JOYY (WBAG:JOYY) - Share price, News & Analysis

JOYY fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	4/6
Past Performance	0/6
Financial Health	5/6
Dividends	2/6

JOYY Stock Overview

JOYY Inc., together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video and audio-based social platforms.

Rewards

Trading at 66.6% below our estimate of its fair value

Earnings are forecast to grow 82.03% per year

Risk Analysis

Dividend of 5.72% is not well covered by earnings or forecast to be in the next 3 years

Highly volatile share price over the past 3 months

JOYY Competitors

Tencent Holdings

SEHK:700

HK$3.3t

Kuaishou Technology

SEHK:1024

HK$256.4b

Bilibili

NasdaqGS:BILI

US$7.3b

Tencent Music Entertainment Group

NYSE:TME

US$6.3b

Price History & Performance

Summary of all time highs, changes and price drops for JOYY
Historical stock prices
Current Share Price	US$33.80
52 Week High	US$72.80
52 Week Low	US$21.50
Beta	0.59
1 Month Change	-4.25%
3 Month Change	-20.66%
1 Year Change	-52.66%
3 Year Change	-43.90%
5 Year Change	n/a
Change since IPO	-38.53%

Shareholder Returns

	JOYY	AT Interactive Media and Services	AT Market
7D	-13.8%	0%	0%
1Y	-52.7%	0%	0%

Return vs Industry: JOYY underperformed the Austrian Interactive Media and Services industry which returned -39.6% over the past year.

Return vs Market: JOYY underperformed the Austrian Market which returned -1.4% over the past year.

Price Volatility

Is JOYY's price volatile compared to industry and market?
JOYY volatility
JOYY Average Weekly Movement	20.1%
Interactive Media and Services Industry Average Movement	0%
Market Average Movement	0%
10% most volatile stocks in AT Market	0%
10% least volatile stocks in AT Market	0%

Stable Share Price: JOYY is more volatile than 90% of Austrian stocks over the past 3 months, typically moving +/- 20% a week.

Volatility Over Time: JOYY's weekly volatility has increased from 12% to 20% over the past year.

About the Company

Founded	Employees	CEO	Website
2005	7,449	David Li	https://joyy.sg

JOYY Inc., together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video and audio-based social platforms. The company operates Bigo Live, a live streaming platform that allows users to live stream specific moments, such as showcase talents, socialize, and connect with other users worldwide; Likee, a short-form video social platform that focuses on enabling users to create short-form video; Hago, a casual game-oriented social platform; and imo, a chat and instant messaging application with functions, including video calls and other communication tools, such as group calls, document sharing, etc.. It operates in the People’s Republic of China, the United States, the Great Britain, Japan, South Korea, Australia, the Middle East, and Southeast Asia and others. The company was formerly known as YY Inc. and changed its name to JOYY Inc. in December 2019.

JOYY Fundamentals Summary

How do JOYY's earnings and revenue compare to its market cap?
JOYY fundamental statistics
Market Cap	US$2.53b
Earnings (TTM)	-US$125.10m
Revenue (TTM)	US$2.62b

1.0x

P/S Ratio

-20.2x

P/E Ratio

Is JOYY overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
JOYY income statement (TTM)
Revenue	US$2.62b
Cost of Revenue	US$1.78b
Gross Profit	US$837.90m
Other Expenses	US$963.00m
Earnings	-US$125.10m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	-1.76
Gross Margin	31.99%
Net Profit Margin	-4.78%
Debt/Equity Ratio	16.7%

How did JOYY perform over the long term?

See historical performance and comparison

Dividends

5.7%

Current Dividend Yield

-127%

Payout Ratio

Valuation

Is JOYY undervalued compared to its fair value and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: JOYY (€33.8) is trading below our estimate of fair value (€101.07)

Significantly Below Fair Value: JOYY is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: JOYY is unprofitable, so we can't compare its PE Ratio to the European Interactive Media and Services industry average.

PE vs Market: JOYY is unprofitable, so we can't compare its PE Ratio to the Austrian market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate JOYY's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: JOYY is good value based on its PB Ratio (0.5x) compared to the XE Interactive Media and Services industry average (2.2x).

Future Growth

How is JOYY forecast to perform in the next 1 to 3 years based on estimates from 17 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

82.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: JOYY is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (0.2%).

Earnings vs Market: JOYY is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: JOYY's is expected to become profitable in the next 3 years.

Revenue vs Market: JOYY's revenue (9.4% per year) is forecast to grow faster than the Austrian market (1.7% per year).

High Growth Revenue: JOYY's revenue (9.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: JOYY's Return on Equity is forecast to be low in 3 years time (4.4%).

Past Performance

How has JOYY performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-34.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: JOYY is currently unprofitable.

Growing Profit Margin: JOYY is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: JOYY is unprofitable, and losses have increased over the past 5 years at a rate of 34.7% per year.

Accelerating Growth: Unable to compare JOYY's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: JOYY is unprofitable, making it difficult to compare its past year earnings growth to the Interactive Media and Services industry (36.5%).

Return on Equity

High ROE: JOYY has a negative Return on Equity (-2.5%), as it is currently unprofitable.

Financial Health

How is JOYY's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: JOYY's short term assets ($5.1B) exceed its short term liabilities ($2.5B).

Long Term Liabilities: JOYY's short term assets ($5.1B) exceed its long term liabilities ($1.0B).

Debt to Equity History and Analysis

Debt Level: JOYY has more cash than its total debt.

Reducing Debt: JOYY's debt to equity ratio has reduced from 54.9% to 16.7% over the past 5 years.

Debt Coverage: JOYY's debt is well covered by operating cash flow (22.6%).

Interest Coverage: Insufficient data to determine if JOYY's interest payments on its debt are well covered by EBIT.

Balance Sheet

Dividend

What is JOYY current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

5.72%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: JOYY's dividend (5.72%) is higher than the bottom 25% of dividend payers in the Austrian market (1.55%).

High Dividend: JOYY's dividend (5.72%) is in the top 25% of dividend payers in the Austrian market (4.44%)

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, JOYY has been paying a dividend for less than 10 years.

Growing Dividend: JOYY's dividend payments have increased, but the company has only paid a dividend for 2 years.

Earnings Payout to Shareholders

Earnings Coverage: JOYY is paying a dividend but the company is unprofitable.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (566.3%), JOYY's dividend payments are not well covered by cash flows.

Next Steps

Explore strong dividend paying companies in the Media industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

5.0yrs

Average management tenure

CEO

David Li (48 yo)

5yrs

Tenure

Mr. Xueling Li, also known as David, is a Co-Founder of JOYY Inc. (formerly known as YY Inc.) and has been its Chief Executive Officer since April 2019 and served as its Acting Chief Executive Officer sinc...

Leadership Team

Experienced Management: JOYY's management team is seasoned and experienced (5 years average tenure).

Board Members

Experienced Board: JOYY's board of directors are considered experienced (9 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/09 00:00
End of Day Share Price	2022/05/09 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31