The Discounted Cash Flow (DCF) valuation of Hunan TV & Broadcast Intermediary Co Ltd (000917.SZ) is 3.75 CNY. With the latest stock price at 7.71 CNY, the upside of Hunan TV & Broadcast Intermediary Co Ltd based on DCF is -51.4%.

Is 000917.SZ a buy or a sell?

Based on the latest price of 7.71 CNY and our DCF valuation, Hunan TV & Broadcast Intermediary Co Ltd (000917.SZ) is a sell. Selling 000917.SZ stocks now will result in a potential gain of 51.4%.

	Range	Selected
WACC / Discount Rate	7.5% - 9.9%	8.7%
Long-term Growth Rate	2.0% - 4.0%	3.0%
Fair Price	2.36 - 6.92	3.75
Upside	-69.4% - -10.2%	-51.4%

7.71 CNY

Stock Price

3.75 CNY

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

000917.SZ DCF Valuation: Revenue & Expenses Forecast

(CNY in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	3,902	4,006	4,086	4,168	4,356	4,521
% Growth	0%	3%	2%	2%	5%	4%

Cost of goods sold	(2,748)	(2,680)	(2,597)	(2,517)	(2,499)	(2,464)
% of Revenue	70%	67%	64%	60%	57%	54%

Selling, G&A expenses	(831)	(853)	(870)	(888)	(928)	(963)
% of Revenue	21%	21%	21%	21%	21%	21%

Research & Development	(109)	(112)	(115)	(117)	(122)	(127)
% of Revenue	3%	3%	3%	3%	3%	3%

Net interest & other expenses	194	199	203	207	217	225
% of Revenue	5%	5%	5%	5%	5%	5%

Tax expense	(166)	(122)	(154)	(186)	(223)	(259)
Tax rate	41%	22%	22%	22%	22%	22%

Net profit	241	438	553	668	801	933
% Margin	6%	11%	14%	16%	18%	21%