Financials Xiaomi Corporation Börse Stuttgart

Equities

3CP

KYG9830T1067

Phones & Handheld Devices

Market Closed - Börse Stuttgart Other stock markets 01:29:47 18/05/2024 am IST			5-day change	1st Jan Change
2.346 ^EUR	+0.11%		+1.73%	+28.90%

15/05	Xiaomi to Sell Smart Hardware Products on JD.com Platform	MT
15/05	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	2,30,990	7,03,249	3,84,505	2,40,970	3,55,123	4,60,004	-	-
Enterprise Value (EV) ¹	2,01,171	6,48,495	3,53,890	2,06,683	2,95,466	3,87,060	3,71,853	3,48,481
P/E ratio	23.5 x	33.9 x	20.3 x	96.6 x	20.5 x	32.8 x	27.3 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	1.2 x	1.02 x	0.84 x
EV / EBITDA	15.3 x	25.2 x	12.2 x	31.7 x	11.9 x	18.9 x	16.7 x	12.7 x
EV / FCF	9.86 x	34.4 x	135 x	-19.7 x	8.78 x	29 x	22.4 x	17.4 x
FCF Yield	10.1%	2.91%	0.74%	-5.09%	11.4%	3.44%	4.46%	5.73%
Price to Book	2.81 x	5.42 x	2.8 x	1.67 x	2.15 x	2.46 x	2.25 x	2.02 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	2,49,20,925	-	-
Reference price ²	9.634	27.94	15.40	9.662	14.18	18.46	18.46	18.46
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	3,21,516	3,66,245	4,13,714
EBITDA ¹	13,141	25,743	29,090	6,524	24,845	20,444	22,235	27,500
EBIT ¹	11,760	24,035	26,029	2,816	20,009	15,389	18,155	23,162
Operating Margin	5.71%	9.78%	7.93%	1.01%	7.38%	4.79%	4.96%	5.6%
Earnings before Tax (EBT) ¹	12,163	21,633	24,417	3,934	22,011	17,515	20,386	24,599
Net income ¹	10,103	20,313	19,339	2,474	17,475	14,497	17,453	21,150
Net margin	4.91%	8.26%	5.89%	0.88%	6.45%	4.51%	4.77%	5.11%
EPS ²	0.4100	0.8250	0.7600	0.1000	0.6900	0.5633	0.6763	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%	65.22%	74.57%	72.64%
FCF Conversion (Net income)	201.97%	92.81%	13.53%	-	192.49%	91.98%	95.01%	94.44%
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 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	1,03,240	78,063	85,575	73,352	70,171	1,43,522	70,474	66,047	59,477	67,355	70,894	73,244	73,424	80,445	84,092	87,395	88,396
EBITDA ¹	-	3,530	5,292	-32.83	2,680	-	-430	4,306	6,825	5,066	6,653	6,284	5,794	5,723	5,350	3,570	-
EBIT ¹	-	2,730	4,416	-911.3	1,733	-	-1,361	3,356	5,900	4,041	5,011	5,057	4,625	4,201	4,531	2,593	5,127
Operating Margin	-	3.5%	5.16%	-1.24%	2.47%	-	-1.93%	5.08%	9.92%	6%	7.07%	6.9%	6.3%	5.22%	5.39%	2.97%	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	4,089	3,392	3,454	2,858	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%	5.57%	4.22%	4.11%	3.27%	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	0.1576	0.1330	0.1319	0.1142	0.1700
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	26/08/20	23/11/21	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	-	-	-	-	-

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	1,11,523
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%	9.05%	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	1,65,390	2,18,654	2,73,285	82,254	2,98,879	3,14,731	3,64,643	4,36,534
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	0.7400	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	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

18.46 CNY

Average target price

19.47 CNY

Spread / Average Target

+5.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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