Company Valuation: Hesai Group

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 7,931 12,859 24,620 15,750 - -
Change - 62.13% 91.46% -36.03% - -
Enterprise Value (EV) 1 6,663 10,290 23,684 13,413 13,083 12,129
Change - 54.44% 130.17% -43.37% -2.46% -7.29%
P/E -16.6x -128x 52.6x 28x 16.3x 11.5x
PBR 2.08x 3.37x 2.43x 1.67x 1.52x 1.35x
PEG 0.4x 1.6x -0x 1.4x 0.2x 0.3x
Capitalization / Revenue 4.23x 6.19x 8.13x 3.61x 2.57x 1.96x
EV / Revenue 3.55x 4.95x 7.82x 3.08x 2.13x 1.51x
EV / EBITDA -13.7x -141x 81x 21.7x 12.1x 7.47x
EV / EBIT -11.7x -50.2x 140x 29.5x 15.3x 9.06x
EV / FCF -18.6x -49.5x -105x -47.8x 62.9x 28.1x
FCF Yield -5.36% -2.02% -0.95% -2.09% 1.59% 3.56%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -3.81 -0.79 2.98 3.593 6.175 8.772
Distribution rate - - - - - -
Net sales 1 1,877 2,077 3,028 4,361 6,132 8,027
EBITDA 1 -485.3 -73.1 292.5 618.3 1,082 1,625
EBIT 1 -571.6 -204.9 168.8 454.5 854.4 1,338
Net income 1 -476 -102.4 435.9 553.2 906.2 1,287
Net Debt 1 -1,269 -2,570 -936.5 -2,337 -2,667 -3,621
Reference price 2 63.18 100.87 156.67 100.68 100.68 100.68
Nbr of stocks (in thousands) 125,535 127,478 157,142 156,440 - -
Announcement Date 3/11/24 A 3/10/25 A 3/24/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
1739.13x118.82x1323.99x - 6.07B
-134.64x9.46x-141.84x-.--% 5.77B
-204.25x48.05x-641.13x - 2.76B
-105.44x12.39x-147.73x4.68% 1.38B
561.22x12.39x350.15x - 1.31B
19.8x3.44x11.93x3.06% 1.05B
Average 312.64x 34.09x 125.89x 2.58% 3.06B
Weighted average by Cap. 535.89x 51.54x 311.82x 1.18%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield