Stock 3690 MEITUAN INC.
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Financials Meituan Inc.

Equities

3690

KYG596691041

Internet Services

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:17 2024-05-17 am EDT 		5-day change 1st Jan Change
125 HKD -0.48% Intraday chart for Meituan Inc. +5.40% +52.63%
May. 07 China stocks edge down; HK shares fall after 10-day winning streak RE
May. 03 HEDGE FLOW-Global hedge funds chase Hong Kong stocks rally, UBS says RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 528,942 1,458,935 1,126,918 955,524 464,829 716,998 - -
Enterprise Value (EV) 1 471,657 1,421,899 1,069,041 881,605 464,829 587,318 541,513 480,018
P/E ratio 240 x 318 x -47.1 x -142 x 35.3 x 31.2 x 19.4 x 14.1 x
Yield - - - - - - - -
Capitalization / Revenue 5.42 x 12.7 x 6.29 x 4.34 x 1.68 x 2.21 x 1.89 x 1.67 x
EV / Revenue 4.84 x 12.4 x 5.97 x 4.01 x 1.68 x 1.81 x 1.43 x 1.11 x
EV / EBITDA 65 x 300 x -110 x 90.7 x 19.5 x 15.1 x 10 x 6.96 x
EV / FCF 183 x -518 x -82.1 x 155 x - 19.8 x 11.5 x 8.63 x
FCF Yield 0.55% -0.19% -1.22% 0.64% - 5.05% 8.66% 11.6%
Price to Book 5.7 x 14.8 x 8.83 x 7.42 x - 4.11 x 3.33 x 2.65 x
Nbr of stocks (in thousands) 5,808,400 5,883,965 6,135,944 6,192,973 6,244,376 6,196,345 - -
Reference price 2 91.07 248.0 183.7 154.3 74.44 115.7 115.7 115.7
Announcement Date 3/30/20 3/26/21 3/25/22 3/24/23 3/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 97,529 114,795 179,128 219,955 276,745 324,563 379,550 430,629
EBITDA 1 7,254 4,738 -9,694 9,725 23,878 38,806 54,017 68,919
EBIT 1 2,700 4,330 -23,127 -5,820 13,415 25,825 40,446 54,773
Operating Margin 2.77% 3.77% -12.91% -2.65% 4.85% 7.96% 10.66% 12.72%
Earnings before Tax (EBT) 1 2,762 4,438 -23,566 -6,756 14,022 25,253 40,291 55,119
Net income 1 2,239 4,708 -23,538 -6,686 13,856 22,830 36,832 50,445
Net margin 2.3% 4.1% -13.14% -3.04% 5.01% 7.03% 9.7% 11.71%
EPS 2 0.3800 0.7800 -3.900 -1.090 2.110 3.712 5.963 8.219
Free Cash Flow 1 2,574 -2,748 -13,022 5,680 - 29,684 46,896 55,647
FCF margin 2.64% -2.39% -7.27% 2.58% - 9.15% 12.36% 12.92%
FCF Conversion (EBITDA) 35.49% - - 58.41% - 76.49% 86.82% 80.74%
FCF Conversion (Net income) 114.98% - - - - 130.02% 127.32% 110.31%
Dividend per Share 2 - - - - - - - -
Announcement Date 3/30/20 3/26/21 3/25/22 3/24/23 3/22/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 48,829 49,523 46,269 50,938 62,619 60,129 58,617 67,965 76,467 73,696 69,590 78,526 88,154 86,113 80,575
EBITDA 1 -4,062 -2,010 -1,841 3,803 4,802 2,961 6,262 7,682 6,189 3,744 7,873 9,778 10,706 9,565 -
EBIT 1 -10,103 -5,006 -5,584 -492.8 988.2 -731.6 3,586 4,713 3,359 1,758 4,912 7,386 8,337 7,366 7,288
Operating Margin -20.69% -10.11% -12.07% -0.97% 1.58% -1.22% 6.12% 6.93% 4.39% 2.39% 7.06% 9.41% 9.46% 8.55% 9.04%
Earnings before Tax (EBT) 1 -10,000 -5,344 -5,758 -1,121 1,209 -1,085 3,367 4,699 3,643 2,313 4,281 6,921 7,744 5,573 5,560
Net income 1 -9,995 -5,339 -5,703 -1,117 1,216 -1,083 3,358 4,688 3,593 2,216 3,990 5,478 8,430 6,324 -
Net margin -20.47% -10.78% -12.32% -2.19% 1.94% -1.8% 5.73% 6.9% 4.7% 3.01% 5.73% 6.98% 9.56% 7.34% -
EPS 2 -1.678 -0.8800 -0.9220 -0.1800 0.2000 -0.1880 - - - - 0.6200 1.110 1.060 0.7800 -
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 11/26/21 3/25/22 6/2/22 8/26/22 11/25/22 3/24/23 5/25/23 8/24/23 11/28/23 3/22/24 - - - - -
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 57,286 37,036 57,876 73,919 - 129,680 175,485 236,980
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 2,574 -2,748 -13,022 5,680 - 29,684 46,896 55,647
ROE (net income / shareholders' equity) 2.51% 4.96% -21.1% -5.26% - 16.5% 20.3% 21.6%
ROA (Net income/ Total Assets) 1.77% 3.15% -11.6% -2.76% - 8.69% 10.8% 12.4%
Assets 1 126,334 149,295 203,614 242,602 - 262,630 341,578 405,737
Book Value Per Share 2 16.00 16.70 20.80 20.80 - 28.10 34.80 43.60
Cash Flow per Share 2 0.9400 1.410 -0.6600 1.850 - 6.410 9.300 12.10
Capex 1 3,000 11,223 9,010 5,731 - 8,303 8,721 8,751
Capex / Sales 3.08% 9.78% 5.03% 2.61% - 2.56% 2.3% 2.03%
Announcement Date 3/30/20 3/26/21 3/25/22 3/24/23 3/22/24 - - -
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 Meituan Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
45
Last Close Price
115.7 CNY
Average target price
127.2 CNY
Spread / Average Target
+9.90%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector E-commerce & Auction Services

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E-commerce & Auction Services
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