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 24,464 17,965 - -
Change - 62.13% 90.24% -26.56% - -
Enterprise Value (EV) 1 6,663 10,290 23,527 16,453 16,499 16,612
Change - 54.44% 128.65% -30.07% 0.28% 0.69%
P/E -16.6x -128x 52.6x 35.3x 19.1x 13.1x
PBR 2.08x 3.37x 2.43x 1.91x 1.73x 1.54x
PEG 0.4x 1.6x -0x 3.86x 0.2x 0.3x
Capitalization / Revenue 4.23x 6.19x 8.08x 4.18x 2.95x 2.24x
EV / Revenue 3.55x 4.95x 7.77x 3.83x 2.71x 2.07x
EV / EBITDA -13.7x -141x 80.4x 34.3x 16.5x 10.2x
EV / EBIT -11.7x -50.2x 139x 49.6x 20.9x 12.9x
EV / FCF -18.6x -49.5x -104x -232x 53x 29.4x
FCF Yield -5.36% -2.02% -0.96% -0.43% 1.89% 3.41%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -3.81 -0.79 2.98 3.253 6.01 8.797
Distribution rate - - - - - -
Net sales 1 1,877 2,077 3,028 4,300 6,081 8,038
EBITDA 1 -485.3 -73.1 292.5 479.3 1,002 1,629
EBIT 1 -571.6 -204.9 168.8 331.9 788.5 1,284
Net income 1 -476 -102.4 435.9 498.9 879.4 1,327
Net Debt 1 -1,269 -2,570 -936.5 -1,513 -1,466 -1,353
Reference price 2 63.18 100.87 156.67 114.84 114.84 114.84
Nbr of stocks (in thousands) 125,535 127,478 156,142 156,440 - -
Announcement Date 11/03/24 10/03/25 24/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-110.07x8.22x-121.83x-.--% 5.22B
37.82x4.12x36.99x-.--% 2.86B
-83.47x20.78x-277.32x - 1.14B
20.8x3.64x12.76x3.04% 1.13B
270.94x4.67x132.07x - 642M
Average 27.20x 8.29x -43.46x 1.01% 2.2B
Weighted average by Cap. -33.10x 7.78x -67.93x 0.37%

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