Company Valuation: Meituan

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,126,727 957,019 464,216 861,878 567,001 408,553 - -
Change - -15.06% -51.49% 85.66% -34.21% -27.94% - -
Enterprise Value (EV) 1 1,068,850 883,100 354,226 729,838 484,048 311,768 288,667 255,623
Change - -17.38% -59.89% 106.04% -33.68% -35.59% -7.41% -11.45%
P/E -47.1x -142x 35.2x 25.2x -24.2x -39.8x 20.8x 12.5x
PBR 8.83x 7.43x 3.05x 5.06x 3.73x 2.7x 2.34x 1.93x
PEG - 2x -0x 0x 0x 0.7x -0x 0.2x
Capitalization / Revenue 6.29x 4.35x 1.68x 2.55x 1.55x 1.02x 0.89x 0.79x
EV / Revenue 5.97x 4.01x 1.28x 2.16x 1.33x 0.78x 0.63x 0.5x
EV / EBITDA -110x 90.8x 14.8x 14.9x -35.1x 40.4x 8.26x 4.85x
EV / EBIT -46.2x -152x 26.4x 17.9x -19.3x -36.4x 12.3x 6.75x
EV / FCF -82.1x 155x 10.5x 15.8x -17.9x 35.4x 12.8x 7.93x
FCF Yield -1.22% 0.64% 9.5% 6.32% -5.6% 2.83% 7.84% 12.6%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -3.9 -1.09 2.11 5.66 -3.84 -1.664 3.176 5.307
Distribution rate - - - - - - - -
Net sales 1 179,128 219,955 276,745 337,592 364,855 402,227 457,590 514,210
EBITDA 1 -9,694 9,725 23,878 49,119 -13,783 7,722 34,931 52,655
EBIT 1 -23,127 -5,820 13,415 40,869 -25,041 -8,567 23,548 37,860
Net income 1 -23,538 -6,686 13,856 35,807 -23,355 -10,157 19,838 32,231
Net Debt 1 -57,876 -73,919 -109,991 -132,040 -82,952 -96,784 -119,886 -152,930
Reference price 2 183.63 154.53 74.34 142.55 92.83 66.20 66.20 66.20
Nbr of stocks (in thousands) 6,135,944 6,192,973 6,244,376 6,046,056 6,108,075 6,171,841 - -
Announcement Date 3/25/22 3/24/23 3/22/24 3/21/25 3/26/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
22.91x1.54x10.57x0.93% 272B
95.97x12.61x67.61x-.--% 198B
9.06x1.07x4.66x-.--% 125B
52.16x2.16x22.25x-.--% 101B
-39.77x0.78x40.37x-.--% 60.78B
23.9x4.16x13.78x1.16% 47.17B
21.09x5.69x13.8x - 30.86B
30.39x3.52x11.81x1.52% 15.75B
5.93x0.28x3.23x3.71% 7.83B
Average 24.63x 3.53x 20.90x 0.91% 95.44B
Weighted average by Cap. 36.72x 4.36x 26.59x 0.43%

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