03 Jul 2019
Vianet - Release of FY21E forecasts, TP increase to 185p
We release FY21E forecasts for Vianet, underpinned by the Group’s AGM statement confirming a positive start to the year. We also revisit our valuation methodology to align our TP better with the technology sector, looking at the relationship between margin and EV/Sales multiple. With 94% RR, supported by recent contract wins and EBITDA margins of 29.3% for FY20E, we suggest the shares could easily support an EV/Sales multiple of 3.0x FY20E (17.6x P/E). We move our TP to 185p and remain buyers ....
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Vianet - Release of FY21E forecasts, TP increase to 185p
Vianet Group plc (VNET:LON) | 112 0 0.0% | Mkt Cap: 32.8m
- Published:
03 Jul 2019 -
Author:
James Bayliss -
Pages:
8
We release FY21E forecasts for Vianet, underpinned by the Group’s AGM statement confirming a positive start to the year. We also revisit our valuation methodology to align our TP better with the technology sector, looking at the relationship between margin and EV/Sales multiple. With 94% RR, supported by recent contract wins and EBITDA margins of 29.3% for FY20E, we suggest the shares could easily support an EV/Sales multiple of 3.0x FY20E (17.6x P/E). We move our TP to 185p and remain buyers ....