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Xiaomi Corporation operates as an Internet company with smartphones and smart hardware connected by Internet of Things in Mainland China and internationally. The last earnings update was 91 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
Xiaomi (3CP) | 4.9% | 9.4% | -23.4% | - | - | - |
DE Tech | 2.5% | 8.5% | 7.3% | -10.5% | 78.2% | 63.4% |
DE Market | 3% | 2.8% | -0.7% | -12.1% | 11.8% | 4.9% |
Is Xiaomi undervalued based on future cash flows and its price relative to the stock market?
Below are the data sources, inputs and calculation used to determine the intrinsic value for Xiaomi.
Data Point | Source | Value |
---|---|---|
Valuation Model | 2 Stage Free Cash Flow to Equity | |
Levered Free Cash Flow | Average of 25 Analyst Estimates (S&P Global) | See below |
Discount Rate (Cost of Equity) | See below | 9.6% |
Perpetual Growth Rate | 10-Year DE Government Bond Rate | 0.2% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
Data Point | Calculation/ Source | Result |
---|---|---|
Risk-Free Rate | 10-Year DE Govt Bond Rate | 0.2% |
Equity Risk Premium | S&P Global | 9.8% |
Tech Unlevered Beta | Simply Wall St/ S&P Global | 0.93 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.93 (1 + (1- 25%) (4.3%)) |
0.959 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.96 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.959 * 9.77%) |
9.6% |
Discounted Cash Flow Calculation for DB:3CP using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Xiaomi is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
2019 | 2020 | 2021 | 2022 | 2023 | |
Levered FCF (CNY, Millions) | 12,594.60 | 15,942.70 | 21,498.27 | 30,082.00 | 34,539.00 |
Source | Analyst x10 | Analyst x10 | Analyst x2 | Analyst x1 | Analyst x1 |
Present Value Discounted (@ 9.6%) |
11,491.01 | 13,271.18 | 16,327.69 | 20,844.99 | 21,836.27 |
Present value of next 5 years cash flows | CN¥83,771.14 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= CN¥34,539.00 × (1 + 0.23%) ÷ (9.6% – 0.23%) |
CN¥369,218.17 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= CN¥369,218.17 ÷ (1 + 9.6%)5 |
CN¥233,427.40 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= CN¥83,771.14 + CN¥233,427.40 |
CN¥317,198.54 |
Equity Value per Share (CNY) |
= Total value / Shares Outstanding
= CN¥317,198.54 / 23,893.62 |
CN¥13.28 |
Calculation | Result | |
---|---|---|
Exchange Rate | CNY/HKD
(Reporting currency to currency of SEHK:1810) |
1.159 |
Value per Share (HKD) |
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥13.28 x 1.159 |
HK$15.39 |
Non-primary Listing Adjustment Factor |
1 share in DB:3CP
represents 0.1149x
of
SEHK:1810
(This could be a different class, a depositary receipt, a different currency, or all of these things.) |
0.1149x |
Value per Share (Listing Adjusted, EUR) |
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 15.39 x 0.1149 |
€1.77 |
Value per share (EUR) | From above. | €1.77 |
Current discount | Discount to share price of
€1.28
= -1 x (€1.28 - €1.77) / €1.77 |
27.6% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Data Point | Source | Value |
---|---|---|
Earnings Per Share * | Company Filings (2018-09-30) in CNY | CN¥-0.22 |
SEHK:1810 Share Price ** | SEHK (2019-02-15) in HKD | HK$11.14 |
SEHK:1810 Share Price converted to CNY reporting currency | Exchange rate (HKD/ CNY) 0.862 | CN¥9.61 |
Europe Tech Industry PE Ratio | Median Figure of 24 Publicly-Listed Tech Companies | 15.24x |
Germany Market PE Ratio | Median Figure of 419 Publicly-Listed Companies | 18.21x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Xiaomi.
Calculation | Outcome | |
---|---|---|
PE Ratio | = SEHK:1810 Share Price ÷ EPS (both in CNY) = 9.61 ÷ -0.22 |
-42.78x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
PE Ratio | See PE Ratio Section | -42.78x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 25 Analysts |
18.3%per year |
Europe Tech Industry PEG Ratio | Median Figure of 12 Publicly-Listed Tech Companies | 0.93x |
Germany Market PEG Ratio | Median Figure of 276 Publicly-Listed Companies | 1.42x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-09-30) in CNY | CN¥3.15 |
SEHK:1810 Share Price * | SEHK (2019-02-15) in HKD | HK$11.14 |
SEHK:1810 Share Price converted to CNY reporting currency | Exchange rate (HKD/ CNY) 0.862 | CN¥9.61 |
Europe Tech Industry PB Ratio | Median Figure of 31 Publicly-Listed Tech Companies | 1.29x |
Germany Market PB Ratio | Median Figure of 566 Publicly-Listed Companies | 1.79x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = SEHK:1810 Share Price ÷ Book Value per Share (both in CNY) = 9.61 ÷ 3.15 |
3.05x |
* Primary Listing of Xiaomi.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
How is Xiaomi expected to perform in the next 1 to 3 years based on estimates from 25 analysts?
