NIO Inc ADR
NIO: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$3.10 | Whfvj | Ynbzgyxq |
Nio Earnings: Revenue and Loss Largely In line, but Vehicle Margin Missed Amid Price Competition
Nio’s first-quarter vehicle margin missed the company’s previous guidance of a low-teens level, despite gaining 4 percentage points year over year to 9% thanks to lower battery cost. With lower vehicle margin and selling price, as well as rising operating expense assumptions, we increase our net loss forecasts for 2024-25 and reduce our fair value estimate to USD 7.70 per ADS (HKD 59.30 per share) from USD 9.10 (HKD 70.10). Our fair value implies a forward 2024 price/sales ratio of 1.8 times.