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Bilibili Inc ADR BILI

Morningstar Rating
$11.20 +0.17 (1.54%)
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Company Report

Bilibili Earnings: Revenue Acceleration and Cost Discipline Pave Way to Imminent Breakeven

Bilibili's fourth-quarter earnings were above both our and LSEG consensus estimates, thanks largely to aggressive cost-cutting measures. Management's outlook for 2024 points to even deeper cost reductions than we anticipated. Concerns in the market regarding engagement metrics seem unfounded; we attribute the quarter-on-quarter volatility primarily to seasonality. We are maintaining our $34 fair value estimate for the no-moat company. This valuation is based on our confidence that Bilibili will get to a 20% operating margin in the long term, primarily through operating leverage. Trading at just around $10 now, the share are very undervalued, in our view.

Price vs Fair Value

BILI is trading at a 68% discount.
Price
$10.74
Fair Value
$76.00
Uncertainty
Very High
1-Star Price
$85.50
5-Star Price
$84.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Bilibili’s video sharing platform is in early stage of monetization with significant runway for growth

Bears

Chinese regulators have become more assertive in recent years. The government may want more control over internet businesses by curbing monetization, limiting collection of user data, or restricting acquisitions.

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News

Trading Information

Previous Close Price
$11.03
Day Range
$11.1611.43
52-Week Range
$8.8025.56
Bid/Ask
$11.20 / $11.24
Market Cap
$4.62 Bil
Volume/Avg
7.6 Mil / 7.3 Mil

Key Statistics

Price/Earnings (Normalized)
Price/Sales
1.45
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield

Company Profile

Bilibili is a Chinese online entertainment platform that is best known for its video-sharing site that resembles YouTube. The site was founded in 2009 and started as a long-form video platform for anime, comics, and gaming, or ACG, content that appealed to Gen Z users. Since then, it has expanded its content on the platform to include a broader range of interests that have attracted Chinese users outside of the Gen Z cohort. The firm generates revenue through five main areas: advertising, games, live streaming, value-added services, and e-commerce.
Sector
Communication Services
Industry
Electronic Gaming & Multimedia
Stock Style Box
Large Core
Total Number of Employees
8,801

Competitors

Valuation

Metric
BILI
GOOGL
NFLX
Price/Earnings (Normalized)
25.6249.28
Price/Book Value
2.276.6412.77
Price/Sales
1.456.258.10
Price/Cash Flow
18.1836.94
Price/Earnings
BILI
GOOGL
NFLX

Financial Strength

Metric
BILI
GOOGL
NFLX
Quick Ratio
0.971.941.01
Current Ratio
1.032.101.12
Interest Coverage
−30.99266.759.29
Quick Ratio
BILI
GOOGL
NFLX

Profitability

Metric
BILI
GOOGL
NFLX
Return on Assets (Normalized)
−9.27%24.48%11.85%
Return on Equity (Normalized)
−21.62%35.00%27.08%
Return on Invested Capital (Normalized)
−14.54%30.54%17.80%
Return on Assets
BILI
GOOGL
NFLX
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