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General information

Country: CHINA

Sector: Internet Retail

Categories: @china   

Meituan operates an e-commerce platform for various services. It operates through Food Delivery; In-store, Hotel & Travel; and New Initiatives and Others segments. The Food delivery segment provides consumers place orders of food prepared by merchants. The In-store, Hotel & Travel segment offers consumers purchase local consumer services provided by merchants in numerous in-store categories or make reservations for hotels and attractions. The New Initiatives and Others segment sales goods from B2B food distribution services and Meituan grocery; and various businesses, such as Meituan Instashopping, community e-commerce, bike-sharing and electric mopeds, and micro-credit services. The company was formerly known as Meituan Dianping and changed its name to Meituan in October 2020. Meituan was founded in 2003 and is headquartered in Beijing, China.
Website: about.meituan.com



Growth: Good revenue growth rate 19.2%, are preserved at an average historical level 19.2%

Profitability: LTM EBITDA margin is negative, -12.4%. On average the margin is decreasing steadily. Gross margin is normal, +24.2%.

Cash Flow Generation: Dividend yield for the last twelve months 0.0%. Free cash flow yield -2.8% (LTM)

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 85.8% higher than minimum and 65.5% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, EBITDA margin, industries and geography on average are valued 1.7x by EV / Sales multiple , the company can be 54.3% overvalued

Key Financials (Download financials)

Ticker: MPNGY
Share price, USD:  (+2.9%)29.41
year average price 27.47  


year start price 34.26 2023-04-29

max close price 38.19 2023-07-31

min close price 15.83 2024-02-02

current price 29.41 2024-04-27
Common stocks: 3 164 159 911

Dividend Yield:  0.0%
Last revenue growth (y/y):  19.2%
Last growth of EBITDA (y/y):  ---
Historical revenue growth:  19.2%
Historical growth of EBITDA:  0.0%
EV / Sales: 3.7x
Margin (EBITDA LTM / Revenue): -12.4%
Fundamental value created in LTM:
Market Cap ($m): 93 058
Net Debt ($m): 3 639
EV (Enterprise Value): 96 697
Price to Book: 4.4x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

News


2023-05-25Seeking Alpha

Meituan (MPNGF) Q1 2023 Earnings Call Transcript
More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q2 2022 q1 2021 q4
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-06-30 2022-03-31 2021-12-31
symbol MPNGY MPNGY MPNGY MPNGY MPNGY MPNGY MPNGY
reportedCurrency CNY CNY CNY CNY CNY CNY CNY
cik 0 0 0 0 0 0
fillingDate 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-06-30 2022-03-31 2021-12-31
acceptedDate 2023-12-29 19:00:00 2023-09-29 20:00:00 2023-06-30 00:00:00 2023-03-31 00:00:00 2022-06-29 20:00:00 2022-03-31 00:00:00 2021-12-30 19:00:00
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000 2021.000
period Q4 Q3 Q2 Q1 Q2 Q1 Q4
revenue 73 696M 76 467M 67 965M 58 617M 50 938M 46 269M 49 523M
costOfRevenue 48 703M 49 485M 42 567M 38 800M 35 364M 35 528M 37 541M
grossProfit 24 993M 26 982M 25 398M 19 817M 15 574M 10 740M 11 983M
grossProfitRatio 0.339 0.353 0.374 0.338 0.306 0.232 0.242
researchAndDevelopmentExpenses 5 425M 5 321M 5 407M 5 047M 5 204M 4 879M 4 582M
generalAndAdministrativeExpenses 2 700M 2 538M 2 139M 1 995M 2 504M 2 312M 2 435M
sellingAndMarketingExpenses 16 725M 16 905M 14 553M 10 433M 8 986M 9 106M 11 240M
sellingGeneralAndAdministrativeExpenses 19 426M 19 443M 16 692M 12 428M 11 490M 11 418M 13 675M
otherExpenses -408M 1 389M -1 471M 1 335M -753M 0 -828M
operatingExpenses 25 259M 24 764M 21 265M 17 475M 15 940M 16 297M 17 429M
costAndExpenses 73 962M 74 249M 63 832M 56 275M 51 304M 51 826M 54 969M
interestIncome 216M 201M 217M 184M 190M 110M 235M
interestExpense 367M 351M 354M 353M 386M 330M 349M
depreciationAndAmortization 3 187M 884M -1 612M 226M -590M 1 113M 0
ebitda 2 966M 4 243M 3 101M 3 812M -1 083M -4 471M -4 995M
ebitdaratio 0.040 0.055 0.046 0.065 -0.021 -0.097 -0.101
operatingIncome -266M 3 359M 4 713M 3 586M -493M -5 584M -5 006M
operatingIncomeRatio -0.004 0.044 0.069 0.061 -0.010 -0.121 -0.101
totalOtherIncomeExpensesNet 1 874M 285M -14M -219M -628M -174M -338M
incomeBeforeTax 1 608M 3 643M 4 699M 3 367M -1 121M -5 758M -5 344M
incomeBeforeTaxRatio 0.022 0.048 0.069 0.057 -0.022 -0.124 -0.108
incomeTaxExpense 96M 50M 10M 8M -5M -55M -5M
netIncome 2 217M 3 593M 4 688M 3 358M -1 116M -5 703M -5 339M
netIncomeRatio 0.030 0.047 0.069 0.057 -0.022 -0.123 -0.108
eps 0.340 0.580 1.500 1.080 -0.360 -1.840 -1.741
epsdiluted 0.360 0.580 1.500 1.080 -0.360 -1.840 -1.741
weightedAverageShsOut 6 547M 6 243M 3 121M 3 121M 3 092M 3 091M 3 066M
weightedAverageShsOutDil 6 213M 6 243M 3 121M 3 121M 3 092M 3 091M 3 066M
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Balance Sheet Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q2 2022 q1 2021 q4
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-06-30 2022-03-31 2021-12-31
symbol MPNGY MPNGY MPNGY MPNGY MPNGY MPNGY MPNGY
reportedCurrency CNY CNY CNY CNY CNY CNY CNY
cik 0 0 0 0 0 0
fillingDate 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-06-30 2022-03-31 2021-12-31
acceptedDate 2023-12-29 19:00:00 2023-09-29 20:00:00 2023-06-29 20:00:00 2023-03-31 00:00:00 2022-06-29 20:00:00 2022-03-31 00:00:00 2021-12-30 19:00:00
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000 2021.000
period Q4 Q3 Q2 Q1 Q2 Q1 Q4
cashAndCashEquivalents 52 713M 25 149M 27 003M 26 863M 25 537M 35 406M 32 513M
shortTermInvestments 111 821M 108 471M 93 189M 84 538M 82 002M 68 042M 84 282M
cashAndShortTermInvestments 164 534M 133 620M 120 192M 111 400M 107 539M 103 448M 116 795M
netReceivables 2 743M 21 127M 30 652M 15 545M 30 972M 0 0
inventory 1 305M 1 364M 1 231M 1 035M 886M 733M 682M
otherCurrentAssets 14 535M 14 330M 1 017M 12 640M 979M 30 366M 30 352M
totalCurrentAssets 183 116M 170 440M 153 092M 140 620M 140 376M 134 548M 147 829M
propertyPlantEquipmentNet 25 978M 24 289M 22 452M 21 719M 17 316M 23 078M 22 814M
goodwill 0 0 27 774M 0 27 774M 0 0
intangibleAssets 30 398M 30 448M 2 714M 0 9 709M 0 0
goodwillAndIntangibleAssets 30 398M 30 448M 30 488M 30 528M 37 483M 30 936M 0
longTermInvestments 47 612M -54 720M -38 751M -34 265M -38 116M -30 902M -50 080M
taxAssets 1 914M 1 623M 1 643M 1 592M 1 218M 1 205M 1 378M
otherNonCurrentAssets 4 011M 113 433M 97 082M 89 821M 84 749M 72 016M 118 712M
totalNonCurrentAssets 109 913M 115 073M 112 914M 109 395M 102 651M 96 333M 92 825M
otherAssets 1.000 0 0 0 0 0 0
