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Key Info

GOME Electrical Appliances Holding Ltd Web - www.gome.com.hk

Tel - 86-10-5928-8915

Next Reporting Date - 15.05.2019

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    GOME Electrical Appliances Holding

    Retail


    DCF Model Assumptions

    Risk Free Rate

    2.70%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    5.26%

    Cost of Debt

    5.26%

    Long Term Growth

    2.00%

    Beta Assumption

    0.57

    Current Market Cap mln$

    2,418.31

    Net Debt mln$

    940.40

    WACC Estimate

    5.88%

    Ordinary Current Price $

    0.11

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue10279.9711549.3410603.559736.569386.518706.488017.837298.886534.935939.315397.984905.994458.834052.443683.08
    EBITDA Costs9977.4111401.2410507.2410297.419741.269267.908788.548288.107756.327309.496888.406491.566117.595765.165433.04
    EBITDA302.56148.1096.31-560.85-354.75-561.42-770.71-989.21-1221.39-1370.18-1490.42-1585.58-1658.76-1712.73-1749.96
    EBITDA Margin2.941.280.91-5.76-3.78-6.45-9.61-13.55-18.69-23.07-27.61-32.32-37.20-42.26-47.51
    Operating Costs10060.8711519.7210638.8710423.699853.759378.958898.128396.147862.737414.016990.896591.916215.715860.985526.49
    Operating Profit219.1029.63-35.32-687.13-467.25-672.46-880.29-1097.26-1327.80-1474.69-1592.91-1685.93-1756.88-1808.54-1843.41
    Operating Margin2.130.26-0.33-7.06-4.98-7.72-10.98-15.03-20.32-24.83-29.51-34.36-39.40-44.63-50.05
    Pretax Costs10029.0411525.4710721.9010555.629958.959518.269071.978606.058110.977689.817290.526911.976553.076212.805890.21
    PTP250.9323.87-118.35-819.06-572.44-811.77-1054.14-1307.17-1576.03-1750.50-1892.54-2005.98-2094.23-2160.37-2207.12
    Pretax Margin2.440.21-1.12-8.41-6.10-9.32-13.15-17.91-24.12-29.47-35.06-40.89-46.97-53.31-59.93
    Net Income Costs10087.7311500.3810670.2010475.919920.929472.249017.868543.498039.437611.817206.946823.606460.646117.005791.63
    Net Income192.2448.96-66.65-739.35-534.41-765.75-1000.03-1244.61-1504.50-1672.50-1808.96-1917.61-2001.81-2064.56-2108.55
    Net Margin1.870.42-0.63-7.59-5.69-8.80-12.47-17.05-23.02-28.16-33.51-39.09-44.90-50.95-57.25
    Revenue Less Capex10552.0311681.3910727.649889.329592.648933.748266.477569.856829.626245.135710.665221.924775.024366.363992.68
    Capex-272.06-132.05-124.08-152.76-206.13-227.25-248.64-270.97-294.69-305.82-312.68-315.94-316.18-313.92-309.59
    Capex to Revenues-2.65-1.14-1.17-1.57-2.20-2.61-3.10-3.71-4.51-5.15-5.79-6.44-7.09-7.75-8.41
    Revenue less FCF10350.0011281.2110979.1310192.599966.279534.169096.568639.728154.287740.307347.336974.326620.246284.145965.11
    FCF-70.03268.13-375.57-456.03-579.76-827.67-1078.73-1340.84-1619.35-1800.99-1949.35-2068.33-2161.41-2231.70-2282.02
    FCF to Revenue-0.682.32-3.54-4.68-6.18-9.51-13.45-18.37-24.78-30.32-36.11-42.16-48.47-55.07-61.96

    CHINA Comparables

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    2019
    PE RATIO
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    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    881 HKZhongsheng Group Holdings LtdCHINA 6023.429.688.277.166.210.332.166.961.8220.4036.21
    1833 HKIntime Retail Group Co LtdCHINA 5659.87----7.480.00-23.493.96-11.386.32
    493 HKGOME Electrical Appliances Holding LtdCHINA 2418.31--31.6617.400.250.001.091.11-2.0314.21
    3308 HKGolden Eagle Retail Group LtdCHINA 1993.1310.389.435.655.232.104.0742.981.9119.4515.43
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    2019
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    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
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