GDS HOLDINGS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 8.02 USD | -0.74% |
|
+3.62% | -12.06% |
| May. 22 | GDS Holdings Q1 Loss Narrows, Revenue Increases; 2024 Guidance Re-Affirmed -- Shares Decline Pre-Bell | MT |
| May. 22 | Transcript : GDS Holdings Limited, Q1 2024 Earnings Call, May 22, 2024 |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 52,437 | 114,194 | 55,988 | 27,101 | 12,334 | 11,291 | - | - |
| Enterprise Value (EV) 1 | 62,816 | 120,702 | 81,781 | 27,101 | 18,977 | 50,242 | 52,904 | 53,667 |
| P/E ratio | -99.7 x | -130 x | -41.4 x | -17.2 x | -2.73 x | -6.89 x | -9.78 x | -47.5 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 12.7 x | 19.9 x | 7.16 x | 2.91 x | 1.24 x | 0.99 x | 0.87 x | 0.75 x |
| EV / Revenue | 15.2 x | 21 x | 10.5 x | 2.91 x | 1.91 x | 4.4 x | 4.06 x | 3.57 x |
| EV / EBITDA | 34.4 x | 45 x | 22.1 x | 6.37 x | 4.1 x | 10 x | 9.1 x | 8 x |
| EV / FCF | -14.7 x | -13.3 x | -9.63 x | -3.72 x | -4.8 x | -12.2 x | -18.2 x | 36.2 x |
| FCF Yield | -6.78% | -7.5% | -10.4% | -26.8% | -20.8% | -8.2% | -5.5% | 2.76% |
| Price to Book | 4.81 x | 3.74 x | 2.22 x | - | - | 0.53 x | 0.56 x | 0.54 x |
| Nbr of stocks (in thousands) | 146,031 | 186,897 | 186,898 | 190,554 | 190,554 | 194,398 | - | - |
| Reference price 2 | 359.1 | 611.0 | 299.6 | 142.2 | 64.73 | 58.08 | 58.08 | 58.08 |
| Announcement Date | 3/19/20 | 3/10/21 | 3/22/22 | 3/15/23 | 3/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,122 | 5,739 | 7,819 | 9,326 | 9,957 | 11,407 | 13,034 | 15,016 |
| EBITDA 1 | 1,824 | 2,681 | 3,703 | 4,251 | 4,624 | 5,013 | 5,815 | 6,710 |
| EBIT 1 | 479.8 | 672.9 | 569.5 | 551.8 | 554.7 | 729.6 | 1,113 | 1,848 |
| Operating Margin | 11.64% | 11.73% | 7.28% | 5.92% | 5.57% | 6.4% | 8.54% | 12.31% |
| Earnings before Tax (EBT) 1 | -426.4 | -548.4 | -948.8 | -989.9 | -4,300 | -1,396 | -1,117 | -368.4 |
| Net income 1 | -500.2 | -737.7 | -1,314 | -1,510 | -4,344 | -1,588 | -1,243 | -578.5 |
| Net margin | -12.13% | -12.85% | -16.81% | -16.19% | -43.63% | -13.92% | -9.54% | -3.85% |
| EPS 2 | -3.600 | -4.710 | -7.230 | -8.250 | -23.67 | -8.432 | -5.939 | -1.224 |
| Free Cash Flow 1 | -4,259 | -9,057 | -8,491 | -7,276 | -3,957 | -4,120 | -2,908 | 1,483 |
| FCF margin | -103.32% | -157.82% | -108.6% | -78.03% | -39.74% | -36.12% | -22.31% | 9.88% |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | 22.1% |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 3/19/20 | 3/10/21 | 3/22/22 | 3/15/23 | 3/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,187 | 2,244 | 2,310 | 4,554 | 2,368 | 2,404 | 2,409 | 2,472 | 2,519 | 2,556 | - | 2,787 | 2,921 | 3,043 | 3,070 | 3,213 |
