Meituan operates an e-commerce platform for various services. It operates through Food Delivery; In-store, Hotel & Travel; and New Initiatives and Others segments. The Food delivery segment provides consumers place orders of food prepared by merchants. The In-store, Hotel & Travel segment offers consumers purchase local consumer services provided by merchants in numerous in-store categories or make reservations for hotels and attractions. The New Initiatives and Others segment sales goods from B2B food distribution services and Meituan grocery; and various businesses, such as Meituan Instashopping, community e-commerce, bike-sharing and electric mopeds, and micro-credit services. The company was formerly known as Meituan Dianping and changed its name to Meituan in October 2020. Meituan was founded in 2003 and is headquartered in Beijing, China.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	219,954.9	276,745	337,591.6	366,915.8	417,689	479,759.4	479,759.4	479,759.4
Revenue % Chg.	22.8%	25.8%	22%
EBIT	-6,603.7	8,997.4	33,158.5	-22,426.8	20,635.4	42,030.2	42,030.2	42,030.2
EBIT Margin	-3%	3.3%	9.8%
Tax Rate	1%	1.2%	5.7%
NOPAT	-6,535.1	8,891.8	31,258.1	-20,744.8	19,124.9	37,947.2	37,947.2	37,947.2
NOPAT Margin	-3%	3.2%	9.3%	-5.7%	4.6%	7.9%	7.9%	7.9%
D&A	9,666	7,934	8,352.8	9,726.4	10,745	11,667.7	11,667.7	11,667.7
D&A / Revenue	4.4%	2.9%	2.5%
Capex	-5,731.3	-6,879.6	-10,999.5	-12,571	-12,812	-13,769.7	-13,769.7	-13,769.7
Capex / Revenue	-2.6%	-2.5%	-3.3%
Chg. NWC	-813.5	13,475.5	6,465.6	7,845.5	8,931.1	10,258.3	10,258.3	10,258.3
Chg. NWC / Revenue	-0.4%	4.9%	1.9%
Unlevered FCF (UFCF)	-3,414	23,421.8	35,077	-15,743.9	25,989	46,103.6	46,103.6	46,103.6
UFCF % Chg.	-82.1%	-786.1%	49.8%	-144.9%	-265.1%	77.4%	—	—
PV of UFCF	—	—	—	-14,353.9	21,602.5	34,938.7	31,854	29,041.7
Sum of PV of UFCF	—	—	—	-14,353.9	7,248.6	42,187.3	74,041.3	103,083

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.8%
Total Debt	61,509.6
Market Cap	4,378,969.4
Total Capital	4,440,479
Debt Weighting	1.4%
Equity Weighting	98.6%
WACC	9.7%

Exit Multiple EV/FCF
Terminal Value	3,683,603.3
PV of Terminal Value	2,115,517.9
Cumulative PV of UFCF	103,083
Net Debt	-90,021.8
Equity Value	2,308,622.7
Shares Outstanding	6,108.1
Implied Share Price	378
Current Share Price	92.6
Implied Upside / (Downside)	308%