Data Point | Source | Value (per year) |
---|---|---|
DB:3CP Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 25 Analysts | 18.3% |
DB:3CP Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 25 Analysts | 20.2% |
Europe Tech Industry Earnings Growth Rate | Market Cap Weighted Average | 11.5% |
Europe Tech Industry Revenue Growth Rate | Market Cap Weighted Average | 8.7% |
Germany Market Earnings Growth Rate | Market Cap Weighted Average | 9.6% |
Germany Market Revenue Growth Rate | Market Cap Weighted Average | 4.7% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 25 Analyst Estimates (S&P Global) | See Below |
Date (Data in CNY Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2023-12-31 | 505,122 | 2 | ||
2022-12-31 | 431,335 | 22,710 | 4 | |
2021-12-31 | 356,325 | 16,266 | 5 | |
2020-12-31 | 292,085 | 18,201 | 14,384 | 22 |
2019-12-31 | 227,679 | 14,891 | 10,431 | 25 |
2018-12-31 | 178,176 | 12,427 | 11,082 | 26 |
Date (Data in CNY Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-09-30 | 165,608 | 496 | -2,885 |
2018-06-30 | 148,862 | 3,187 | -16,373 |
2017-12-31 | 114,625 | -996 | -43,826 |
2016-12-31 | 68,434 | 4,531 | 553 |
2015-12-31 | 66,811 | -2,601 | -7,581 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (4 months ago) | See Below |
Future Estimates | Average of up to 25 Analyst Estimates (S&P Global) | See Below |
All data from Xiaomi Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in CNY Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2023-12-31 | ||||
2022-12-31 | 1.07 | 1.21 | 0.93 | 2.00 |
2021-12-31 | 0.82 | 1.02 | 0.60 | 4.00 |
2020-12-31 | 0.63 | 0.82 | 0.43 | 14.00 |
2019-12-31 | 0.45 | 0.58 | 0.31 | 18.00 |
2018-12-31 | 0.51 | 0.75 | 0.38 | 17.00 |
Date (Data in CNY Millions) | EPS * |
---|---|
2018-09-30 | -0.22 |
2018-06-30 | -1.65 |
2017-12-31 | -4.49 |
2016-12-31 | 0.06 |
2015-12-31 | -0.78 |
*GAAP earnings excluding extraordinary items.
How has Xiaomi performed over the past 5 years?
All data from Xiaomi Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in CNY Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
---|---|---|---|---|
2018-09-30 | 165,608.11 | -2,884.78 | 19,535.56 | 5,036.45 |
2018-06-30 | 148,861.78 | -16,373.38 | 8,579.24 | 4,306.80 |
2017-12-31 | 114,624.74 | -43,826.02 | 6,447.65 | 3,151.40 |
2016-12-31 | 68,434.16 | 553.25 | 3,949.15 | 2,104.23 |
2015-12-31 | 66,811.26 | -7,581.30 | 2,679.02 | 1,511.82 |
*GAAP earnings excluding extraordinary items.
How is Xiaomi's financial health and their level of debt?
All data from Xiaomi Company Filings, last reported 4 months ago.
Date (Data in CNY Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-09-30 | 67,163.18 | 9,864.58 | 44,805.12 |
2018-06-30 | -110,337.55 | 163,115.91 | 22,796.25 |
2017-12-31 | -127,210.69 | 172,304.65 | 17,076.50 |
2016-12-31 | -92,057.88 | 120,011.55 | 13,188.01 |
2015-12-31 | -86,638.31 | 109,210.85 | 11,552.38 |
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
What is Xiaomi's current dividend yield, its reliability and sustainability?