totalAssets 293 030M 285 513M 266 006M 250 015M 243 027M 230 880M 240 653M
accountPayables 22 981M 21 339M 18 456M 15 238M 13 863M 13 723M 15 166M
shortTermDebt 21 802M 24 067M 20 694M 19 716M 12 910M 13 517M 13 322M
taxPayables 206M 67M 1 543M 109M 2 029M 139M 104M
deferredRevenue 14 146M 14 723M 12 869M 0 0 0 0
otherCurrentLiabilities 41 946M 37 475M 32 362M 41 943M 39 371M 33 074M 40 001M
totalCurrentLiabilities 100 874M 97 604M 84 381M 76 897M 66 144M 60 314M 68 593M
longTermDebt 35 221M 38 807M 38 291M 37 955M 52 479M 48 454M 45 597M
deferredRevenueNonCurrent 3 598M 379M 379M 0 0 0 0
deferredTaxLiabilitiesNonCurrent 968M 864M 886M 859M 774M 801M 896M
otherNonCurrentLiabilities 412M 35M 31M 161M 64M 22 238M 11M
totalNonCurrentLiabilities 40 199M 40 085M 39 587M 38 974M 53 318M 49 479M 46 504M
otherLiabilities 0 0 0 0 0 0 0
capitalLeaseObligations 3 598M 5 720M 5 030M 5 145M 4 723M 4 570M 4 751M
totalLiabilities 141 073M 137 689M 123 968M 115 871M 119 462M 109 792M 115 097M
preferredStock 0 0 0 0 0 0 0
commonStock 418 000 418 000 418 000 418 000 415 000 411 000 411 000
retainedEarnings -175 617M -177 827M -181 420M -186 108M -189 561M -188 444M -182 742M
accumulatedOtherComprehensiveIncomeLoss 2 051M 1 198M 698M 0 0 0 0
othertotalStockholdersEquity 325 579M 324 507M 322 815M 320 307M 313 181M 309 588M 308 355M
totalStockholdersEquity 152 013M 147 878M 142 093M 134 199M 123 621M 121 144M 125 613M
totalEquity 151 956M 147 824M 142 038M 134 143M 123 621M 121 144M 125 613M
totalLiabilitiesAndStockholdersEquity 293 030M 285 513M 266 006M 250 015M 243 027M 230 880M 240 710M
minorityInterest -57M -55M -55M -56M -56M -57M 0
totalLiabilitiesAndTotalEquity 293 030M 285 513M 266 006M 250 015M 243 027M 230 880M 240 710M
totalInvestments 159 433M 53 751M 54 438M 50 273M 43 886M 37 140M 34 202M
totalDebt 60 621M 62 874M 58 985M 57 671M 65 390M 61 971M 58 919M
netDebt 7 908M 37 725M 31 982M 30 809M 39 853M 26 565M 26 406M
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Cash Flow Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q2 2022 q1 2021 q4
date 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-06-30 2022-03-31 2021-12-31
symbol MPNGY MPNGY MPNGY MPNGY MPNGY MPNGY MPNGY
reportedCurrency CNY CNY CNY CNY CNY CNY CNY
cik 0 0 0 0 0 0
fillingDate 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-06-30 2022-03-31 2021-12-31
acceptedDate 2023-12-30 19:00:00 2023-09-29 20:00:00 2023-06-30 00:00:00 2023-03-31 00:00:00 2022-06-29 20:00:00 2022-03-31 00:00:00 2021-12-30 19:00:00
calendarYear 2023.000 2023.000 2023.000 2023.000 2022.000 2022.000 2021.000
period Q4 Q3 Q2 Q1 Q2 Q1 Q4
netIncome 2 217M 3 593M 4 688M 3 358M -1 116M 0 -5 339M
depreciationAndAmortization 1 824M 2 011M 1 977M 0 0 0 0
deferredIncomeTax 0 0 0 0 0 0 0
stockBasedCompensation 1 857M 2 138M 2 451M 0 0 0 0
changeInWorkingCapital 0 0 0 0 0 0 0
accountsReceivables 0 0 0 0 0 0 0
inventory 0 0 0 0 0 0 0
accountsPayables 0 0 0 0 0 0 0
otherWorkingCapital 0 0 0 0 0 0 0
otherNonCashItems 4 495M 3 469M 1 750M 4 692M 10 349M -11 278M 6 920M
netCashProvidedByOperatingActivities 10 394M 11 212M 10 866M 8 050M 9 233M -11 278M 1 581M
investmentsInPropertyPlantAndEquipment 1 942M 0 -1 942M 0 0 0 0
acquisitionsNet 9M 0 127M 0 0 0 0
purchasesOfInvestments 0 0 0 0 0 0 0
salesMaturitiesOfInvestments 0 0 0 0 0 0 0
otherInvestingActivites -873M -15 193M -7 942M 0 -18 832M 11 385M -18 454M
netCashUsedForInvestingActivites 1 078M -15 193M -9 757M -791M -18 832M 11 385M -18 454M
debtRepayment 0 0 0 0 0 0 0
commonStockIssued 0 0 0 0 0 0 0
commonStockRepurchased -117M 0 0 0 0 0 0
dividendsPaid 0 0 0 0 0 0 0
otherFinancingActivites -3 131M 2 164M -1 131M 0 -779M 2 837M -1 073M
netCashUsedProvidedByFinancingActivities -3 248M 2 164M -1 131M -566M -779M 2 837M -1 073M
effectOfForexChangesOnCash -33M -36M 163M 11M 509M -52M -478M
netChangeInCash 8 191M -1 854M 140M 6 704M -9 869M 2 893M -18 424M
cashAtEndOfPeriod 33 340M 25 149M 27 003M 26 863M 25 537M 35 406M 32 513M
cashAtBeginningOfPeriod 25 149M 27 003M 26 863M 20 159M 35 406M 32 513M 50 937M
operatingCashFlow 10 394M 11 212M 10 866M 8 050M 9 233M -11 278M 1 581M
capitalExpenditure 1 942M 0 -1 942M 0 0 0 0
freeCashFlow 12 336M 11 212M 8 924M 8 050M 9 233M -11 278M 7 125M
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Earning call transcript

