Financials Alibaba Group Holding Limited Deutsche Boerse AG

Equities

AHLA

US01609W1027

Internet Services

Market Closed - Deutsche Boerse AG Other stock markets 01:25:01 15/06/2024 am IST			5-day change	1st Jan Change
68.4 ^EUR	-2.84%		-5.79%	-1.94%

14/06	Ant Group Spends Record 21.2 Billion Yuan on R&D	MT
11/06	Cainiao's Delivery Charge Waiver Seen as Boon For Hong Kong's Supply Chain Management	MT

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	36,95,673	40,27,830	18,54,401	18,00,338	13,10,704	12,86,972	-	-
Enterprise Value (EV) ¹	34,90,600	38,45,890	18,05,847	17,68,606	12,33,355	10,30,350	8,58,899	8,46,595
P/E ratio	24.6 x	27.2 x	30.3 x	25.6 x	16.7 x	12.8 x	10.7 x	9.56 x
Yield	-	-	-	-	2.3%	1.22%	1.43%	1.67%
Capitalization / Revenue	7.25 x	5.62 x	2.17 x	2.07 x	1.39 x	1.26 x	1.17 x	1.09 x
EV / Revenue	6.85 x	5.36 x	2.12 x	2.04 x	1.31 x	1.01 x	0.78 x	0.72 x
EV / EBITDA	22.1 x	19.5 x	11.4 x	10.1 x	6.43 x	5.48 x	4.08 x	3.8 x
EV / FCF	24.4 x	20 x	18.3 x	10.3 x	7.9 x	6.51 x	4.55 x	4.33 x
FCF Yield	4.1%	5%	5.48%	9.71%	12.7%	15.4%	22%	23.1%
Price to Book	4.79 x	4.35 x	1.98 x	1.87 x	1.35 x	1.22 x	1.1 x	1.01 x
Nbr of stocks (in thousands)	26,83,752	27,11,119	26,87,500	25,65,752	25,06,837	24,18,186	-	-
Reference price ²	1,377	1,486	690.0	701.7	522.9	532.2	532.2	532.2
Announcement Date	22/05/20	13/05/21	26/05/22	18/05/23	14/05/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,09,711	7,17,289	8,53,062	8,68,687	9,41,168	10,20,109	11,00,203	11,82,421
EBITDA ¹	1,57,659	1,96,842	1,58,205	1,75,710	1,91,668	1,88,135	2,10,410	2,22,947
EBIT ¹	91,430	89,678	69,638	1,00,351	1,13,350	1,32,735	1,48,740	1,59,092
Operating Margin	17.94%	12.5%	8.16%	11.55%	12.04%	13.01%	13.52%	13.45%
Earnings before Tax (EBT) ¹	1,66,645	1,65,578	59,550	89,185	1,01,596	1,24,036	1,43,685	1,51,934
Net income ¹	1,49,263	1,50,308	61,959	72,509	79,741	1,06,744	1,23,065	1,37,978
Net margin	29.28%	20.96%	7.26%	8.35%	8.47%	10.46%	11.19%	11.67%
EPS ²	55.93	54.70	22.74	27.46	31.24	41.73	49.54	55.70
Free Cash Flow ¹	1,43,109	1,92,263	98,874	1,71,663	1,56,210	1,58,370	1,88,837	1,95,713
FCF margin	28.08%	26.8%	11.59%	19.76%	16.6%	15.52%	17.16%	16.55%
FCF Conversion (EBITDA)	90.77%	97.67%	62.5%	97.7%	81.5%	84.18%	89.75%	87.78%
FCF Conversion (Net income)	95.88%	127.91%	159.58%	236.75%	195.9%	148.36%	153.45%	141.84%
Dividend per Share ²	-	-	-	-	12.02	6.507	7.635	8.900
Announcement Date	22/05/20	13/05/21	26/05/22	18/05/23	14/05/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	2,42,580	2,04,052	2,05,555	2,07,176	2,47,756	2,08,200	4,55,956	2,34,156	2,24,790	2,60,348	2,21,874	2,46,844	2,41,895	2,80,785	2,45,992	2,70,576
EBITDA ¹	51,364	23,373	41,114	43,311	59,162	32,123	-	52,052	49,237	59,572	30,807	46,466	45,828	57,883	41,014	51,521
EBIT ¹	7,068	16,717	24,943	25,137	35,031	15,240	50,271	42,490	33,584	22,511	14,765	32,612	30,896	41,080	23,343	35,258
Operating Margin	2.91%	8.19%	12.13%	12.13%	14.14%	7.32%	11.03%	18.15%	14.94%	8.65%	6.65%	13.21%	12.77%	14.63%	9.49%	13.03%
Earnings before Tax (EBT) ¹	29,326	-19,560	29,177	-15,759	50,459	25,308	-	36,172	38,257	17,318	9,849	33,006	30,914	43,060	22,672	-
Net income ¹	20,429	-16,241	22,739	-20,561	46,815	23,516	-	34,332	27,706	14,433	3,270	26,805	23,920	33,810	19,116	-
Net margin	8.42%	-7.96%	11.06%	-9.92%	18.9%	11.29%	-	14.66%	12.33%	5.54%	1.47%	10.86%	9.89%	12.04%	7.77%	-
EPS ²	7.510	-6.070	8.510	-7.770	17.91	9.000	-	13.30	10.77	5.650	1.300	12.03	10.99	13.62	6.519	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	3.616	3.775	-
Announcement Date	24/02/22	26/05/22	04/08/22	17/11/22	23/02/23	18/05/23	18/05/23	10/08/23	16/11/23	07/02/24	14/05/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,05,073	1,81,940	48,554	31,732	77,349	2,56,622	4,28,073	4,40,377
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,43,109	1,92,263	98,874	1,71,663	1,56,210	1,58,370	1,88,837	1,95,713
ROE (net income / shareholders' equity)	23.9%	17.8%	15.2%	7.48%	16%	10.2%	10.9%	10.5%
ROA (Net income/ Total Assets)	13.1%	10%	8.48%	4.21%	9%	5.56%	6.05%	6.13%
Assets ¹	11,39,064	15,01,601	7,30,861	17,24,311	8,85,716	19,20,684	20,35,468	22,49,207
Book Value Per Share ²	288.0	341.0	348.0	375.0	386.0	436.0	484.0	529.0
Cash Flow per Share ²	67.70	84.40	52.40	75.60	71.50	67.70	73.30	84.50
Capex ¹	37,498	39,523	42,028	30,373	27,579	40,220	43,629	45,385
Capex / Sales	7.36%	5.51%	4.93%	3.5%	2.93%	3.94%	3.97%	3.84%
Announcement Date	22/05/20	13/05/21	26/05/22	18/05/23	14/05/24	-	-	-

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 Alibaba Group Holding Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

532.2 CNY

Average target price

766.4 CNY

Spread / Average Target

+44.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector E-commerce & Auction Services

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COPART, INC.	+8.59%	51.2B
EBAY INC.	+19.51%	26.4B
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VIPSHOP HOLDINGS LIMITED	-15.20%	8.17B
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E-commerce & Auction Services