Loading verified market, valuation, and statement data.
2. Company Fundamentals
2.1 Competitiveness
| Metric |
Value |
| Operating Margins |
20.04% |
| Profit Margins |
13.18% |
| Return on Equity |
11.37% |
| Return on Assets |
6.65% |
| Free Float |
0.1B |
| Dividend Yield |
1.20% |
| Short Int % Utilisation |
2.11% |
2.2 Growth
| Metric |
Value |
| Revenue Growth |
7.3% |
| Free Cash Flow |
0.84B |
| EBITDA |
13.75 (Ratio) |
| Enterprise Value |
21.97B |
| EV/Revenue |
3.7 |
| EV/EBITDA |
13.75 |
Revenue growth of 7.3% indicates steady, moderate expansion.
2.3 Management
| Role |
Metric |
| Consensus Rating |
N/A |
2.4 Return
| Metric |
Value |
| Expected Return (Ann.)* |
-1.13% |
| Risk / Std Dev (Ann.)* |
25.39% |
| 1-Year Price Return* |
-4.23% |
Latest Market Data (as of 2026-08-14, US Eastern time):
| Metric |
Value |
| Last Price |
$233.28 |
| 52-Week Range |
$195.14 – $269.44 |
| 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 |
$5.94B |
| Prior annual revenue |
$5.46B |
| EBIT |
$1.11B |
| Tax rate |
25.04% |
| NOPAT = EBIT × (1 − tax rate) |
$830.60M |
| Forecast start-growth basis |
8.73% |
| Forecast policy |
latest reported annual revenue growth, bounded to -10.00% / 15.00% |
Step 2 — Calculate FCFF
| Current FCFF building block |
Value |
| NOPAT |
$830.60M |
| Add: depreciation & amortisation |
$486.50M |
| Less: capital expenditure |
-$369.00M |
| Less/(add): working-capital cash-flow movement |
$27.10M |
| Current unlevered FCFF |
$975.20M |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
8.73% |
$903.08M |
$528.95M |
-$401.20M |
$29.46M |
$1.06B |
$1.02B |
| 2 |
7.17% |
$967.83M |
$566.88M |
-$464.19M |
$31.58M |
$1.10B |
$967.13M |
| 3 |
5.61% |
$1.02B |
$598.69M |
-$526.40M |
$33.35M |
$1.13B |
$907.15M |
| 4 |
4.06% |
$1.06B |
$622.98M |
-$585.37M |
$34.70M |
$1.14B |
$837.49M |
| 5 |
2.50% |
$1.09B |
$638.56M |
-$638.56M |
$35.57M |
$1.13B |
$760.78M |
Step 3 — Determine the Discount Rate (WACC)
| WACC input |
Value |
| Risk-free rate |
4.71% |
| Equity risk premium assumption |
5.50% |
| Beta |
0.91 |
| Cost of equity |
9.74% |
| Pre-tax cost of debt |
2.83% |
| WACC |
9.10% |
| WACC validation |
within standard range |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
$17.49B |
| Implied terminal EV / EBITDA |
8.36x |
| Terminal value as % of enterprise value |
71.60% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
$4.49B |
| Present value of terminal value |
$11.31B |
| Indicated enterprise value |
$15.80B |
| 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 |
$15.80B |
| Less: gross interest-bearing debt |
$2.09B |
| Add: cash and equivalents |
$439.60M |
| Add: affiliate investments |
$0.00 |
| Less: minority interests |
$13.60M |
| Indicated common equity value |
$14.14B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
98,700,000.00 |
| Share-count basis |
reported diluted weighted-average shares |
| Current market price |
$233.42 |
| DCF indicative value per share |
$143.26 |
| Indicative value vs. market price |
-38.63% |
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 17:49:19.028046 UTC; latest reported fiscal period: 2026-03-31 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 |
-28.95% |
-17.83% |
| Adjusted R² |
0.16 |
0.23 |
| Annualised residual volatility |
22.07% |
21.08% |
| Factor loading (t-statistic) |
FF3 |
FF5 |
| Market excess return (Mkt-RF) |
0.52 (4.01) |
0.83 (5.83) |
| Size (SMB) |
0.61 (3.49) |
0.61 (3.39) |
| Value (HML) |
0.17 (1.15) |
-0.15 (-0.86) |
| Profitability (RMW) |
NM |
0.53 (3.48) |
| Investment (CMA) |
NM |
0.53 (2.01) |
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.