The Discounted Cash Flow (DCF) valuation of Inly Media Co Ltd (603598.SS) is 24.35 CNY. With the latest stock price at 18.06 CNY, the upside of Inly Media Co Ltd based on DCF is 34.8%.

Is 603598.SS a buy or a sell?

Based on the latest price of 18.06 CNY and our DCF valuation, Inly Media Co Ltd (603598.SS) is a buy. Buying 603598.SS stocks now will result in a potential gain of 34.8%.

	Range	Selected
WACC / Discount Rate	8.9% - 12.1%	10.5%
Long-term Growth Rate	2.5% - 4.5%	3.5%
Fair Price	17.77 - 38.6	24.35
Upside	-1.6% - 113.8%	34.8%

18.06 CNY

Stock Price

24.35 CNY

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

603598.SS DCF Valuation: Revenue & Expenses Forecast

(CNY in millions)		Projections

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

Revenue	6,289	7,795	9,696	10,558	11,370	11,876
% Growth	33%	24%	24%	9%	8%	4%

Cost of goods sold	(6,055)	(7,356)	(8,966)	(9,568)	(10,099)	(10,337)
% of Revenue	96%	94%	92%	91%	89%	87%

Selling, G&A expenses	(211)	(261)	(325)	(354)	(381)	(398)
% of Revenue	3%	3%	3%	3%	3%	3%

Research & Development	(10)	(12)	(15)	(17)	(18)	(19)
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(25)	(32)	(39)	(43)	(46)	(48)
% of Revenue	0%	0%	0%	0%	0%	0%

Tax expense	(5)	(32)	(84)	(139)	(199)	(259)
Tax rate	41%	24%	24%	24%	24%	24%

Net profit	(18)	102	266	437	627	815
% Margin	0%	1%	3%	4%	6%	7%