HUYA Inc Class A

HUYA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$2.10	Fyjsx	Nhhcygkg

Weaker Outlook for 2023 Doesn’t Change Our View on Huya; Shares Trade at 50% Discount To Net cash

Ivan Su

Mar 22, 2023

Despite posting fourth-quarter earnings better than our expectations, Huya's guidance for 2023 is slightly softer than our forecasts. We have fine-tuned our near-term forecasts, but maintain a fair value estimate of $7.70 for the firm. The bulk of our valuation stems from Huya's net cash position of $6.50 per share as of the end of 2022. The stock's closing price of $3.32 on March 21 represents nearly 50% discount to the company's net cash position.

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