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 17,859 - -
Change - 62.13% 90.24% -27% - -
Enterprise Value (EV) 1 6,663 10,290 23,527 15,087 14,990 13,993
Change - 54.44% 128.65% -35.87% -0.64% -6.65%
P/E -16.6x -128x 52.6x 32.2x 18.5x 13x
PBR 2.08x 3.37x 2.43x 1.88x 1.73x 1.54x
PEG 0.4x 1.6x -0x 1.7x 0.2x 0.3x
Capitalization / Revenue 4.23x 6.19x 8.08x 4.11x 2.91x 2.21x
EV / Revenue 3.55x 4.95x 7.77x 3.47x 2.44x 1.73x
EV / EBITDA -13.7x -141x 80.4x 25.2x 13.7x 8.55x
EV / EBIT -11.7x -50.2x 139x 34.8x 17.4x 10.4x
EV / FCF -18.6x -49.5x -104x -66x 72.3x 32.4x
FCF Yield -5.36% -2.02% -0.96% -1.51% 1.38% 3.09%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -3.81 -0.79 2.98 3.541 6.174 8.778
Distribution rate - - - - - -
Net sales 1 1,877 2,077 3,028 4,348 6,135 8,069
EBITDA 1 -485.3 -73.1 292.5 598.8 1,092 1,637
EBIT 1 -571.6 -204.9 168.8 432.9 862.8 1,348
Net income 1 -476 -102.4 435.9 545.2 905.3 1,281
Net Debt 1 -1,269 -2,570 -936.5 -2,772 -2,868 -3,866
Reference price 2 63.18 100.87 156.67 114.16 114.16 114.16
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.($)
-121.72x8.5x-122.71x-.--% 5.23B
-92.4x11.91x-136.42x4.72% 1.38B
-99.91x24.5x-326.97x - 1.36B
21.33x3.68x12.7x2.85% 1.18B
280.27x4.92x139.08x - 661M
Average -2.49x 10.70x -86.86x 2.52% 1.96B
Weighted average by Cap. -70.26x 10.37x -118.99x 1.27%

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