Press-releases

Show financial reports only

2024-03-22 09:17 ET
Meituan Announces Financial Results for the Year Ended December 31, 2023
2023-11-28 09:21 ET
Meituan Announces Financial Results for the Three Months Ended September 30, 2023
2023-08-24 11:35 ET
Meituan Announces Financial Results for the Three and Six Months Ended June 30, 2023
2023-05-25 10:05 ET
Meituan Announces Financial Results for the three months ended March 31, 2023
2023-05-21 07:02 ET
Meituan Launches Food Delivery Brand KeeTa Amid Hong Kong Debut
2023-03-24 09:25 ET
Meituan Announces Financial Results for the Year Ended December 31, 2022
2022-11-25 10:18 ET
Meituan Announces Financial Results for the Three Months Ended September 30, 2022
2022-08-26 09:22 ET
Meituan Announces Financial Results for the Three and Six Months Ended June 30, 2022
2022-06-02 09:52 ET
Meituan Announces Financial Results for the Three Months Ended March 31, 2022
2022-03-25 10:31 ET
Meituan Announces Financial Results for the Year Ended December 31, 2021
2022-03-01 01:23 ET
Inceptio Technology completes US$188 million in financing, led by Sequoia Capital China and Legend Capital
2021-11-26 10:02 ET
Meituan Announces Financial Results for the Three Months Ended September 30, 2021
2021-08-30 09:20 ET
Meituan Announces Financial Results for the Three and Six Months Ended June 30, 2021
2021-07-08 13:05 ET
Meituan Unveils Self-Developed Drone Model, Plans for Drone Logistics Network at 2021 World Artificial Intelligence Conference
2021-06-04 23:00 ET
Meituan Launches Green Tech Fund, and Other Initiatives on World Environment Day
2021-05-28 09:17 ET
Meituan Announces Financial Results for the Three Months Ended March 31, 2021
2021-03-26 09:32 ET
Meituan Announces Financial Results for the Year Ended December 31, 2020
2020-11-30 10:05 ET
Meituan Announces Financial Results for the Three Months Ended September 30, 2020
2020-08-21 09:48 ET
Meituan Dianping Announces Financial Results for the Three and Six Months Ended June 30, 2020
2019-11-21 10:42 ET
Meituan Dianping Announces Financial Results for the Three Months Ended September 30, 2019