《大行報告》法巴料螞蟻集團最新估值達1.95萬億港元 相當明年市盈率53倍
法巴發表報告(由晨星撰寫)表示,更新對正計劃於香港及上海作雙重上市的螞蟻集團估值預測為2.45萬億港元(或3,160億美元),按現金流方式估算,相當於2021年及2022年預測市盈率各53倍及45倍,市盈率較高,因相信公司目前處於變現期的初始階段,對比《彭博通訊社》於9月21日曾引述消息指螞蟻集團估值為2,500億美元(約1.95萬億港元)。
該行相信螞蟻集團藉其業務具有寬廣的「護城河」,並且可以預期資本回報率(ROIC)將在未來20年內廣泛超越其加權平均資金成本(WACC)。該行料公司可藉網絡效應,使客戶的銷售受益於網絡規模擴大,而螞蟻金服以支付寶移動支付服務而聞名,按收入計算它已為中國最大的數字金融服務提供商,截至今年6月,支付寶擁有超過7.11億的月活躍用戶和8,000萬商戶的支付寶網絡。
法巴指,螞蟻集團所構建的金融科技平台服務業務板塊中三大支柱的收入,已佔螞蟻集團去年總收入的56%,該行預計此三大支柱,有助推動公司未來十年收入複合年均增長達21%,以及經營利潤複合年均增長率達達到26%。
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