理想汽車-W(2015)之Earnings Power Value

股價

102.20 HKD

公允價值

89.21 HKD

4.7%

Normalized EBIT Margin

7.1%

Normalized CapEx as % of Revenue

11.0%

Normalized Tax Rate

Earnings Power Value

股價

102.20 HKD

公允價值

89.21 HKD

看漲

-15.2%

Adj EBIT Margin

Normalized EBIT Margin

Normalized Tax Rate

CapEx

Adj Earnings

Fair Value


Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-24
(CNY in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	9,457	27,010	45,287	123,851	144,460	144,460

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	(189)	(153)	(2,159)	10,452	9,316	9,316
(+) Net Interest Expense	(188)	(677)	(870)	(1,997)	(1,632)	(1,632)
(+) Other Non Operating Exp.	(292)	(187)	(626)	(1,048)	(664)	(664)
(+) D&A	321	590	1,214	1,805	1,805	1,805
(+) Non-recurring Items	30
Adjusted EBITDA	(318)	(427)	(2,441)	9,212	8,824	8,824

(-) D&A	(321)	(590)	(1,214)	(1,805)	(1,805)	(1,805)

Adjusted EBIT	(639)	(1,017)	(3,655)	7,407	7,019	7,019
% of Revenue	-6.8%	-3.8%	-8.1%	6.0%	4.9%	4.9%


	Low	Median	High

Adjusted EBIT Margin	0.0%	0.0%	6.0%

支援算式

Equity Waterfall


Equity Waterfall

	Model
(CNY in millions)	Low	Mid	High	Market
Enterprise Value	20,852	57,745	194,378	85,466
(+) Cash & Short Term Investments	112,806	112,806	112,806	112,806
(+) Investments & Other	923	923	923	923
(-) Debt	(16,345)	(16,345)	(16,345)	(16,345)
(-) Other Liabilities	(445)	(445)	(445)	(445)
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	117,791	154,683	291,316	182,405
(/) Shares Outstanding	1,857.3	1,857.3	1,857.3	1,857.3
Implied Stock Price (CNY)	63.42	83.28	156.85	98.21
FX Rate: CNY/HKD	0.93	0.93	0.93	0.93
Implied Stock Price (HKD)	67.93	89.21	168.01	105.20

Upside / (Downside)	-35.42%	-15.20%	59.71%


Stock Price	105.20
Stock Price Close	105.20
Restatment Type	Press Release
Reporting Currency	CNY
Trading Currency	HKD
FX Rate: CNY/HKD	0.93
Market Cap	204,966.4
Shares Outstanding	1,006.9
Share Exchange Ratio	1.8
Liquid Long-term Investments	0

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