Company Valuation: Hesai Group

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 7,931 12,859 24,620 17,423 - -
Change - 62.13% 91.46% -29.23% - -
Enterprise Value (EV) 1 6,663 10,290 23,684 14,625 14,756 13,802
Change - 54.44% 130.17% -38.25% 0.9% -6.46%
P/E -16.6x -128x 52.6x 31x 18x 12.7x
PBR 2.08x 3.37x 2.43x 1.85x 1.68x 1.49x
PEG 0.4x 1.6x -0x 1.5x 0.3x 0.3x
Capitalization / Revenue 4.23x 6.19x 8.13x 4x 2.84x 2.17x
EV / Revenue 3.55x 4.95x 7.82x 3.35x 2.41x 1.72x
EV / EBITDA -13.7x -141x 81x 23.7x 13.6x 8.49x
EV / EBIT -11.7x -50.2x 140x 32.2x 17.3x 10.3x
EV / FCF -18.6x -49.5x -105x -64x 71x 32x
FCF Yield -5.36% -2.02% -0.95% -1.56% 1.41% 3.13%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -3.81 -0.79 2.98 3.593 6.175 8.772
Distribution rate - - - - - -
Net sales 1 1,877 2,077 3,028 4,361 6,132 8,027
EBITDA 1 -485.3 -73.1 292.5 618.3 1,082 1,625
EBIT 1 -571.6 -204.9 168.8 454.5 854.4 1,338
Net income 1 -476 -102.4 435.9 553.2 906.2 1,287
Net Debt 1 -1,269 -2,570 -936.5 -2,798 -2,667 -3,621
Reference price 2 63.18 100.87 156.67 111.37 111.37 111.37
Nbr of stocks (in thousands) 125,535 127,478 157,142 156,440 - -
Announcement Date 3/11/24 3/10/25 3/24/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-140.14x9.94x-143.62x-.--% 5.98B
1664.86x113.72x1267.18x - 5.88B
-112.24x13.22x-157.62x4.4% 1.47B
21.85x3.79x13.13x2.78% 1.17B
431.89x8.95x252.98x - 1.01B
-11.06x12.18x-3.79x - 408M
Average 309.19x 26.97x 204.71x 2.39% 2.66B
Weighted average by Cap. 580.62x 48.11x 416.43x 1.13%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield