Financials Xiaomi Corporation

Equities

1810

KYG9830T1067

Phones & Handheld Devices

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-05-14 am EDT			5-day change	1st Jan Change
19.98 ^HKD	+3.20%		+11.37%	+28.08%

12:13pm	Xiaomi to Sell Smart Hardware Products on JD.com Platform	MT
04:16am	Xiaomi becomes 8th largest EV upstart in China after successful SU7 launch	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	230,990	703,249	384,505	240,970	355,123	460,965	-	-
Enterprise Value (EV) ¹	201,171	648,495	353,890	206,683	295,466	388,021	372,814	349,442
P/E ratio	23.5 x	33.9 x	20.3 x	96.6 x	20.5 x	33.5 x	27.5 x	22.6 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	1.12 x	2.86 x	1.17 x	0.86 x	1.31 x	1.43 x	1.26 x	1.11 x
EV / Revenue	0.98 x	2.64 x	1.08 x	0.74 x	1.09 x	1.21 x	1.02 x	0.84 x
EV / EBITDA	15.3 x	25.2 x	12.2 x	31.7 x	11.9 x	19.3 x	16.8 x	12.7 x
EV / FCF	9.86 x	34.4 x	135 x	-19.7 x	8.78 x	29.1 x	22.5 x	17.5 x
FCF Yield	10.1%	2.91%	0.74%	-5.09%	11.4%	3.44%	4.45%	5.72%
Price to Book	2.81 x	5.42 x	2.8 x	1.67 x	2.15 x	2.47 x	2.25 x	2.02 x
Nbr of stocks (in thousands)	23,977,155	25,167,385	24,967,962	24,940,021	25,045,738	24,920,925	-	-
Reference price ²	9.634	27.94	15.40	9.662	14.18	18.50	18.50	18.50
Announcement Date	3/31/20	3/24/21	3/22/22	3/24/23	3/19/24	-	-	-

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	321,386	365,781	413,714
EBITDA ¹	13,141	25,743	29,090	6,524	24,845	20,104	22,127	27,500
EBIT ¹	11,760	24,035	26,029	2,816	20,009	15,073	18,056	23,162
Operating Margin	5.71%	9.78%	7.93%	1.01%	7.38%	4.69%	4.94%	5.6%
Earnings before Tax (EBT) ¹	12,163	21,633	24,417	3,934	22,011	17,278	20,282	24,599
Net income ¹	10,103	20,313	19,339	2,474	17,475	14,229	17,332	21,150
Net margin	4.91%	8.26%	5.89%	0.88%	6.45%	4.43%	4.74%	5.11%
EPS ²	0.4100	0.8250	0.7600	0.1000	0.6900	0.5527	0.6716	0.8169
Free Cash Flow ¹	20,405	18,853	2,616	-10,513	33,638	13,334	16,581	19,975
FCF margin	9.91%	7.67%	0.8%	-3.75%	12.41%	4.15%	4.53%	4.83%
FCF Conversion (EBITDA)	155.28%	73.23%	8.99%	-	135.39%	66.33%	74.93%	72.64%
FCF Conversion (Net income)	201.97%	92.81%	13.53%	-	192.49%	93.71%	95.66%	94.44%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	3/31/20	3/24/21	3/22/22	3/24/23	3/19/24	-	-	-

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	73,178	80,289	84,247	87,405	88,396
EBITDA ¹	-	3,530	5,292	-32.83	2,680	-	-430	4,306	6,825	5,066	6,653	6,284	5,247	5,290	4,972	3,454	-
EBIT ¹	-	2,730	4,416	-911.3	1,733	-	-1,361	3,356	5,900	4,041	5,011	5,057	4,391	3,769	4,153	2,477	5,127
Operating Margin	-	3.5%	5.16%	-1.24%	2.47%	-	-1.93%	5.08%	9.92%	6%	7.07%	6.9%	6%	4.69%	4.93%	2.83%	5.8%
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	4,574	3,523	3,573	2,502	-
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	3,874	2,982	3,089	2,708	4,415
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%	5.29%	3.71%	3.67%	3.1%	4.99%
EPS ²	-	0.0300	0.1000	-0.0200	0.0600	0.0300	-0.0600	0.1300	0.1700	0.1500	0.1900	0.1800	0.1457	0.1232	0.1232	0.1107	0.1700
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/26/20	11/23/21	3/22/22	5/19/22	8/19/22	8/19/22	11/23/22	3/24/23	5/24/23	8/29/23	11/20/23	3/19/24	-	-	-	-	-

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	72,944	88,151	111,523
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	20,405	18,853	2,616	-10,513	33,638	13,334	16,581	19,975
ROE (net income / shareholders' equity)	13.2%	19.8%	14.8%	6.07%	11.4%	8.92%	9.19%	9.67%
ROA (Net income/ Total Assets)	6.11%	9.29%	7.08%	3.01%	5.85%	4.61%	4.79%	4.85%
Assets ¹	165,390	218,654	273,285	82,254	298,879	308,918	362,135	436,534
Book Value Per Share ²	3.420	5.160	5.500	5.790	6.590	7.490	8.210	9.150
Cash Flow per Share ²	0.9700	0.8900	0.3800	-0.1700	1.630	0.7200	0.9200	1.130
Capex ¹	3,405	3,026	7,169	6,123	7,662	7,704	7,845	7,947
Capex / Sales	1.65%	1.23%	2.18%	2.19%	2.83%	2.4%	2.14%	1.92%
Announcement Date	3/31/20	3/24/21	3/22/22	3/24/23	3/19/24	-	-	-

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

18.5 CNY

Average target price

19.34 CNY

Spread / Average Target

+4.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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