NaaS Technology Inc. (NAAS) intrinsic value & 10-year financials
NaaS Technology Inc. (NAAS) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 10.2% a year to CNY 201.0M, with an average return on invested capital of -281.2%.
- Graham intrinsic value
- —
- Revenue (FY2024)
- CNY 201.0M
- Revenue growth (10-yr CAGR)
- -10.2%
- ROIC (10-yr avg)
- -281.2%
- Free cash flow (FY2024)
- —
NAAS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | CNY 201.0M | -CNY 914.4M | -CNY 0.35 | — | -401.6% | -724.5% |
| FY2023 | CNY 320.1M | -CNY 1.3B | -CNY 0.58 | — | -333.2% | -303.1% |
| FY2022 | CNY 92.8M | -CNY 5.6B | -CNY 2.92 | -CNY 597.8M | -2651.0% | -1521.1% |
| FY2021 | CNY 33.5M | -CNY 248.5M | -CNY 0.13 | -CNY 540.4M | -89.7% | -8.5% |
| FY2020 | CNY 958.5M | -CNY 132.4M | -CNY 0.07 | -CNY 229.6M | -14.4% | -17.8% |
| FY2019 | CNY 1.5B | CNY 148.1M | CNY 0.07 | -CNY 90.7M | 14.6% | 91.1% |
| FY2018 | CNY 1.3B | CNY 143.0M | CNY 0.07 | CNY 314.8M | 16.3% | -74.7% |
| FY2017 | CNY 969.3M | -CNY 48.0M | -CNY 0.03 | CNY 294.9M | -0.1% | -3.9% |
| FY2016 | CNY 711.0M | CNY 53.9M | CNY 0.03 | CNY 204.6M | 10.0% | 32.0% |
| FY2015 | CNY 529.5M | -CNY 26.3M | — | CNY 128.7M | -9.3% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in CNY.
Executive summary
NaaS Technology Inc. is facing top-line stagnation, with revenue contracting over the decade.
NaaS Technology Inc. has historically struggled to out-earn its cost of capital, averaging just -0.8% ROIC.
NaaS Technology Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NaaS Technology Inc. is modeled at -10.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.77 per share.