Loading verified market, valuation, and statement data.
2. Company Fundamentals
2.1 Competitiveness
| Metric |
Value |
| Operating Margins |
22.94% |
| Profit Margins |
14.89% |
| Return on Equity |
7.08% |
| Return on Assets |
4.19% |
| Free Float |
0.63B |
| Dividend Yield |
0.82% |
| Short Int % Utilisation |
1.47% |
2.2 Growth
| Metric |
Value |
| Revenue Growth |
3.7% |
| Free Cash Flow |
4.57B |
| EBITDA |
18.14 (Ratio) |
| Enterprise Value |
143.96B |
| EV/Revenue |
5.81 |
| EV/EBITDA |
18.14 |
Revenue growth of 3.7% suggests mature or challenged top-line momentum.
2.3 Management
| Role |
Metric |
| Consensus Rating |
N/A |
2.4 Return
| Metric |
Value |
| Expected Return (Ann.)* |
1.47% |
| Risk / Std Dev (Ann.)* |
31.19% |
| 1-Year Price Return* |
-3.31% |
Latest Market Data (as of 2026-08-14, US Eastern time):
| Metric |
Value |
| Last Price |
$202.45 |
| 52-Week Range |
$160.93 – $242.80 |
| Observation Count |
251 trading days |
The return and risk statistics use daily adjusted closes from the retrieved one-year series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.
2.5 FCFF DCF Valuation
Valuation basis: This research model follows a five-year, unlevered FCFF DCF. It starts from reported annual operating inputs, forecasts revenue and operating cash conversion under an explicit mechanical policy, discounts FCFF at WACC, applies a Gordon-growth terminal value, and bridges enterprise value to an indicative common-equity value per share. It is an analytical estimate rather than a recommendation or personalised target price.
Step 1 — Forecast Operating Profit and NOPAT
| Reported operating input |
Value |
| Revenue |
$24.57B |
| Prior annual revenue |
$23.88B |
| EBIT |
$4.50B |
| Tax rate |
15.00% |
| NOPAT = EBIT × (1 − tax rate) |
$3.82B |
| Forecast start-growth basis |
2.90% |
| Forecast policy |
latest reported annual revenue growth, bounded to -10.00% / 15.00% |
Step 2 — Calculate FCFF
| Current FCFF building block |
Value |
| NOPAT |
$3.82B |
| Add: depreciation & amortisation |
$2.45B |
| Less: capital expenditure |
-$1.16B |
| Less/(add): working-capital cash-flow movement |
-$719.00M |
| Current unlevered FCFF |
$4.40B |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
2.90% |
$3.93B |
$2.52B |
-$1.19B |
-$739.87M |
$4.52B |
$4.35B |
| 2 |
2.80% |
$4.04B |
$2.59B |
-$1.56B |
-$760.60M |
$4.31B |
$3.83B |
| 3 |
2.70% |
$4.15B |
$2.66B |
-$1.96B |
-$781.15M |
$4.07B |
$3.35B |
| 4 |
2.60% |
$4.26B |
$2.73B |
-$2.37B |
-$801.46M |
$3.82B |
$2.91B |
| 5 |
2.50% |
$4.37B |
$2.80B |
-$2.80B |
-$821.50M |
$3.55B |
$2.50B |
Step 3 — Determine the Discount Rate (WACC)
| WACC input |
Value |
| Risk-free rate |
4.71% |
| Equity risk premium assumption |
5.50% |
| Beta |
0.80 |
| Cost of equity |
9.09% |
| Pre-tax cost of debt |
1.44% |
| WACC |
8.13% |
| WACC validation |
within standard range |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
$64.61B |
| Implied terminal EV / EBITDA |
8.14x |
| Terminal value as % of enterprise value |
72.08% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
$16.93B |
| Present value of terminal value |
$43.71B |
| Indicated enterprise value |
$60.65B |
| Discounting convention |
mid-year for explicit FCFF; terminal value discounted at year-end five |
Step 6 — Convert Enterprise Value to Equity Value
| Equity bridge |
Value |
| Indicated enterprise value |
$60.65B |
| Less: gross interest-bearing debt |
$19.70B |
| Add: cash and equivalents |
$4.62B |
| Add: affiliate investments |
$0.00 |
| Less: minority interests |
$7.00M |
| Indicated common equity value |
$45.56B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
716,100,000.00 |
| Share-count basis |
reported diluted weighted-average shares |
| Current market price |
$200.88 |
| DCF indicative value per share |
$63.62 |
| Indicative value vs. market price |
-68.33% |
Model Integrity Checks
| Check |
Result |
| Perpetuity growth is below the risk-free rate |
pass |
| Perpetuity growth is below WACC |
pass |
| WACC is within the configured operating-company range |
pass |
| Terminal-year FCFF is positive |
pass |
| Terminal capex converges to D&A |
pass |
| Terminal-value concentration |
within review band |
| Implied price differs from spot by more than 30% |
review required |
2.6 Investor-Style Research Screen
| Educational screen |
Result |
| Buffett-inspired cash-quality checks |
4/4 evidenced checks |
| Lynch-inspired balance-and-growth checks |
4/4 evidenced checks |
Data lineage: Yahoo Finance public market and reported-statement data; retrieval timestamp: 2026-08-18 17:30:05.498330 UTC; latest reported fiscal period: 2025-12-31 00:00:00. Default assumptions: five-year forecast, mid-year discounting for explicit FCFF, a maximum 2.50% perpetuity-growth rate below both WACC and the risk-free rate, historical operating-ratio persistence, and capex convergence to D&A by year five. No sell-side consensus or management guidance is substituted for reported inputs. This is research and analysis only, not personalized financial advice.
2.7 Quantitative Factor Diagnostics
Model basis: Daily issuer USD excess returns are regressed in-sample using ordinary least squares on matching regional Fama–French factors. FF3 estimates market, size, and value loadings; FF5 adds profitability and investment. Coefficients are descriptive historical exposures, not predictions.
| Estimation input |
Value |
| Regional factor set |
US |
| Factor-return currency |
USD |
| Issuer-return basis |
USD adjusted total return |
| Estimation window |
2025-08-19 to 2026-06-30 |
| Aligned daily observations |
217 |
| Minimum observation requirement |
120 |
| Currency conversion for HK listings |
not required |
Fama–French Three-Factor and Five-Factor Results
| Diagnostic |
FF3 |
FF5 |
| Annualised alpha |
-21.70% |
-9.58% |
| Adjusted R² |
0.13 |
0.22 |
| Annualised residual volatility |
26.79% |
25.28% |
| Factor loading (t-statistic) |
FF3 |
FF5 |
| Market excess return (Mkt-RF) |
0.50 (3.17) |
0.84 (4.91) |
| Size (SMB) |
0.75 (3.51) |
0.53 (2.44) |
| Value (HML) |
0.02 (0.12) |
-0.60 (-2.79) |
| Profitability (RMW) |
NM |
0.29 (1.60) |
| Investment (CMA) |
NM |
1.38 (4.37) |
Definitions: Mkt-RF is the market return less the risk-free rate; SMB is small minus big; HML is high minus low book-to-market; RMW is robust minus weak profitability; CMA is conservative minus aggressive investment. Factor returns are sourced from the Kenneth R. French Data Library; issuer adjusted-return history is sourced from Yahoo Finance. For Hong Kong listings, adjusted HKD prices are converted into USD with daily USD/HKD closes before return calculation to match the USD regional factor basis. This is an in-sample historical regression; coefficients and t-statistics do not establish causation or predict future returns. This is research and analysis only, not personalized financial advice.