Xiaomi Corporation (1810.HK) Discounted Free Cash Flow - Exit Multiple

Xiaomi Corporation

1810.HK (HKSE)

Valuation
Xiaomi Corporation Discounted Free Cash Flow - Exit Multiple

"""
    Model: Discounted Free Cash Flow - Exit Multiple

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Read more: [GitHub Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%revenue_growth_rate": None,
        "exit_ebitda_multiple": None,
        "%ebitda_margin": None,
        "%capital_expenditure_to_ebitda": None,
        "%operating_cash_flow_to_ebitda": None,
        "historical_years": 10,
        "projection_years": 5,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

# Compute ratios
data.compute({
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%netIncomeToEbitda": "income:netIncome / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

# Calculate margins
assumptions.set("%ebitda_margin", data.average("%ebitdaMargin"))
assumptions.set_bounds(
    "%ebitda_margin", low=0, high="100%"
)

assumptions.set("%operating_cash_flow_to_ebitda", data.average("%operatingCashFlowToEbitda"))
# Limit OCF range
assumptions.set_bounds(
    "%operating_cash_flow_to_ebitda", low=0, high="100%"
)

assumptions.set("%capital_expenditure_to_ebitda", data.average("%capitalExpenditureToEbitda"))
# Limit CapEx range
assumptions.set_bounds(
    "%capital_expenditure_to_ebitda", low=0, high="90%"
)

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

# Calculate the Enterprise Value and set the exit EBITDA multiple
ev = data.get("profile:mktCap + balance:totalDebt - balance:cashAndShortTermInvestments")
exit_ebitda_multiple = data.get(f"{ev} / income:ebitda")
assumptions.set("exit_ebitda_multiple", exit_ebitda_multiple)

# Compute forecasted values and ratios
data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "income:ebitda": f"income:revenue * {assumptions.get('%ebitda_margin')}",
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"income:ebitda * {assumptions.get('%operating_cash_flow_to_ebitda')}",
    "computedCapitalExpenditure": f"income:ebitda * {assumptions.get('%capital_expenditure_to_ebitda')}",
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculate the terminal value
exit_multiple = assumptions.get("exit_ebitda_multiple")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"{exit_multiple} * income:ebitda:{end_year}")

# Discount the terminal value into the present
discounted_terminal_value = terminal_value / ((1 + assumptions.get("%discount_rate")) ** assumptions.get("projection_years"))

# Projected enterprise value calculation
projected_enterprise_value = discounted_terminal_value + data.sum(f"discountedFreeCashFlow:1->{assumptions.get('projection_years')}")

# Equity value calculation
equity_value = projected_enterprise_value + data.get("balance:cashAndShortTermInvestments") - data.get("balance:totalDebt")
value_per_share = equity_value / data.get("income:weightedAverageShsOut")

# Set the final value
model.set_final_value({
    "value": value_per_share,
    "units": "$"
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

# Render results
model.render_results([
    [exit_ebitda_multiple, "Exit EBITDA Multiple (EV/EBITDA)", "#"],
    [data.get(f"income:ebitda:{assumptions.get('projection_years')}"), "Terminal EBITDA", "$"],
    [terminal_value, "Terminal Enterprise Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Enterprise Value", "$"],
    [projected_enterprise_value - discounted_terminal_value, "Sum of Discounted Free Cash Flow", "$"],
    [projected_enterprise_value, "Present Enterprise Value", "$"],
    [data.get("balance:cashAndShortTermInvestments"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Present Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "#"],
    [value_per_share, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

# Render Chart
model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "income:ebitda": "EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical and Forecasted Data",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow",
            "income:ebitda",
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
    }
})

# Render Table for Estimated Future Data
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowToEbitda": "Operating Cash Flow to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Estimated Future Data",
        "order": "ascending",
        "number_format": "M",
    }
})

# Render Historical Table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "income:netIncome": "Net Income",
        "%netIncomeToEbitda": "Net Income to EBITDA",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowToEbitda": "Cash from Operating Activities to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M",
    }
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"exit_ebitda_multiple": r"""
        ## Exit EBITDA Multiple
        
        The exit EV/EBITDA multiple used to calculate the terminal value.
    """,

"%ebitda_margin": r"""
        ## EBITDA Margin
        
        EBITDA expressed as a percentage of Revenue.
    """,

"%capital_expenditure_to_ebitda": r"""
        ## Capital Expenditure to EBITDA
        
        Capital expenditure expressed as a percentage of EBITDA.
    """,

"%operating_cash_flow_to_ebitda": r"""
        ## Operating Cash Flow to EBITDA
        
        Operating cash flow expressed as a percentage of EBITDA.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,
})

print(f"End of model.")

Estimated Value

HKD

Market Price HKD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Exit Ebitda Multiple Exit EBITDA Multiple The exit EV/EBITDA multiple used to calculate the terminal value.	#
Ebitda Margin EBITDA Margin EBITDA expressed as a percentage of Revenue.	%
Capital Expenditure To Ebitda Capital Expenditure to EBITDA Capital expenditure expressed as a percentage of EBITDA.	%
Operating Cash Flow To Ebitda Operating Cash Flow to EBITDA Operating cash flow expressed as a percentage of EBITDA.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#

Results
Exit EBITDA Multiple (EV/EBITDA)	14.96
Terminal EBITDA	75.4 Bil. HKD
Terminal Enterprise Value	1,128 Bil. HKD
Discounted Terminal Enterprise Value	747.3 Bil. HKD
Sum of Discounted Free Cash Flow	-20.01 Bil. HKD
Present Enterprise Value	727.3 Bil. HKD
Cash and Equivalents	125.8 Bil. HKD
Total Debt	30.15 Bil. HKD
Present Equity Value	822.9 Bil. HKD
Shares Outstanding	25.91 Bil.
Estimated Value per Share	31.77 HKD
Yield of the U.S. 10 Year Treasury Note	4.26%
Cost of Equity	8.7%
Equity Weight	96.8%
Cost of Debt	6.09%
Debt Weight	3.2%
Forecasted Revenue - 5 Year CAGR	23.34%
Forecasted Free Cash Flow - 5 Year CAGR

Historical and Forecasted Data

Monetary values in HKD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Historical and Forecasted Data", "timeseries": "annual", "series": [{"label": "Revenue", "mappingKey": "income:revenue", "data": [{"l": "2015", "x": "2015-12-31", "y": 79752598674}, {"l": "2016", "x": "2016-12-31", "y": 76393053924}, {"l": "2017", "x": "2017-12-31", "y": 137561152874}, {"l": "2018", "x": "2018-12-31", "y": 199158702905}, {"l": "2019", "x": "2019-12-31", "y": 230251149685}, {"l": "2020", "x": "2020-12-31", "y": 292014612314}, {"l": "2021", "x": "2021-12-31", "y": 402802490000}, {"l": "2022", "x": "2022-12-31", "y": 316897808505}, {"l": "2023", "x": "2023-12-31", "y": 298012961071}, {"l": "2024", "x": "2024-12-31", "y": 389251175130}, {"l": "2025", "x": "2025-12-31", "y": 480102399405, "oy": 480102399405, "e": true, "d": 2025, "g": 23.34, "og": 23.34}, {"l": "2026", "x": "2026-12-31", "y": 592158299426, "oy": 592158299426, "e": true, "d": 2026, "g": 23.34, "og": 23.34}, {"l": "2027", "x": "2027-12-31", "y": 730368046512, "oy": 730368046512, "e": true, "d": 2027, "g": 23.34, "og": 23.34}, {"l": "2028", "x": "2028-12-31", "y": 900835948568, "oy": 900835948568, "e": true, "d": 2028, "g": 23.34, "og": 23.34}, {"l": "2029", "x": "2029-12-31", "y": 1111091058964, "oy": 1111091058964, "e": true, "d": 2029, "g": 23.34, "og": 23.34}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Cash Flow", "mappingKey": "flow:operatingCashFlow", "data": [{"l": "2015", "x": "2015-12-31", "y": -3105184940}, {"l": "2016", "x": "2016-12-31", "y": 5058250003}, {"l": "2017", "x": "2017-12-31", "y": -1194902366}, {"l": "2018", "x": "2018-12-31", "y": -1610630540}, {"l": "2019", "x": "2019-12-31", "y": 26634261984}, {"l": "2020", "x": "2020-12-31", "y": 25985094450}, {"l": "2021", "x": "2021-12-31", "y": 12005569847}, {"l": "2022", "x": "2022-12-31", "y": -4967418468}, {"l": "2023", "x": "2023-12-31", "y": 45422284401}, {"l": "2024", "x": "2024-12-31", "y": 41802551836}, {"l": "2025", "x": "2025-12-31", "y": 15931497174, "oy": 15931497174, "e": true, "d": 2025, "g": -61.89, "og": -61.89}, {"l": "2026", "x": "2026-12-31", "y": 19649908615, "oy": 19649908615, "e": true, "d": 2026, "g": 23.34, "og": 23.34}, {"l": "2027", "x": "2027-12-31", "y": 24236197286, "oy": 24236197286, "e": true, "d": 2027, "g": 23.34, "og": 23.34}, {"l": "2028", "x": "2028-12-31", "y": 29892925732, "oy": 29892925732, "e": true, "d": 2028, "g": 23.34, "og": 23.34}, {"l": "2029", "x": "2029-12-31", "y": 36869934598, "oy": 36869934598, "e": true, "d": 2029, "g": 23.34, "og": 23.34}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "EBITDA", "mappingKey": "income:ebitda", "data": [{"l": "2015", "x": "2015-12-31", "y": 1885008674}, {"l": "2016", "x": "2016-12-31", "y": 4493213548}, {"l": "2017", "x": "2017-12-31", "y": 15092965242}, {"l": "2018", "x": "2018-12-31", "y": 2214221756}, {"l": "2019", "x": "2019-12-31", "y": 14060734884}, {"l": "2020", "x": "2020-12-31", "y": 29985355939}, {"l": "2021", "x": "2021-12-31", "y": 34396313266}, {"l": "2022", "x": "2022-12-31", "y": 5969195658}, {"l": "2023", "x": "2023-12-31", "y": 26060045848}, {"l": "2024", "x": "2024-12-31", "y": 30735621293}, {"l": "2025", "x": "2025-12-31", "y": 32579748823, "oy": 32579748823, "e": true, "d": 2025, "g": 6.0, "og": 6.0}, {"l": "2026", "x": "2026-12-31", "y": 40183862199, "oy": 40183862199, "e": true, "d": 2026, "g": 23.34, "og": 