24%	2.47%	-	-1.93%	5.08%	9.92%	6%	7.07%	6.9%	4.88%	4.86%	4.86%	3.29%	5.35%	4.83%
Earnings before Tax (EBT) ¹	-	3,884	-415.9	1,737	1,321	-1,191	3,804	5,471	4,956	5,887	5,698	5,222	5,442	5,075	3,471	4,073	-
Net income ¹	6,662	2,486	-587.6	1,386	798.8	-1,476	3,151	4,204	3,670	4,869	4,727	4,182	4,044	4,338	3,378	4,474	5,723
Net margin	6.45%	2.9%	-0.8%	1.98%	0.56%	-2.09%	4.77%	7.07%	5.45%	6.87%	6.45%	5.54%	4.8%	5.04%	3.83%	5.11%	6.06%
EPS ²	-	0.1000	-0.0200	0.0600	0.0300	-0.0600	0.1300	0.1700	0.1500	0.1900	0.1800	0.1700	0.1540	0.1760	0.1556	0.1705	0.2200
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	26/08/20	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	23/05/24	-	-	-	-	-

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	85,282	99,668	121,264
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	20,405	18,853	2,616	-10,513	33,638	15,426	18,317	21,261
ROE (net income / shareholders' equity)	13.2%	19.8%	14.8%	6.07%	11.4%	9.74%	9.33%	9.96%
ROA (Net income/ Total Assets)	6.11%	9.29%	7.08%	3.01%	5.85%	4.66%	4.74%	4.8%
Assets ¹	165,390	218,654	273,285	82,254	298,879	331,322	370,226	458,144
Book Value Per Share ²	3.420	5.160	5.500	5.790	6.590	7.330	8.220	9.170
Cash Flow per Share ²	0.9700	0.8900	0.3800	-0.1700	1.630	0.8100	0.9600	1.190
Capex ¹	3,405	3,026	7,169	6,123	7,662	6,425	8,021	8,273
Capex / Sales	1.65%	1.23%	2.18%	2.19%	2.83%	1.95%	2.16%	1.97%
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

16.83 CNY

Average target price

20.07 CNY

Spread / Average Target

+19.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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