VIPSHOP HOLDINGS LIMITED |
Real-time Estimate
Other stock markets
|
5-day change | 1st Jan Change | ||
| 16.31 USD | +1.56% |
|
+2.03% | -9.63% |
| 30/04 | Asian Equities Traded in the US as American Depositary Receipts Decline in Tuesday Trading | MT |
| 28/03 | HSBC Cuts Vipshop Holdings Price Target to $19 From $22.90, Maintains Hold Rating | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 65,995 | 1,24,233 | 36,153 | 57,408 | 68,296 | 63,054 | - | - |
| Enterprise Value (EV) 1 | 57,527 | 1,05,952 | 23,944 | 35,397 | 68,296 | 33,443 | 25,422 | 18,437 |
| P/E ratio | 16.7 x | 21.4 x | 7.9 x | 9.57 x | 8.74 x | 7.52 x | 7.02 x | 6.52 x |
| Yield | - | - | - | - | - | 1.99% | 2.27% | 2.86% |
| Capitalization / Revenue | 0.71 x | 1.22 x | 0.31 x | 0.56 x | 0.61 x | 0.53 x | 0.51 x | 0.49 x |
| EV / Revenue | 0.62 x | 1.04 x | 0.2 x | 0.34 x | 0.61 x | 0.28 x | 0.21 x | 0.14 x |
| EV / EBITDA | 9.58 x | 15.4 x | 3.58 x | 4.76 x | - | 2.94 x | 2.13 x | 1.49 x |
| EV / FCF | 7.18 x | 11.1 x | 7.56 x | 4.77 x | - | 3.77 x | 2.33 x | 1.92 x |
| FCF Yield | 13.9% | 9.01% | 13.2% | 21% | - | 26.5% | 42.9% | 52.1% |
| Price to Book | 3.08 x | 4.37 x | 1.11 x | 1.47 x | - | 1.36 x | 1.12 x | 0.98 x |
| Nbr of stocks (in thousands) | 6,68,998 | 6,77,324 | 6,77,559 | 6,10,223 | 5,41,822 | 5,42,373 | - | - |
| Reference price 2 | 98.65 | 183.4 | 53.36 | 94.08 | 126.0 | 116.3 | 116.3 | 116.3 |
| Announcement Date | 05/03/20 | 25/02/21 | 23/02/22 | 23/02/23 | 28/02/24 | - | - | - |
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 | 1,01,858 | 1,17,060 | 1,03,152 | 1,12,856 | 1,18,252 | 1,23,753 | 1,29,016 |
| EBITDA 1 | 6,002 | 6,867 | 6,691 | 7,432 | - | 11,366 | 11,939 | 12,401 |
| EBIT 1 | 5,052 | 5,860 | 5,582 | 6,197 | 9,104 | 9,656 | 10,225 | 10,758 |
| Operating Margin | 5.43% | 5.75% | 4.77% | 6.01% | 8.07% | 8.17% | 8.26% | 8.34% |
| Earnings before Tax (EBT) 1 | 4,943 | 7,019 | 5,873 | 8,077 | 9,987 | 10,533 | 11,205 | 11,981 |
| Net income 1 | 4,017 | 5,907 | 4,681 | 6,299 | 8,117 | 8,411 | 8,985 | 9,560 |
| Net margin | 4.32% | 5.8% | 4% | 6.11% | 7.19% | 7.11% | 7.26% | 7.41% |
| EPS 2 | 5.920 | 8.560 | 6.750 | 9.830 | 14.42 | 15.45 | 16.55 | 17.82 |
| Free Cash Flow 1 | 8,013 | 9,549 | 3,166 | 7,417 | - | 8,869 | 10,912 | 9,602 |
| FCF margin | 8.62% | 9.37% | 2.7% | 7.19% | - | 7.5% | 8.82% | 7.44% |
| FCF Conversion (EBITDA) | 133.49% | 139.06% | 47.31% | 99.8% | - | 78.04% | 91.39% | 77.42% |
| FCF Conversion (Net income) | 199.47% | 161.65% | 67.63% | 117.75% | - | 105.44% | 121.44% | 100.44% |
| Dividend per Share 2 | - | - | - | - | - | 2.317 | 2.636 | 3.327 |
