Loading verified market, valuation, and statement data.
2. Company Fundamentals
2.1 Competitiveness
| Metric |
Value |
| Operating Margins |
21.3% |
| Profit Margins |
13.2% |
| Return on Equity |
9.93% |
| Free Float |
1.28B |
| Dividend Yield |
3.56% |
| Short Int % Utilisation |
1.31% |
2.2 Growth
| Metric |
Value |
| Revenue Growth |
9.9% |
| EBITDA |
12.19 (Ratio) |
| Enterprise Value |
122.93B |
| EV/Revenue |
3.38 |
| EV/EBITDA |
12.19 |
Revenue growth of 9.9% indicates steady, moderate expansion.
2.3 Management
| Role |
Metric |
| Consensus Rating |
N/A |
2.4 Return
| Metric |
Value |
| Expected Return (Ann.)* |
4.17% |
| Risk / Std Dev (Ann.)* |
23.65% |
| 1-Year Price Return* |
1.31% |
Latest Market Data (as of 2026-08-14, US Eastern time):
| Metric |
Value |
| Last Price |
$91.27 |
| 52-Week Range |
$73.31 – $106.33 |
| 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 |
$36.36B |
| Prior annual revenue |
$33.54B |
| EBIT |
$6.85B |
| Tax rate |
21.17% |
| NOPAT = EBIT × (1 − tax rate) |
$5.40B |
| Forecast start-growth basis |
8.43% |
| Forecast policy |
latest reported annual revenue growth, bounded to -10.00% / 15.00% |
Step 2 — Calculate FCFF
| Current FCFF building block |
Value |
| NOPAT |
$5.40B |
| Add: depreciation & amortisation |
$2.96B |
| Less: capital expenditure |
-$1.90B |
| Less/(add): working-capital cash-flow movement |
-$1.42B |
| Current unlevered FCFF |
$5.03B |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
8.43% |
$5.86B |
$3.21B |
-$2.06B |
-$1.54B |
$5.46B |
$5.28B |
| 2 |
6.95% |
$6.26B |
$3.43B |
-$2.51B |
-$1.65B |
$5.53B |
$5.02B |
| 3 |
5.46% |
$6.60B |
$3.62B |
-$2.97B |
-$1.74B |
$5.51B |
$4.68B |
| 4 |
3.98% |
$6.87B |
$3.76B |
-$3.43B |
-$1.81B |
$5.39B |
$4.30B |
| 5 |
2.50% |
$7.04B |
$3.86B |
-$3.86B |
-$1.85B |
$5.18B |
$3.87B |
Step 3 — Determine the Discount Rate (WACC)
| WACC input |
Value |
| Risk-free rate |
4.71% |
| Equity risk premium assumption |
5.50% |
| Beta |
0.57 |
| Cost of equity |
7.82% |
| Pre-tax cost of debt |
2.53% |
| WACC |
6.71% |
| WACC validation |
requires assumption review |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
$126.16B |
| Implied terminal EV / EBITDA |
9.87x |
| Terminal value as % of enterprise value |
79.75% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
$23.15B |
| Present value of terminal value |
$91.17B |
| Indicated enterprise value |
$114.31B |
| 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 |
$114.31B |
| Less: gross interest-bearing debt |
$27.96B |
| Add: cash and equivalents |
$9.22B |
| Add: affiliate investments |
$0.00 |
| Less: minority interests |
$609.00M |
| Indicated common equity value |
$94.96B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
1,280,045,190.00 |
| Share-count basis |
reported shares outstanding; option/RSU dilution data not separately available |
| Current market price |
$92.61 |
| DCF indicative value per share |
$74.19 |
| Indicative value vs. market price |
-19.89% |
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 |
review required |
| 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% |
within review band |
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 17:41:37.170140 UTC; latest reported fiscal period: 2026-04-30 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 |
-24.19% |
-18.62% |
| Adjusted R² |
0.08 |
0.09 |
| Annualised residual volatility |
21.59% |
21.30% |
| Factor loading (t-statistic) |
FF3 |
FF5 |
| Market excess return (Mkt-RF) |
0.22 (1.70) |
0.37 (2.59) |
| Size (SMB) |
0.55 (3.22) |
0.51 (2.79) |
| Value (HML) |
0.10 (0.70) |
-0.11 (-0.63) |
| Profitability (RMW) |
NM |
0.21 (1.39) |
| Investment (CMA) |
NM |
0.42 (1.59) |
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.