Financials JD.com, Inc. Hong Kong S.E.

Equities

9618

KYG8208B1014

Department Stores

Market Closed - Hong Kong S.E. Other stock markets 04:08:27 2024-07-12 am EDT			5-day change	1st Jan Change
112 ^HKD	+4.87%		+9.06%	-0.44%

Jul. 12	Jefferies Revises JD.com's Q2 Revenue, Profit Estimates	MT
Jul. 12	Nomura Adjusts JD.com's Price Target to HK$150 From HK$165, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	358,120	888,928	683,720	606,067	322,632	311,597	-	-
Enterprise Value (EV) ¹	306,598	758,057	512,143	428,490	179,486	227,736	210,949	190,736
P/E ratio	29.9 x	18.1 x	-194 x	60.3 x	13.5 x	10.5 x	9.27 x	8.15 x
Yield	-	-	-	1.1%	2.67%	2.84%	2.85%	3.29%
Capitalization / Revenue	0.62 x	1.19 x	0.72 x	0.58 x	0.3 x	0.27 x	0.25 x	0.24 x
EV / Revenue	0.53 x	1.02 x	0.54 x	0.41 x	0.17 x	0.2 x	0.17 x	0.15 x
EV / EBITDA	22.2 x	36.7 x	27.4 x	12.8 x	4.23 x	4.91 x	4.1 x	3.39 x
EV / FCF	15.8 x	21.7 x	19.5 x	10.7 x	4.36 x	6.94 x	5.79 x	4.73 x
FCF Yield	6.34%	4.61%	5.12%	9.37%	22.9%	14.4%	17.3%	21.1%
Price to Book	4.38 x	4.75 x	3.31 x	2.85 x	1.39 x	1.25 x	1.11 x	1.01 x
Nbr of stocks (in thousands)	1,460,161	1,549,877	1,536,133	1,565,500	1,573,500	1,526,931	-	-
Reference price ²	245.3	573.5	445.1	387.1	205.0	204.1	204.1	204.1
Announcement Date	3/2/20	3/11/21	3/10/22	3/9/23	3/6/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	576,888	745,802	951,592	1,046,236	1,084,662	1,153,363	1,227,582	1,294,984
EBITDA ¹	13,811	20,681	18,712	33,602	42,452	46,390	51,435	56,306
EBIT ¹	8,995	12,343	4,141	19,723	26,025	34,307	40,331	45,848
Operating Margin	1.56%	1.65%	0.44%	1.89%	2.4%	2.97%	3.29%	3.54%
Earnings before Tax (EBT) ¹	13,693	50,819	-2,581	13,867	31,650	36,489	40,851	46,122
Net income ¹	12,184	49,405	-3,560	10,380	24,167	29,517	32,708	36,704
Net margin	2.11%	6.62%	-0.37%	0.99%	2.23%	2.56%	2.66%	2.83%
EPS ²	8.210	31.68	-2.290	6.420	15.23	19.46	22.01	25.03
Free Cash Flow ¹	19,453	34,922	26,228	40,152	41,143	32,793	36,418	40,317
FCF margin	3.37%	4.68%	2.76%	3.84%	3.79%	2.84%	2.97%	3.11%
FCF Conversion (EBITDA)	140.85%	168.86%	140.17%	119.49%	96.92%	70.69%	70.8%	71.6%
FCF Conversion (Net income)	159.66%	70.69%	-	386.82%	170.24%	111.1%	111.34%	109.85%
Dividend per Share ²	-	-	-	4.261	5.469	5.790	5.819	6.722
Announcement Date	3/2/20	3/11/21	3/10/22	3/9/23	3/6/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	275,907	239,655	267,600	243,535	295,446	242,956	287,931	247,698	306,077	260,049	297,418	265,636	325,691	275,458	313,357
EBITDA ¹	4,162	6,066	7,175	11,463	8,898	9,499	10,403	12,889	9,661	10,787	11,935	13,910	11,908	11,800	12,322
EBIT ¹	-392	2,409	3,758	8,728	4,828	6,427	8,270	9,303	2,025	7,700	8,973	10,517	7,827	-	-
Operating Margin	-0.14%	1.01%	1.4%	3.58%	1.63%	2.65%	2.87%	3.76%	0.66%	2.96%	3.02%	3.96%	2.4%	-	-
Earnings before Tax (EBT) ¹	-5,133	-2,915	5,256	7,710	3,816	7,808	9,734	10,802	3,306	9,065	9,566	11,669	8,893	9,830	-
Net income ¹	-5,165	-2,991	4,376	5,963	3,032	6,261	6,581	7,936	3,389	7,130	7,574	8,991	7,248	-	-
Net margin	-1.87%	-1.25%	1.64%	2.45%	1.03%	2.58%	2.29%	3.2%	1.11%	2.74%	2.55%	3.38%	2.23%	-	-
EPS ²	-3.320	-1.920	2.740	3.570	1.910	3.930	4.150	5.000	2.130	4.530	4.764	5.872	4.486	-	-
Dividend per Share ²	-	-	-	-	4.261	-	-	-	5.469	-	0.6878	0.6878	3.816	0.6809	0.6809
Announcement Date	3/10/22	5/17/22	8/23/22	11/18/22	3/9/23	5/11/23	8/16/23	11/15/23	3/6/24	5/16/24	-	-	-	-	-

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	51,522	130,871	171,577	177,577	143,146	83,861	100,648	120,861
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	19,453	34,922	26,228	40,152	41,143	32,793	36,418	40,317
ROE (net income / shareholders' equity)	15.2%	12.5%	8.68%	13.4%	10.9%	13%	13.1%	13.4%
ROA (Net income/ Total Assets)	4.59%	4.93%	3.75%	5.17%	3.95%	4.92%	5.12%	5.23%
Assets ¹	265,722	1,001,180	-95,033	200,787	612,102	600,259	639,438	701,765
Book Value Per Share ²	56.00	121.0	134.0	136.0	148.0	163.0	183.0	203.0
Cash Flow per Share ²	17.00	28.20	27.20	36.40	37.50	35.00	37.70	42.20
Capex ¹	1,094	7,670	18,566	17,667	18,378	17,705	18,470	18,674
Capex / Sales	0.19%	1.03%	1.95%	1.69%	1.69%	1.54%	1.5%	1.44%
Announcement Date	3/2/20	3/11/21	3/10/22	3/9/23	3/6/24	-	-	-

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 JD.com, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

204.1 CNY

Average target price

296.8 CNY

Spread / Average Target

+45.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Internet & Mail Order Department Stores