23.34}, {"l": "2027", "x": "2027-12-31", "y": 49562775636, "oy": 49562775636, "e": true, "d": 2027, "g": 23.34, "og": 23.34}, {"l": "2028", "x": "2028-12-31", "y": 61130727469, "oy": 61130727469, "e": true, "d": 2028, "g": 23.34, "og": 23.34}, {"l": "2029", "x": "2029-12-31", "y": 75398639261, "oy": 75398639261, "e": true, "d": 2029, "g": 23.34, "og": 23.34}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [{"l": "2015", "x": "2015-12-31", "y": -6118508697}, {"l": "2016", "x": "2016-12-31", "y": 3019612709}, {"l": "2017", "x": "2017-12-31", "y": -2656391347}, {"l": "2018", "x": "2018-12-31", "y": -5920526438}, {"l": "2019", "x": "2019-12-31", "y": 22825246652}, {"l": "2020", "x": "2020-12-31", "y": 22391680782}, {"l": "2021", "x": "2021-12-31", "y": 3209539727}, {"l": "2022", "x": "2022-12-31", "y": -11530211880}, {"l": "2023", "x": "2023-12-31", "y": 38527748181}, {"l": "2024", "x": "2024-12-31", "y": 34039676649}, {"l": "2025", "x": "2025-12-31", "y": -3039690565, "oy": -3039690565, "e": true, "d": 2025, "g": -108.9, "og": -108.9}, {"l": "2026", "x": "2026-12-31", "y": -3749154343, "oy": -3749154343, "e": true, "d": 2026, "g": 23.34, "og": 23.34}, {"l": "2027", "x": "2027-12-31", "y": -4624206966, "oy": -4624206966, "e": true, "d": 2027, "g": 23.34, "og": 23.34}, {"l": "2028", "x": "2028-12-31", "y": -5703496872, "oy": -5703496872, "e": true, "d": 2028, "g": 23.34, "og": 23.34}, {"l": "2029", "x": "2029-12-31", "y": -7034693043, "oy": -7034693043, "e": true, "d": 2029, "g": 23.34, "og": 23.34}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"l": "2015", "x": "2015-12-31", "y": 3013323757}, {"l": "2016", "x": "2016-12-31", "y": 2038637293}, {"l": "2017", "x": "2017-12-31", "y": 1461488980}, {"l": "2018", "x": "2018-12-31", "y": 4309895897}, {"l": "2019", "x": "2019-12-31", "y": 3809015331}, {"l": "2020", "x": "2020-12-31", "y": 3593413667}, {"l": "2021", "x": "2021-12-31", "y": 8796030119}, {"l": "2022", "x": "2022-12-31", "y": 6562793412}, {"l": "2023", "x": "2023-12-31", "y": 6894536220}, {"l": "2024", "x": "2024-12-31", "y": 7762875186}, {"l": "2025", "x": "2025-12-31", "y": 18971187740}, {"l": "2026", "x": "2026-12-31", "y": 23399062958}, {"l": "2027", "x": "2027-12-31", "y": 28860404253}, {"l": "2028", "x": "2028-12-31", "y": 35596422605}, {"l": "2029", "x": "2029-12-31", "y": 43904627641}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"l": "2015", "x": "2015-12-31", "y": -6118508697}, {"l": "2016", "x": "2016-12-31", "y": 3019612709}, {"l": "2017", "x": "2017-12-31", "y": -2656391347}, {"l": "2018", "x": "2018-12-31", "y": -5920526438}, {"l": "2019", "x": "2019-12-31", "y": 22825246652}, {"l": "2020", "x": "2020-12-31", "y": 22391680782}, {"l": "2021", "x": "2021-12-31", "y": 3209539727}, {"l": "2022", "x": "2022-12-31", "y": -11530211880}, {"l": "2023", "x": "2023-12-31", "y": 38527748181}, {"l": "2024", "x": "2024-12-31", "y": 34039676649}, {"l": "2025", "x": "2025-12-31", "y": -3039690565}, {"l": "2026", "x": "2026-12-31", "y": -3469980155}, {"l": "2027", "x": "2027-12-31", "y": -3941568683}, {"l": "2028", "x": "2028-12-31", "y": -4476238607}, {"l": "2029", "x": "2029-12-31", "y": -5084582944}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}], "editableDates": {"2025-12-31": 11, "2026-12-31": 12, "2027-12-31": 13, "2028-12-31": 14, "2029-12-31": 15}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2025-12-31	2026-12-31	2027-12-31	2028-12-31	2029-12-31

↳ Growth Rate

Estimated Future Data

Monetary values in HKD amounts except #	2024 Dec 31	LTM Jan 22	2025 Dec 31	2026 Dec 31	2027 Dec 31	2028 Dec 31	2029 Dec 31
Revenue	389,251	502,271	480,102	592,158	730,368	900,836	1,111,091
Revenue Growth Rate	30.62%	29.04%	23.34%	23.34%	23.34%	23.34%	23.34%
EBITDA	30,736	54,622	32,580	40,184	49,563	61,131	75,399
EBITDA Margin	7.9%	10.88%	6.79%	6.79%	6.79%	6.79%	6.79%
Operating Cash Flow	41,803	72,455	15,931	19,650	24,236	29,893	36,870
Operating Cash Flow to EBITDA	136%	132.6%	48.9%	48.9%	48.9%	48.9%	48.9%
Capital Expenditure	7,763	2,571	18,971	23,399	28,860	35,596	43,905
Capital Expenditure to EBITDA	25.26%	4.71%	58.23%	58.23%	58.23%	58.23%	58.23%
Free Cash Flow	34,040	69,884	-3,040	-3,749	-4,624	-5,703	-7,035
Free Cash Flow to EBITDA	110.7%	127.9%	-9.33%	-9.33%	-9.33%	-9.33%	-9.33%
Compounded Discount Rate			0%	8.04%	17.32%	27.42%	38.35%
Discounted Free Cash Flow	34,040	69,884	-3,040	-3,470	-3,942	-4,476	-5,085

Historical Data

Monetary values in HKD amounts except #	Average	LTM Jan 22	2024 Dec 31	2023 Dec 31	2022 Dec 31	2021 Dec 31	2020 Dec 31	2019 Dec 31	2018 Dec 31	2017 Dec 31	2016 Dec 31	2015 Dec 31
Revenue	265,851	502,271	389,251	298,013	316,898	402,802	292,015	230,251	199,159	137,561	76,393	79,753
Revenue Growth Rate	23.34%	29.04%	30.62%	-5.96%	-21.33%	37.94%	26.82%	15.61%	44.78%	80.07%	-4.21%
Cost of Revenue	219,307	390,614	307,806	234,801	263,059	331,322	248,364	198,311	173,891	119,375	68,301	76,530
Gross Profit	46,545	111,657	81,445	63,212	53,838	71,480	43,650	31,941	25,268	18,187	8,092	3,223
Gross Margin	15.31%	22.23%	20.92%	21.21%	16.99%	17.75%	14.95%	13.87%	12.69%	13.22%	10.59%	4.04%
EBITDA	19,956	54,622	30,736	26,060	5,969	34,396	29,985	14,061	2,214	15,093	4,493	1,885
EBITDA Margin	6.79%	10.88%	7.9%	8.74%	1.88%	8.54%	10.27%	6.11%	1.11%	10.97%	5.88%	2.36%
Net Income	10,004	49,319	25,168	19,219	2,800	23,727	24,176	11,235	15,432	-52,596	617.6	-9,050
Net Income to EBITDA	36.77%	90.29%	81.88%	73.75%	46.9%	68.98%	80.63%	79.91%	697%	-348.5%	13.75%	-480.1%
Cash from Operating Activities	19,862	72,455	41,803	45,422	-4,967	12,006	25,985	26,634	-1,611	-1,195	5,058	-3,105
Cash from Operating Activities to EBITDA	48.9%	132.6%	136%	174.3%	-83.22%	34.9%	86.66%	189.4%	-72.74%	-7.92%	112.6%	-164.7%
Capital Expenditure	4,619	2,571	7,763	6,895	6,563	8,796	3,593	3,809	4,310	1,461	2,039	3,013
Capital Expenditure to EBITDA	58.23%	4.71%	25.26%	26.46%	109.9%	25.57%	11.98%	27.09%	194.6%	9.68%	45.37%	159.9%
Free Cash Flow	15,243	69,884	34,040	38,528	-11,530	3,210	22,392	22,825	-5,921	-2,656	3,020	-6,119
Free Cash Flow to EBITDA	-9.35%	127.9%	110.7%	147.8%	-193.2%	9.33%	74.68%	162.3%	-267.4%	-17.6%	67.2%	-324.6%