Loading verified market, valuation, and statement data.
2. Company Fundamentals
2.1 Competitiveness
| Metric |
Value |
| Operating Margins |
11.92% |
| Profit Margins |
0.32% |
| Return on Equity |
2.02% |
| Return on Assets |
4.47% |
| Free Float |
0.28B |
| Dividend Yield |
4.38% |
| Short Int % Utilisation |
11.32% |
2.2 Growth
| Metric |
Value |
| Revenue Growth |
69.2% |
| Free Cash Flow |
5.07B |
| EBITDA |
9.28 (Ratio) |
| Enterprise Value |
29.29B |
| EV/Revenue |
1.48 |
| EV/EBITDA |
9.28 |
Revenue growth of 69.2% places the company in a high-growth category.
2.3 Management
| Role |
Metric |
| Consensus Rating |
N/A |
2.4 Return
| Metric |
Value |
| Expected Return (Ann.)* |
27.26% |
| Risk / Std Dev (Ann.)* |
35.65% |
| 1-Year Price Return* |
19.37% |
Latest Market Data (as of 2026-08-14, US Eastern time):
| Metric |
Value |
| Last Price |
$87.57 |
| 52-Week Range |
$66.33 – $88.43 |
| 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 |
$17.27B |
| Prior annual revenue |
$15.69B |
| EBIT |
$541.50M |
| Tax rate |
21.00% |
| NOPAT = EBIT × (1 − tax rate) |
$427.79M |
| Forecast start-growth basis |
10.09% |
| Forecast policy |
latest reported annual revenue growth, bounded to -10.00% / 15.00% |
Step 2 — Calculate FCFF
| Current FCFF building block |
Value |
| NOPAT |
$427.79M |
| Add: depreciation & amortisation |
$276.70M |
| Less: capital expenditure |
-$149.80M |
| Less/(add): working-capital cash-flow movement |
$712.10M |
| Current unlevered FCFF |
$1.27B |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
10.09% |
$470.94M |
$304.61M |
-$164.91M |
$783.94M |
$1.39B |
$1.35B |
| 2 |
8.19% |
$509.52M |
$329.57M |
-$216.21M |
$848.16M |
$1.47B |
$1.34B |
| 3 |
6.29% |
$541.59M |
$350.31M |
-$269.98M |
$901.54M |
$1.52B |
$1.30B |
| 4 |
4.40% |
$565.40M |
$365.71M |
-$323.78M |
$941.18M |
$1.55B |
$1.24B |
| 5 |
2.50% |
$579.54M |
$374.86M |
-$374.86M |
$964.71M |
$1.54B |
$1.16B |
Step 3 — Determine the Discount Rate (WACC)
| WACC input |
Value |
| Risk-free rate |
4.71% |
| Equity risk premium assumption |
5.50% |
| Beta |
0.66 |
| Cost of equity |
8.34% |
| Pre-tax cost of debt |
2.99% |
| WACC |
6.53% |
| WACC validation |
requires assumption review |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
$39.23B |
| Implied terminal EV / EBITDA |
35.39x |
| Terminal value as % of enterprise value |
81.73% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
$6.39B |
| Present value of terminal value |
$28.59B |
| Indicated enterprise value |
$34.98B |
| 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 |
$34.98B |
| Less: gross interest-bearing debt |
$10.73B |
| Add: cash and equivalents |
$6.88B |
| Add: affiliate investments |
$0.00 |
| Less: minority interests |
$1.01B |
| Indicated common equity value |
$30.11B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
313,100,000.00 |
| Share-count basis |
reported diluted weighted-average shares |
| Current market price |
$86.94 |
| DCF indicative value per share |
$96.18 |
| Indicative value vs. market price |
10.62% |
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 |
3/4 evidenced checks |
| Lynch-inspired balance-and-growth checks |
3/4 evidenced checks |
Data lineage: Yahoo Finance public market and reported-statement data; retrieval timestamp: 2026-08-18 17:44:37.177205 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 |
-11.80% |
-1.54% |
| Adjusted R² |
0.04 |
0.07 |
| Annualised residual volatility |
34.06% |
33.35% |
| Factor loading (t-statistic) |
FF3 |
FF5 |
| Market excess return (Mkt-RF) |
0.32 (1.61) |
0.58 (2.59) |
| Size (SMB) |
0.56 (2.07) |
0.38 (1.34) |
| Value (HML) |
0.22 (0.93) |
-0.27 (-0.95) |
| Profitability (RMW) |
NM |
0.21 (0.88) |
| Investment (CMA) |
NM |
1.09 (2.63) |
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.