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 17,168 - -
Change - 62.13% 91.46% -30.27% - -
Enterprise Value (EV) 1 6,663 10,290 23,684 14,369 14,501 13,547
Change - 54.44% 130.17% -39.33% 0.91% -6.58%
P/E -16.6x -128x 52.6x 30.5x 17.8x 12.5x
PBR 2.08x 3.37x 2.43x 1.82x 1.66x 1.47x
PEG 0.4x 1.6x -0x 1.5x 0.2x 0.3x
Capitalization / Revenue 4.23x 6.19x 8.13x 3.94x 2.8x 2.14x
EV / Revenue 3.55x 4.95x 7.82x 3.3x 2.36x 1.69x
EV / EBITDA -13.7x -141x 81x 23.2x 13.4x 8.34x
EV / EBIT -11.7x -50.2x 140x 31.6x 17x 10.1x
EV / FCF -18.6x -49.5x -105x -62.9x 69.7x 31.4x
FCF Yield -5.36% -2.02% -0.95% -1.59% 1.43% 3.19%
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 63.18 100.87 156.67 109.74 109.74 109.74
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) 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