2331.HK · Intrinsic value
Is Li Ning Company Limited (2331.HK) overvalued or undervalued?
Li Ning Company Limited (2331.HK) trades at the delayed market price of HK$13.28 a share. That price already implies revenue growth of −22.5% a year for 5 years. TickerWorth's fair value is HK$23.54 a share (priced within our range of HK$10.25 – HK$33.57). We do not call it over- or undervalued from inside our range.
Model by Miraaj Patel · generated from market data · Updated Oct 19, 2026 · How these pages are made
Is 2331.HK fairly valued?
- Fair value
- HK$23.54
- Market price
- HK$13.28
- Upside to fair value
- +77.2%
- Verdict
- Priced within our range of HK$10.25 – HK$33.57
Reverse DCF: Today's price implies revenue growth of −22.5% a year for 5 years; our model assumes 3.4% a year on average over the same horizon.
What is 2331.HK's TickerWorth Score?
Scores higher than almost every company we compare it with
Compared with Consumer Cyclical companies in Hong Kong
Its strongest point: trades below our estimate of what it's worth. Its weakest: growth is slow or negative.
- Value · 78 of 100
Cheaper than 78% of Consumer Cyclical companies worldwide
- Price vs worth · 100 of 100
- Quality · 61 of 100
More profitable than 61% of Consumer Cyclical companies worldwide
- Financial health · 93 of 100
Financially stronger than 93% of Consumer Cyclical companies worldwide
- Growth · 28 of 100
Growing faster than 28% of Consumer Cyclical companies worldwide
- Momentum · 37 of 100
Outperformed 37% of Consumer Cyclical companies worldwide over the past year
Confidence: Medium confidence · Scored
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2331.HK DCF valuation, input by input
TickerWorth's fair value for Li Ning Company Limited (2331.HK) is HK$23.54 a share, against the delayed market price of HK$13.28 (priced within our range of HK$10.25 – HK$33.57). We do not call it over- or undervalued from inside our range. It is a model estimate, and every input behind it is sourced below. This is an educational model, not a price target or a recommendation.
Read the full reasoning
One of the lenses behind that blended figure is a discounted-cash-flow model, which on its own values 2331.HK at about 30.28 per share. The rest of this page walks through that DCF — its assumptions, reverse-DCF and discount-rate sensitivity — because it is the auditable anchor of the blend.
The valuation discounts Li Ning Company Limited's projected free cash flows at a weighted-average cost of capital (WACC) of 9.2%, with a long-run terminal growth rate of 2.5%. About 73% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.
Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly -22.5% annual revenue growth for 2331.HK. