Yatsen Holding Ltd (NYSE: YSG)

Sector: Consumer Defensive Industry: Household & Personal Products CIK: 0001819580
Market Cap 397.26 Mn
P/B 0.94
P/E -5.98
P/S 0.70
ROIC (Qtr) -124.09
Div Yield % 0.00
Rev 1y % (Qtr) 47.47
Total Debt (Qtr) 25.28 Mn
Debt/Equity (Qtr) 0.06
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About

Investment thesis

Bull case

  • Healthy cash reserves of 113.66M provide 15.48x coverage of short-term debt 7.34M, demonstrating strong liquidity position and minimal refinancing risk.
  • Tangible assets of 464.91M provide exceptional 1242.10x coverage of deferred revenue 374297.75, showing strong service capability backing.
  • Strong tangible asset base of 464.91M provides 18.39x coverage of total debt 25.28M, indicating robust asset backing and low credit risk.
  • Long-term investments of 93.66M provide solid 5.22x coverage of long-term debt 17.93M, indicating strategic financial planning.
  • R&D investment of 17.54M represents healthy 46.85x of deferred revenue 374297.75, indicating strong future innovation pipeline.

Bear case

  • Investment activities of 0 provide weak support for R&D spending of 17.54M, 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 374297.75, which is 0x, raising concerns about future service delivery capabilities.
  • Operating cash flow of 0 provides minimal -0x coverage of tax expenses of (546910.11), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Tax assets of 204073.03 provide limited offset against tax liabilities of 17.06M, which is 0.01x, indicating potential future cash flow pressure from tax obligations.
  • Long-term investments of 93.66M represent a high 2.66x of fixed assets 35.25M, indicating potential overexposure to financial assets versus operational capabilities.

Peer comparison

Companies in the Household & Personal Products
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 PG PROCTER & GAMBLE Co 414.83 Bn 42.55 6.21 36.64 Bn
2 UL Unilever Plc 193.58 Bn 30.01 3.20 -
3 CL Colgate Palmolive Co 84.55 Bn 36.65 5.53 8.42 Bn
4 EL Estee Lauder Companies Inc 39.92 Bn -224.28 2.72 9.39 Bn
5 KMB Kimberly Clark Corp 35.68 Bn 17.66 2.17 7.17 Bn
6 KVUE Kenvue Inc. 35.52 Bn 31.74 2.30 8.97 Bn
7 CHD Church & Dwight Co Inc /De/ 24.67 Bn 56.44 4.27 2.21 Bn
8 CLX Clorox Co /De/ 16.06 Bn 24.25 2.82 3.22 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.62 1.52
EV to Cash from Ops. EV/CFO 10.48 9.62
EV to Debt EV to Debt -13.83 4.49
EV to EBIT EV/EBIT 5.22 35.23
EV to EBITDA EV/EBITDA 4.22 6.09
EV to Free Cash Flow [EV/FCF] EV/FCF 8.67 29.01
EV to Market Cap EV to Market Cap -0.88 -1.51
EV to Revenue EV/Rev -0.61 2.12
Price to Book Value [P/B] P/B 0.94 -15.76
Price to Earnings [P/E] P/E -5.98 10.78
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 8.96
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 13.25
Dividend per Basic Share Div per Share (Qtr) 0.00 0.96
FCF Dividend Payout Ratio % FCF Dividend Payout Ratio % 0.00 54.85
Interest Coverage Interest Coverage 0.00 2.74
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 -97.44
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 60.86 9.62
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 2.92
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 41.90 -192.64
EBITDA Growth (1y) % EBITDA Growth (1y) % 0.00 -117.43
EBIT Growth (1y) % EBIT 1y % (Qtr) 41.68 -176.47
EBT Growth (1y) % EBT 1y % (Qtr) 41.68 -232.87
EPS Growth (1y) % EPS 1y % (Qtr) 36.84 -139.25
FCF Growth (1y) % FCF Growth (1y) % 0.00 28.78
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 26.59 -1.99
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.14 0.82
Cash Payout Ratio Cash Payout Ratio 0.00 0.19
Cash Ratio Cash Ratio (Qtr) 1.05 0.75
Current Ratio Curr Ratio (Qtr) 3.06 2.31
Debt to Equity Ratio Debt/Equity (Qtr) 0.06 1.11
Interest Cover Ratio Interest Cover Ratio 0.00 2.74
Times Interest Earned Times Interest Earned 0.00 2.74
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 -32.80
EBIT Margin % EBIT Margin % (Qtr) -83.51 -37.24
EBT Margin % EBT Margin % (Qtr) -11.73 -40.95
Gross Margin % Gross Margin % (Qtr) 78.30 50.18
Net Profit Margin % Net Margin % (Qtr) -11.60 -43.16