Baozun (NasdaqGS:BZUN) - Share price, News & Analysis

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

BZUN Stock Overview

Baozun Inc., through its subsidiaries, provides e-commerce solutions to brand partners in the People’s Republic of China.

Rewards

Trading at 39.3% below our estimate of its fair value

Earnings are forecast to grow 87.5% per year

Risk Analysis

Volatile share price over the past 3 months

Baozun Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Baozun
Historical stock prices
Current Share Price	US$11.24
52 Week High	US$37.34
52 Week Low	US$5.41
Beta	1.12
1 Month Change	13.54%
3 Month Change	38.42%
1 Year Change	-68.99%
3 Year Change	-77.46%
5 Year Change	-49.30%
Change since IPO	7.66%

Recent News & Updates

May 17

At US$7.82, Is It Time To Put Baozun Inc. (NASDAQ:BZUN) On Your Watch List?

Baozun Inc. ( NASDAQ:BZUN ), might not be a large cap stock, but it saw a significant share price rise of over 20% in...

Apr 05

Here's Why I Prefer Baozun Over Alibaba Among Chinese E-Commerce Plays

Baozun is special in the Chinese e-commerce industry in that its success partially rides on Alibaba but without the strict regulatory pressures that Alibaba is currently facing. Management sentiment predicts a stock price rebound into the double-digits. I suggest a bullish position on BZUN with an option strategy that gives you zero exposure to potential downside risks (but loses if BZUN trends sideways).

Shareholder Returns

	BZUN	US Online Retail	US Market
7D	8.8%	10.3%	6.6%
1Y	-69.0%	-39.5%	-18.4%

Return vs Industry: BZUN underperformed the US Online Retail industry which returned -39.7% over the past year.

Return vs Market: BZUN underperformed the US Market which returned -18.5% over the past year.

Price Volatility

Is BZUN's price volatile compared to industry and market?
BZUN volatility
BZUN Average Weekly Movement	14.3%
Online Retail Industry Average Movement	13.0%
Market Average Movement	8.1%
10% most volatile stocks in US Market	16.6%
10% least volatile stocks in US Market	3.2%

Stable Share Price: BZUN is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 14% a week.

Volatility Over Time: BZUN's weekly volatility (14%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

Founded	Employees	CEO	Website
2007	8,821	Vincent Qiu	https://www.baozun.com

Baozun Inc., through its subsidiaries, provides e-commerce solutions to brand partners in the People’s Republic of China. The company offers IT infrastructure setup and integration, online store design and setup, online store operations, visual merchandising and marketing campaigns, customer services, and warehousing and order fulfilment. It serves brand partners in various categories, including apparel and accessories; appliances; electronics; home and furnishings; food and health products; beauty and cosmetics; fast moving consumer goods, and mother and baby products; and automobiles.

Baozun Fundamentals Summary

How do Baozun's earnings and revenue compare to its market cap?
BZUN fundamental statistics
Market Cap	CN¥5.08b
Earnings (TTM)	-CN¥343.49m
Revenue (TTM)	CN¥9.36b

0.5x

P/S Ratio

-14.8x

P/E Ratio

Is BZUN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
BZUN income statement (TTM)
Revenue	CN¥9.36b
Cost of Revenue	CN¥5.83b
Gross Profit	CN¥3.53b
Other Expenses	CN¥3.87b
Earnings	-CN¥343.49m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-5.08
Gross Margin	37.69%
Net Profit Margin	-3.67%
Debt/Equity Ratio	27.0%

How did BZUN perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

Valuation Score 5/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for BZUN. This is calculated by dividing BZUN's market cap by their current preferred multiple.
What is BZUN's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CN¥5.08b

BZUN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.7x
Enterprise Value/EBITDA	67.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does BZUN's PS Ratio compare to its peers?

BZUN PS Ratio vs Peers

The above table shows the PS ratio for BZUN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	1.2x

Forward PS

Price-To-Sales vs Peers: BZUN is good value based on its Price-To-Sales Ratio (0.5x) compared to the peer average (1.2x).

Price to Earnings Ratio vs Industry

How does BZUN's PE Ratio compare vs other companies in the U.S. Online Retail Industry?

Price-To-Sales vs Industry: BZUN is good value based on its Price-To-Sales Ratio (0.5x) compared to the US Online Retail industry average (1x)

Price to Sales Ratio vs Fair Ratio

What is BZUN'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.

BZUN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.5x
Fair PS Ratio	0.6x

Price-To-Sales vs Fair Ratio: BZUN is good value based on its Price-To-Sales Ratio (0.5x) compared to the estimated Fair Price-To-Sales Ratio (0.6x).

Share Price vs Fair Value

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

Below Fair Value: BZUN ($11.24) is trading below our estimate of fair value ($18.51)

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

Price to Earnings Growth Ratio

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

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Future Growth

How is Baozun forecast to perform in the next 1 to 3 years based on estimates from 11 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

87.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: BZUN is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

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

High Growth Earnings: BZUN is expected to become profitable in the next 3 years.

Revenue vs Market: BZUN's revenue (10.9% per year) is forecast to grow faster than the US market (8.4% per year).

High Growth Revenue: BZUN's revenue (10.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: BZUN's Return on Equity is forecast to be low in 3 years time (7.5%).

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Past Performance

How has Baozun 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

-8.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BZUN is currently unprofitable.

Growing Profit Margin: BZUN is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: BZUN is unprofitable, and losses have increased over the past 5 years at a rate of 8.7% per year.

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

Earnings vs Industry: BZUN is unprofitable, making it difficult to compare its past year earnings growth to the Online Retail industry (-12.8%).

Return on Equity

High ROE: BZUN has a negative Return on Equity (-5.34%), as it is currently unprofitable.

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Financial Health

How is Baozun's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

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

Financial Position Analysis

Short Term Liabilities: BZUN's short term assets (CN¥7.4B) exceed its short term liabilities (CN¥3.1B).

Long Term Liabilities: BZUN's short term assets (CN¥7.4B) exceed its long term liabilities (CN¥1.0B).

Debt to Equity History and Analysis

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

Reducing Debt: Insufficient data to determine if BZUN's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: BZUN's operating cash flow is negative, therefore debt is not well covered.

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

Balance Sheet

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Dividend

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

Dividend Score

0/6

Dividend Score 0/6

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

Dividend Yield vs Market

Notable Dividend: Unable to evaluate BZUN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BZUN's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BZUN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BZUN's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as BZUN has not reported any payouts.

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Management

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

7.1yrs

Average board tenure

CEO

Vincent Qiu (53 yo)

15.42yrs

Tenure

Mr. Wenbin Qiu, also known as Vincent, Co-founded Baozun Inc. in 2007 and has been the Chairman & Chief Executive Officer since 2007. Prior to founding Baozun Company, Mr. Qiu founded Shanghai Erry Network...

Board Members

Experienced Board: BZUN's board of directors are considered experienced (7.1 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	2022/06/26 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31