VIPSHOP HOLDINGS LIMITED |
Real-time Estimate
Other stock markets
|
5-day change | 1st Jan Change | ||
| 15.97 USD | +0.19% |
|
-2.74% | -9.91% |
| May. 24 | Nomura Adjusts Vipshop Holdings Price Target to $21 From $23, Maintains Buy Rating | MT |
| May. 23 | Benchmark Downgrades Vipshop Holdings to Hold From Buy | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 65,995 | 124,233 | 36,153 | 57,408 | 68,296 | 62,613 | - | - |
| Enterprise Value (EV) 1 | 57,527 | 105,952 | 23,944 | 35,397 | 42,211 | 34,177 | 29,957 | 24,235 |
| P/E ratio | 16.7 x | 21.4 x | 7.9 x | 9.57 x | 8.74 x | 7.55 x | 7.05 x | 6.55 x |
| Yield | - | - | - | - | 2.46% | 2.87% | 3.14% | 4.04% |
| Capitalization / Revenue | 0.71 x | 1.22 x | 0.31 x | 0.56 x | 0.61 x | 0.55 x | 0.53 x | 0.51 x |
| EV / Revenue | 0.62 x | 1.04 x | 0.2 x | 0.34 x | 0.37 x | 0.3 x | 0.25 x | 0.2 x |
| EV / EBITDA | 9.58 x | 15.4 x | 3.58 x | 4.76 x | 4.06 x | 2.98 x | 2.54 x | 1.95 x |
| EV / FCF | 7.18 x | 11.1 x | 7.56 x | 4.77 x | 4.6 x | 3.81 x | 2.83 x | 2.26 x |
| FCF Yield | 13.9% | 9.01% | 13.2% | 21% | 21.8% | 26.3% | 35.4% | 44.2% |
| Price to Book | 3.08 x | 4.37 x | 1.11 x | 1.47 x | 1.58 x | 1.36 x | 1.15 x | 0.99 x |
| Nbr of stocks (in thousands) | 668,998 | 677,324 | 677,559 | 610,223 | 541,822 | 542,373 | - | - |
| Reference price 2 | 98.65 | 183.4 | 53.36 | 94.08 | 126.0 | 115.4 | 115.4 | 115.4 |
| Announcement Date | 3/5/20 | 2/25/21 | 2/23/22 | 2/23/23 | 2/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 92,994 | 101,858 | 117,060 | 103,152 | 112,856 | 113,701 | 118,299 | 122,842 |
| EBITDA 1 | 6,002 | 6,867 | 6,691 | 7,432 | 10,407 | 11,460 | 11,800 | 12,418 |
| EBIT 1 | 5,052 | 5,860 | 5,582 | 6,197 | 9,104 | 9,625 | 9,973 | 10,347 |
| Operating Margin | 5.43% | 5.75% | 4.77% | 6.01% | 8.07% | 8.47% | 8.43% | 8.42% |
| Earnings before Tax (EBT) 1 | 4,943 | 7,019 | 5,873 | 8,077 | 9,987 | 10,532 | 10,990 | 11,602 |
| Net income 1 | 4,017 | 5,907 | 4,681 | 6,299 | 8,117 | 8,372 | 8,788 | 9,301 |
| Net margin | 4.32% | 5.8% | 4% | 6.11% | 7.19% | 7.36% | 7.43% | 7.57% |
| EPS 2 | 5.920 | 8.560 | 6.750 | 9.830 | 14.42 | 15.28 | 16.38 | 17.63 |
| Free Cash Flow 1 | 8,013 | 9,549 | 3,166 | 7,417 | 9,184 | 8,979 | 10,601 | 10,722 |
| FCF margin | 8.62% | 9.37% | 2.7% | 7.19% | 8.14% | 7.9% | 8.96% | 8.73% |
| FCF Conversion (EBITDA) | 133.49% | 139.06% | 47.31% | 99.8% | 88.24% | 78.35% | 89.84% | 86.34% |
| FCF Conversion (Net income) | 199.47% | 161.65% | 67.63% | 117.75% | 113.15% | 107.25% | 120.63% | 115.28% |
| Dividend per Share 2 | - | - | - | - | 3.095 | 3.316 | 3.620 | 4.660 |
