HERE
Here Group Limited
$1.89
Stable Earnings Power
65%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 87.7% below fair value
You pay
$1.89
Bear
$12.31
Fair
$15.39
Bull
$18.47
Bear
$12.31
+551.4%
$0.97 × 13x P/E
Fair
$15.39
+714.3%
$0.97 × 16x P/E
Bull
$18.47
+877.1%
$0.97 × 19x P/E
Adjust Assumptions
15.9x
0.97$
Key Value Driver
Normalized P/E multiple (16x base case)
Implied Market Multiple
1.9x
Summary
Applying a 16x P/E to adjusted EPS of $0.97, the base-case value is $15.39 per share.
Warnings
Financial statements were converted from CNY into USD using USDCNY at 0.1491 USD per CNY.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples