Meituan

DB:9MD Stock Report

Market Cap: €68.9b

Meituan Valuation

Is 9MD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 9MD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9MD (€11.15) is trading below our estimate of fair value (€35.77)

Significantly Below Fair Value: 9MD is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9MD?

Key metric: As 9MD is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 9MD. This is calculated by dividing 9MD's market cap by their current revenue.
What is 9MD's PS Ratio?
PS Ratio1.6x
SalesCN¥362.37b
Market CapCN¥568.36b

Price to Sales Ratio vs Peers

How does 9MD's PS Ratio compare to its peers?

The above table shows the PS ratio for 9MD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.8x
DHER Delivery Hero
0.5x10.11%€6.6b
DASH DoorDash
8x19.21%US$100.8b
TUI1 TUI
0.2x2.62%€4.7b
SBUX Starbucks
2.6x5.03%US$96.7b
9MD Meituan
1.6x11.44%€630.4b

Price-To-Sales vs Peers: 9MD is good value based on its Price-To-Sales Ratio (1.6x) compared to the peer average (2.8x).

Price to Sales Ratio vs Industry

How does 9MD's PS Ratio compare vs other companies in the DE Hospitality Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
MS1 Marley Spoon Group
0.02x-0.027%US$5.12m
9UX Hostmore
0.0006xn/aUS$138.43k
No more companies available in this PS range
9MD 1.6xIndustry Avg. 1.2xNo. of Companies4PS00.61.21.82.43+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 9MD is expensive based on its Price-To-Sales Ratio (1.6x) compared to the European Hospitality industry average (1.2x).

Price to Sales Ratio vs Fair Ratio

What is 9MD's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

9MD PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.6x
Fair PS Ratio4.2x

Price-To-Sales vs Fair Ratio: 9MD is good value based on its Price-To-Sales Ratio (1.6x) compared to the estimated Fair Price-To-Sales Ratio (4.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 9MD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€11.15
€13.14
+17.90%
18.58%€19.35€7.55n/a37
Dec ’26€10.90
€13.26
+21.61%
18.49%€19.48€7.63n/a37
Nov ’26€11.28
€14.36
+27.30%
28.73%€33.48€8.34n/a38
Oct ’26€11.27
€14.42
+27.96%
27.80%€33.01€8.22n/a38
Sep ’26€11.17
€15.02
+34.40%
26.08%€32.98€8.56n/a38
Aug ’26€13.28
€18.31
+37.89%
18.11%€33.01€12.92n/a37
Jul ’26€13.79
€18.61
+35.01%
17.87%€33.13€12.78n/a37
Jun ’26€15.31
€19.56
+27.79%
17.49%€34.26€12.92n/a37
May ’26€14.50
€22.41
+54.52%
15.31%€33.94€14.08n/a36
Apr ’26€18.72
€24.01
+28.29%
14.40%€35.68€14.80n/a37
Mar ’26€19.92
€25.36
+27.35%
16.77%€37.05€15.39n/a37
Feb ’26€18.70
€25.52
+36.45%
16.89%€37.09€15.40n/a36
Jan ’26€18.71
€25.36
+35.56%
16.90%€36.86€15.31n/a36
Dec ’25€19.20
€23.52
+22.48%
23.74%€36.32€13.01€10.9038
Nov ’25€22.03
€22.50
+2.15%
23.82%€31.90€12.93€11.2837
Oct ’25€20.00
€18.22
-8.89%
15.76%€23.30€12.76€11.2737
Sep ’25€13.55
€17.66
+30.32%
14.21%€23.23€12.78€11.1739
Aug ’25€12.51
€16.90
+35.11%
14.96%€23.73€12.58€13.2838
Jul ’25€13.10
€17.08
+30.41%
15.61%€24.02€12.63€13.7941
Jun ’25€12.25
€16.24
+32.61%
20.27%€23.80€11.03€15.3141
May ’25€13.01
€16.22
+24.70%
20.90%€24.19€11.21€14.5041
Apr ’25€11.38
€15.96
+40.23%
21.92%€23.98€9.46€18.7241
Mar ’25€10.41
€16.79
+61.33%
32.18%€32.32€7.89€19.9241
Feb ’25€7.40
€17.50
+136.48%
28.17%€32.46€8.88€18.7041
Jan ’25€9.24
€18.15
+96.30%
25.62%€32.17€8.52€18.7141
Dec ’24€10.25
€18.88
+84.23%
27.30%€35.68€10.59€19.2041
€13
Fair Value
14.3% undervalued intrinsic discount
37
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/28 19:27
End of Day Share Price 2025/12/23 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Meituan is covered by 62 analysts. 44 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Sau Shing ChowABCI Securities Company Limited
Zixiao YangArete Research Services LLP
Jiong ShaoBarclays