Data Point | Source | Value |
---|---|---|
Past Annualized Dividend Yield | S&P Global Market Data | See Below |
Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
Future Dividends per Share Estimates | Average of up to 25 Analyst Estimates (S&P Global) | See Below |
Europe Tech Industry Average Dividend Yield | Market Cap Weighted Average of 11 Stocks | 2.1% |
Germany Market Average Dividend Yield | Market Cap Weighted Average of 332 Stocks | 3.1% |
Germany Minimum Threshold Dividend Yield | 10th Percentile | 0.9% |
Germany Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
Germany Top 25% Dividend Yield | 75th Percentile | 4% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
Date (Data in CN¥) | Dividend per Share (annual) | Avg. No. Analysts |
---|---|---|
2023-12-31 | ||
2022-12-31 | ||
2021-12-31 | ||
2020-12-31 | 0.00 | 4.00 |
2019-12-31 | 0.00 | 5.00 |
2018-12-31 | 0.00 | 6.00 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Mr. Lei Jun is the Chairman of the board and Chief Executive Officer of Xiaomi Corporation and is its Executive Director since May 3, 2010. Mr. Lei co-founded Xiaomi Corporation in 2010. He is responsible for Xiaomi's strategy, company culture and key products. He oversees senior management team. He is an Advisor of Cheetah Mobile Inc. since March 2018. He is the Founder of Shunwei China Internet fund LP. Mr. Lei is a Co-founder and Founding Partner of Shunwei Fund and serves as its Chairman. He is a Founding Partner of Shunwei Capital. He is a Co-Founder at Beijing Xiaomi Technology Co., Ltd. and serves as its Chief Executive Officer and Chairman of the Board of Directors. Mr. Lei serves as President of UCWeb Inc. and served as its Chairman. He is a Co-Founder of Kingsoft Corporation Limited and is its Chairman since July 5, 2011. Mr. Lei co-founded Xiaomi Inc. (Xiaomi Corporation) in 2010 and serves as its Chief Executive Officer and Chairman. He is a highly respected entrepreneur with close to 30 years of industry experience. He has experience in software, e-commerce, investment and mobile internet services. Mr. Lei was a Co-founder of VANCL Limited. He was a Co-Founder of YY Inc. and served as its Chairman since July 2011 until August 17, 2016. Mr. Lei has been employed by Kingsoft Corporation Limited since 1992 and has played a key role in developing the operation of Group and expanding business operations. He served as the Chief Executive Officer and President of Kingsoft Corporation Limited from 1998 to December 2007 and from 2001 to December 2007 respectively. He served as Chief Technology Officer of Kingsoft Corporation Limited until December 2007 and served as its Vice Chairman until July 05, 2011. He Founded Amazon China Ltd. (formerly, Joyo.com Limited) in 2000 and served as its Chairman. He served as an Investment Advisor at Hotung Investment Holdings Limited. He served as the Chairman at Cheetah Mobile Inc. since July 2011 until March 2018 and also served as its Director since October 2010 until March 2018. He serves as Member of the Board of Directors at Kingsoft Network Technology Limited. Mr. Lei has been a Non-Executive Director of Kingsoft Corporation Limited since August 28, 2008. He has been a Member of The Board of Wuhan University since November 2003. Mr. Lei is also a famous angel investor in China. He serves as a Member of Advisory Board at Great Wall Club. He served as a Director of 2020 ChinaCap Acquirco Inc. since January 2007. In November 2017, he was elected Vice Chairman of the All-China Federation of Industry and Commerce. In February 2018, he was also elected Vice President of the China Association for Quality. In 2013, he was awarded the China Economic Figures of the Year award by China Central Television (CCTV). In 2015, he was the only Chinese entrepreneur among the World's 100 Most Influential People of the Year selected by TIME Magazine. He also received the Asia Game Changer Award from the Asia Society in the same year. He was honored as the "Spokesman of Quality of the Year" in 2017 by the General Administration of Quality Supervision, Inspection and Quarantine of China. Mr. Lei graduated from Wuhan University on July 1, 1991 with a bachelor degree in Computer Science.
Average tenure and age of the Xiaomi board of directors in years:
Xiaomi Corporation operates as an Internet company with smartphones and smart hardware connected by Internet of Things in Mainland China and internationally. The company offers a range of hardware products, such as smartphones, laptops, smart TVs, AI speakers, and smart routers; power banks, headphones, air purifiers, fitness bands, robot vacuum cleaners, scooters/self-balancing scooters, water purifiers, induction heating rice cookers, home security cameras, and laser projectors; and lifestyle products comprising housewares and personal accessories. It also provides Internet services, including content, entertainment, financial services, and productivity tools. The company offers its products through its retail outlets and direct sales online retail platforms. Xiaomi Corporation has a strategic cooperation agreement with Meitu, Inc. Xiaomi Corporation was founded in 2010 and is headquartered in Beijing, China.
Name: | Xiaomi Corporation |
3CP | |
Exchange: | DB |
Founded: | 2010 |
HK$30,084,961,751 | |
23,893,619,247 | |
Website: | http://www.mi.com |
Address: |
Xiaomi Corporation Rainbow City Office Building, 68 Qinghe Middle Street, Beijing, China |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
SEHK | 1810 | Class B Ordinary Shares | The Stock Exchange of Hong Kong Ltd. | HK | HKD | 09. Jul 2018 | |
OTCPK | XIAC.F | Class B Ordinary Shares | Pink Sheets LLC | US | USD | 09. Jul 2018 | |
DB | 3CP | Class B Ordinary Shares | Deutsche Boerse AG | DE | EUR | 09. Jul 2018 | |
BST | 3CP | Class B Ordinary Shares | Boerse-Stuttgart | DE | EUR | 09. Jul 2018 | |
OTCPK | XIAC.Y | UNSPONSORED ADS | Pink Sheets LLC | US | USD | 23. Aug 2018 |
Technology Hardware, Storage and Peripherals | |
Tech |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/18 00:03 |
End of day share price update: | 2019/02/15 00:00 |
Last estimates confirmation: | 2019/02/13 |
Last earnings filing: | 2018/11/19 |
Last earnings reported: | 2018/09/30 |
Last annual earnings reported: | 2017/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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 here.