Financials Xiaomi Corporation OTC Markets

Equities

XIACY

US98421U1088

Phones & Handheld Devices

Market Closed - OTC Markets Other stock markets 01:29:35 08/06/2024 am IST			5-day change	1st Jan Change
11.01 ^USD	-3.67%		-0.90%	+9.88%

05/06	EV maker Nio gets regulatory nod for third factory in China, sources say	RE
03/06	China Electric-Vehicle Shares Rally After Strong Sales in May	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,30,990	7,03,249	3,84,505	2,40,970	3,55,123	4,08,200	-	-
Enterprise Value (EV) ¹	2,01,171	6,48,495	3,53,890	2,06,683	2,95,466	3,22,918	3,08,532	2,86,935
P/E ratio	23.5 x	33.9 x	20.3 x	96.6 x	20.5 x	28 x	23.9 x	18.9 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	1.12 x	2.86 x	1.17 x	0.86 x	1.31 x	1.23 x	1.1 x	0.97 x
EV / Revenue	0.98 x	2.64 x	1.08 x	0.74 x	1.09 x	0.98 x	0.83 x	0.68 x
EV / EBITDA	15.3 x	25.2 x	12.2 x	31.7 x	11.9 x	16.2 x	13.8 x	10.3 x
EV / FCF	9.86 x	34.4 x	135 x	-19.7 x	8.78 x	20.9 x	16.9 x	12.5 x
FCF Yield	10.1%	2.91%	0.74%	-5.09%	11.4%	4.78%	5.91%	7.97%
Price to Book	2.81 x	5.42 x	2.8 x	1.67 x	2.15 x	2.25 x	2 x	1.79 x
Nbr of stocks (in thousands)	2,39,77,155	2,51,67,385	2,49,67,962	2,49,40,021	2,50,45,738	2,49,73,787	-	-
Reference price ²	9.634	27.94	15.40	9.662	14.18	16.35	16.35	16.35
Announcement Date	31/03/20	24/03/21	22/03/22	24/03/23	19/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,05,839	2,45,866	3,28,309	2,80,044	2,70,970	3,30,785	3,72,064	4,21,397
EBITDA ¹	13,141	25,743	29,090	6,524	24,845	19,988	22,437	27,993
EBIT ¹	11,760	24,035	26,029	2,816	20,009	15,580	18,869	24,392
Operating Margin	5.71%	9.78%	7.93%	1.01%	7.38%	4.71%	5.07%	5.79%
Earnings before Tax (EBT) ¹	12,163	21,633	24,417	3,934	22,011	19,339	21,774	26,900
Net income ¹	10,103	20,313	19,339	2,474	17,475	15,553	17,894	22,572
Net margin	4.91%	8.26%	5.89%	0.88%	6.45%	4.7%	4.81%	5.36%
EPS ²	0.4100	0.8250	0.7600	0.1000	0.6900	0.5828	0.6847	0.8651
Free Cash Flow ¹	20,405	18,853	2,616	-10,513	33,638	15,426	18,247	22,874
FCF margin	9.91%	7.67%	0.8%	-3.75%	12.41%	4.66%	4.9%	5.43%
FCF Conversion (EBITDA)	155.28%	73.23%	8.99%	-	135.39%	77.18%	81.32%	81.71%
FCF Conversion (Net income)	201.97%	92.81%	13.53%	-	192.49%	99.19%	101.97%	101.33%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	31/03/20	24/03/21	22/03/22	24/03/23	19/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	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	2025 Q2
Net sales ¹	1,03,240	85,575	73,352	70,171	1,43,522	70,474	66,047	59,477	67,355	70,894	73,244	75,507	84,219	86,096	88,293	87,539	94,470
EBITDA ¹	-	5,292	-32.83	2,680	-	-430	4,306	6,825	5,066	6,653	6,284	5,077	5,553	5,424	3,626	4,777	-
EBIT ¹	-	4,416	-911.3	1,733	-	-1,361	3,356	5,900	4,041	5,011	5,057	3,683	4,479	4,500	3,171	4,683	4,564
Operating Margin	-	5.16%	-1.24%	2.47%	-	-1.93%	5.08%	9.92%	6%	7.07%	6.9%	4.88%	5.32%	5.23%	3.59%	5.35%	4.83%
Earnings before Tax (EBT) ¹	-	3,884	-415.9	1,737	1,321	-1,191	3,804	5,471	4,956	5,887	5,698	5,222	5,442	5,075	3,471	5,227	5,667
Net income ¹	6,662	2,486	-587.6	1,386	798.8	-1,476	3,151	4,204	3,670	4,869	4,727	4,182	4,044	4,338	3,378	4,728	5,186
Net margin	6.45%	2.9%	-0.8%	1.98%	0.56%	-2.09%	4.77%	7.07%	5.45%	6.87%	6.45%	5.54%	4.8%	5.04%	3.83%	5.4%	5.49%
EPS ²	-	0.1000	-0.0200	0.0600	0.0300	-0.0600	0.1300	0.1700	0.1500	0.1900	0.1800	0.1700	0.1540	0.1760	0.1556	0.1705	0.2200
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	26/08/20	22/03/22	19/05/22	19/08/22	19/08/22	23/11/22	24/03/23	24/05/23	29/08/23	20/11/23	19/03/24	23/05/24	-	-	-	-	-

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	85,282	99,668	1,21,264
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	20,405	18,853	2,616	-10,513	33,638	15,426	18,247	22,874
ROE (net income / shareholders' equity)	13.2%	19.8%	14.8%	6.07%	11.4%	9.81%	9.62%	10.3%
ROA (Net income/ Total Assets)	6.11%	9.29%	7.08%	3.01%	5.85%	4.75%	4.87%	5.01%
Assets ¹	1,65,390	2,18,654	2,73,285	82,254	2,98,879	3,27,312	3,67,252	4,50,548
Book Value Per Share ²	3.420	5.160	5.500	5.790	6.590	7.270	8.180	9.130
Cash Flow per Share ²	0.9700	0.8900	0.3800	-0.1700	1.630	0.7900	0.9300	1.140
Capex ¹	3,405	3,026	7,169	6,123	7,662	6,585	8,076	8,317
Capex / Sales	1.65%	1.23%	2.18%	2.19%	2.83%	1.99%	2.17%	1.97%
Announcement Date	31/03/20	24/03/21	22/03/22	24/03/23	19/03/24	-	-	-

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

16.35 CNY

Average target price

20.23 CNY

Spread / Average Target

+23.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Phones & Smart Phones