| EBITDA 1 | 1,027 | 1,051 | 1,062 | 2,113 | 1,067 | 1,071 | 1,130 | 1,235 | 1,126 | 1,133 | - | 1,262 | 1,282 | 1,305 | 1,441 | 1,523 |
| EBIT 1 | 152 | 135.4 | 133.1 | - | 147 | 136.3 | 154.6 | 244.2 | 80.68 | 75.23 | - | 220.7 | 143.6 | 130.8 | 222.6 | 334.9 |
| Operating Margin | 6.95% | 6.03% | 5.76% | - | 6.21% | 5.67% | 6.42% | 9.88% | 3.2% | 2.94% | - | 7.92% | 4.92% | 4.3% | 7.25% | 10.42% |
| Earnings before Tax (EBT) 1 | -250.6 | -301.3 | -316.5 | - | -272.3 | -99.86 | -311 | -200 | -399.9 | -3,389 | - | -309.7 | -340.5 | -394.1 | -318.5 | -206.3 |
| Net income 1 | -350.7 | -574.5 | -387.9 | - | -353.1 | -194.4 | -489.2 | -239.9 | -434.9 | -3,180 | - | -271.5 | -298.9 | -719.5 | -395.8 | -262.3 |
| Net margin | -16.03% | -25.6% | -16.79% | - | -14.92% | -8.09% | -20.31% | -9.7% | -17.27% | -124.37% | - | -9.74% | -10.23% | -23.64% | -12.89% | -8.16% |
| EPS 2 | -1.920 | -3.150 | -2.120 | - | -1.930 | -1.060 | -2.670 | -1.310 | -2.370 | -17.30 | -1.960 | -1.219 | -1.193 | -3.876 | -0.2700 | -0.1800 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/22/22 | 5/18/22 | 8/23/22 | 8/23/22 | 11/21/22 | 3/15/23 | 5/25/23 | 8/22/23 | 11/22/23 | 3/26/24 | 5/22/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 10,379 | 6,508 | 25,793 | - | 6,643 | 38,952 | 41,613 | 42,377 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 5.69 x | 2.428 x | 6.965 x | - | 1.437 x | 7.77 x | 7.156 x | 6.315 x |
| Free Cash Flow 1 | -4,259 | -9,057 | -8,491 | -7,276 | -3,957 | -4,120 | -2,908 | 1,483 |
| ROE (net income / shareholders' equity) | -6.33% | -4.11% | -5.25% | -5.25% | -6.35% | -7.46% | -6.04% | -2.68% |
| ROA (Net income/ Total Assets) | -1.91% | -1.66% | -2.04% | -2.06% | -4.4% | -1.27% | -0.97% | -0.36% |
| Assets 1 | 26,189 | 44,376 | 64,446 | 73,224 | 98,633 | 124,705 | 128,665 | 162,625 |
| Book Value Per Share 2 | 74.70 | 163.0 | 135.0 | - | - | 109.0 | 103.0 | 107.0 |
| Cash Flow per Share 2 | 4.660 | 5.400 | 6.610 | - | - | 12.60 | 17.80 | 23.40 |
| Capex 1 | 4,553 | 8,037 | 9,699 | 7,804 | 2,065 | 6,555 | 5,829 | 5,496 |
| Capex / Sales | 110.44% | 140.04% | 124.05% | 83.68% | 20.74% | 57.46% | 44.73% | 36.6% |
| Announcement Date | 3/19/20 | 3/10/21 | 3/22/22 | 3/15/23 | 3/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C
Sell
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
58.08
CNY
Average target price
111.5
CNY
Spread / Average Target
+92.00%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -12.06% | 1.56B | |
| -19.53% | 177B | |
| -3.23% | 159B | |
| +2.05% | 153B | |
| +5.13% | 100B | |
| +9.84% | 81.11B | |
| +22.85% | 75.87B | |
| -8.81% | 69.81B | |
| -31.57% | 45.63B | |
| -9.69% | 42.96B |
- Stock Market
- Equities
- GDS Stock
- Financials GDS Holdings Limited