| Announcement Date | 05/03/20 | 25/02/21 | 23/02/22 | 23/02/23 | 28/02/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 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 | 58,006 | 24,922 | 34,132 | 25,245 | 24,535 | 21,615 | 31,758 | 27,536 | 27,879 | 22,766 | 34,674 | 27,894 | 29,238 | 24,127 | 36,497 | - |
| EBITDA 1 | - | 1,022 | 2,081 | 1,560 | 1,546 | 1,415 | - | - | - | - | - | 2,594 | 2,455 | 1,827 | 4,067 | - |
| EBIT 1 | - | 770.8 | 1,830 | 1,283 | 1,268 | 1,137 | 2,509 | 1,986 | 1,916 | 1,534 | 3,668 | 2,285 | 2,259 | 1,704 | 3,315 | - |
| Operating Margin | - | 3.09% | 5.36% | 5.08% | 5.17% | 5.26% | 7.9% | 7.21% | 6.87% | 6.74% | 10.58% | 8.19% | 7.73% | 7.06% | 9.08% | - |
| Earnings before Tax (EBT) 1 | - | 880.4 | 1,860 | 1,431 | 1,612 | 1,948 | 3,086 | 2,236 | 2,401 | 1,571 | 3,780 | 2,474 | 2,465 | 1,906 | 3,514 | - |
| Net income 1 | - | 628.4 | 1,415 | 1,096 | 1,283 | 1,686 | 2,234 | 1,859 | 2,097 | 1,208 | 2,952 | 1,997 | 1,995 | 1,521 | 2,847 | - |
| Net margin | - | 2.52% | 4.15% | 4.34% | 5.23% | 7.8% | 7.03% | 6.75% | 7.52% | 5.31% | 8.51% | 7.16% | 6.82% | 6.3% | 7.8% | - |
| EPS 2 | - | 0.9200 | 2.070 | 1.610 | 1.970 | 2.700 | 3.660 | 3.160 | 3.750 | 2.190 | 5.350 | 4.715 | 3.570 | 3.257 | 4.230 | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.390 | - |
| Announcement Date | 18/08/21 | 18/11/21 | 23/02/22 | 19/05/22 | 19/08/22 | 22/11/22 | 23/02/23 | 23/05/23 | 18/08/23 | 14/11/23 | 28/02/24 | - | - | - | - | - |
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 | - | 29,610 | 37,631 | 44,617 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 8,013 | 9,549 | 3,166 | 7,417 | - | 8,869 | 10,912 | 9,602 |
| ROE (net income / shareholders' equity) | 46.5% | 23.5% | 19.7% | 20.9% | - | 20.1% | 17.8% | 16.4% |
| ROA (Net income/ Total Assets) | 8.72% | 11% | 9.92% | 10.7% | - | 11.4% | 10.8% | 10.2% |
| Assets 1 | 46,073 | 53,748 | 47,198 | 58,854 | - | 73,983 | 83,566 | 93,487 |
| Book Value Per Share 2 | 32.10 | 42.00 | 48.10 | 64.00 | - | 85.60 | 104.0 | 119.0 |
| Cash Flow per Share 2 | 18.10 | 17.10 | 9.720 | 16.40 | - | 21.50 | 22.40 | 27.20 |
| Capex 1 | 4,278 | 2,272 | 3,579 | 3,103 | - | 2,716 | 2,694 | 2,643 |
| Capex / Sales | 4.6% | 2.23% | 3.06% | 3.01% | - | 2.3% | 2.18% | 2.05% |
| Announcement Date | 05/03/20 | 25/02/21 | 23/02/22 | 23/02/23 | 28/02/24 | - | - | - |
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
116.3
CNY
Average target price
158.7
CNY
Spread / Average Target
+36.48%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -9.63% | 8.71B | |
| +3.12% | 195B | |
| -5.51% | 191B | |
| +46.15% | 94.44B | |
| -4.27% | 92.77B | |
| +4.04% | 76.35B | |
| +11.86% | 52.3B | |
| +14.31% | 25.01B | |
| +19.78% | 10.49B | |
| -17.64% | 5.39B |
- Stock Market
- Equities
- VIPS Stock
- Financials Vipshop Holdings Limited
