Bilibili Inc. (NASDAQ: BILI)

Sector: Communication Services Industry: Internet Content & Information CIK: 0001723690
Market Cap 13.31 Bn
P/B 6.36
P/E 123.08
P/S 3.18
ROIC (Qtr) 22.72
Div Yield % 0.00
Rev 1y % (Qtr) 5.20
Total Debt (Qtr) 1.36 Bn
Debt/Equity (Qtr) 0.65

About

Bilibili Inc., also known as BILI, is a leading player in China's online entertainment industry. The company's primary focus is on providing a variety of entertainment services to its users, with operations spanning across video content, live streaming, e-commerce, and membership services. Bilibili's video content segment is one of its major revenue generators. The company's platform offers a wide range of video content, including anime, comics, and games (ACG) content, music videos, live streaming, and other forms of entertainment. This content...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 2.58B provide 11.22x coverage of short-term debt 229.79M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 4.81B provides 3.54x coverage of total debt 1.36B, indicating robust asset backing and low credit risk.
  • Tangible assets of 4.81B provide exceptional 7.74x coverage of deferred revenue 622.02M, showing strong service capability backing.
  • Long-term investments of 611.46M provide solid 0.54x coverage of long-term debt 1.13B, indicating strategic financial planning.
  • R&D investment of 496.03M represents healthy 0.80x of deferred revenue 622.02M, indicating strong future innovation pipeline.

Bear case

  • Investment activities of 0 provide weak support for R&D spending of 496.03M, which is 0x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 622.02M, which is 0x, raising concerns about future service delivery capabilities.
  • Long-term investments of 611.46M represent a high 6.84x of fixed assets 89.40M, indicating potential overexposure to financial assets versus operational capabilities.
  • Operating cash flow of 0 provides minimal -0x coverage of tax expenses of (48876.40), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Short-term investments of 727.03M exceed receivables of 159.54M by 4.56x, indicating potentially inefficient capital allocation given collection cycle needs.

Product and Service Breakdown of Revenue (2020)

Peer comparison

Companies in the Internet Content & Information
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GOOGL Alphabet Inc. 4,538.16 Bn 131.46 27.23 33.71 Bn
2 META Meta Platforms, Inc. 1,747.49 Bn 74.30 23.25 51.06 Bn
3 SPOT Spotify Technology S.A. 103.00 Bn 62.32 5.18 2.57 Bn
4 BIDU Baidu, Inc. 62.73 Bn 49.63 3.42 13.66 Bn
5 RDDT Reddit, Inc. 32.18 Bn 92.16 16.90 0.03 Bn
6 NBIS Nebius Group N.V. 27.81 Bn 127.53 81.80 4.51 Bn
7 TME Tencent Music Entertainment Group 24.66 Bn 15.77 5.54 0.54 Bn
8 PINS Pinterest, Inc. 16.95 Bn 8.53 4.18 0.21 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.54 1.10
EV to Cash from Ops. EV/CFO 3.67 -3.08
EV to Debt EV to Debt 2.22 28.98
EV to EBIT EV/EBIT 23.91 -26.54
EV to EBITDA EV/EBITDA 19.07 9.30
EV to Free Cash Flow [EV/FCF] EV/FCF 3.92 -67.01
EV to Market Cap EV to Market Cap 0.23 0.90
EV to Revenue EV/Rev 0.72 61.25
Price to Book Value [P/B] P/B 6.36 1.56
Price to Earnings [P/E] P/E 123.08 2.92
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.33
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -8.92
Dividend per Basic Share Div per Share (Qtr) 0.00 0.31
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 2.58
Interest Coverage Int. cover (Qtr) 6.91 -202.56
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -24.06
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 66.25 175.36
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.94
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 134.17 31.53
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 -472.14
EBIT Growth (1y) % EBIT 1y % (Qtr) 134.05 32.66
EBT Growth (1y) % EBT 1y % (Qtr) 128.08 -25.80
EPS Growth (1y) % EPS 1y % (Qtr) 128.12 -18.36
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 20.83
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 41.53 19.58
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.10 0.74
Cash Payout Ratio Cash Payout Ratio 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 1.11 1.54
Current Ratio Curr Ratio (Qtr) 1.64 3.38
Debt to Equity Ratio Debt/Equity (Qtr) 0.65 -0.39
Interest Cover Ratio Int Coverage (Qtr) 6.91 -202.56
Times Interest Earned Times Interest Earned (Qtr) 6.91 -202.56
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -4,283.87
EBIT Margin % EBIT Margin % (Qtr) 21.53 -4,786.62
EBT Margin % EBT Margin % (Qtr) 2.59 -5,002.12
Gross Margin % Gross Margin % (Qtr) 36.40 58.65
Net Profit Margin % Net Margin % (Qtr) 2.60 -5,003.08