| Announcement Date | 3/5/20 | 2/25/21 | 2/23/22 | 2/23/23 | 2/28/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 58,006 | 34,132 | 25,245 | 24,535 | 21,615 | 31,758 | 27,536 | 27,879 | 22,766 | 34,674 | 27,646 | 27,345 | 22,991 | 35,475 | - | - |
| EBITDA 1 | - | 2,081 | 1,560 | 1,546 | 1,415 | - | - | - | - | - | - | 2,412 | 1,777 | 3,892 | - | - |
| EBIT 1 | - | 1,830 | 1,283 | 1,268 | 1,137 | 2,509 | 1,986 | 1,916 | 1,534 | 3,668 | 2,760 | 2,163 | 1,591 | 3,119 | - | - |
| Operating Margin | - | 5.36% | 5.08% | 5.17% | 5.26% | 7.9% | 7.21% | 6.87% | 6.74% | 10.58% | 9.98% | 7.91% | 6.92% | 8.79% | - | - |
| Earnings before Tax (EBT) 1 | - | 1,860 | 1,431 | 1,612 | 1,948 | 3,086 | 2,236 | 2,401 | 1,571 | 3,780 | 2,959 | 2,338 | 1,792 | 3,323 | - | - |
| Net income 1 | - | 1,415 | 1,096 | 1,283 | 1,686 | 2,234 | 1,859 | 2,097 | 1,208 | 2,952 | 2,317 | 1,868 | 1,408 | 2,640 | - | - |
| Net margin | - | 4.15% | 4.34% | 5.23% | 7.8% | 7.03% | 6.75% | 7.52% | 5.31% | 8.51% | 8.38% | 6.83% | 6.12% | 7.44% | - | - |
| EPS 2 | - | 2.070 | 1.610 | 1.970 | 2.700 | 3.660 | 3.160 | 3.750 | 2.190 | 5.350 | 4.180 | 3.371 | 2.800 | 4.471 | - | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | 13.95 | - | - |
| Announcement Date | 8/18/21 | 2/23/22 | 5/19/22 | 8/19/22 | 11/22/22 | 2/23/23 | 5/23/23 | 8/18/23 | 11/14/23 | 2/28/24 | 5/22/24 | - | - | - | - | - |
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 | 8,468 | 18,281 | 12,209 | 22,012 | 26,085 | 28,435 | 32,656 | 38,378 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 8,013 | 9,549 | 3,166 | 7,417 | 9,184 | 8,979 | 10,601 | 10,722 |
| ROE (net income / shareholders' equity) | 46.5% | 23.5% | 19.7% | 20.9% | 27.3% | 21.2% | 19% | 17.7% |
| ROA (Net income/ Total Assets) | 8.72% | 11% | 9.92% | 10.7% | 13.8% | 11.3% | 10.7% | 10.3% |
| Assets 1 | 46,073 | 53,748 | 47,198 | 58,854 | 58,805 | 73,998 | 82,279 | 90,417 |
| Book Value Per Share 2 | 32.10 | 42.00 | 48.10 | 64.00 | 79.60 | 85.10 | 100.0 | 116.0 |
| Cash Flow per Share 2 | 18.10 | 17.10 | 9.720 | 16.40 | 25.60 | 18.20 | 22.20 | 26.60 |
| Capex 1 | 4,278 | 2,272 | 3,579 | 3,103 | 5,231 | 2,670 | 2,781 | 2,740 |
| Capex / Sales | 4.6% | 2.23% | 3.06% | 3.01% | 4.63% | 2.35% | 2.35% | 2.23% |
| Announcement Date | 3/5/20 | 2/25/21 | 2/23/22 | 2/23/23 | 2/28/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
24
Last Close Price
115.4
CNY
Average target price
147.4
CNY
Spread / Average Target
+27.71%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -10.25% | 8.65B | |
| +7.70% | 219B | |
| +4.84% | 197B | |
| +45.30% | 94.2B | |
| +7.76% | 85.86B | |
| -26.87% | 73.41B | |
| +10.24% | 51.98B | |
| +24.74% | 27.56B | |
| +26.89% | 10.95B | |
| -25.76% | 4.91B |
- Stock Market
- Equities
- VIPS Stock
- Financials Vipshop Holdings Limited
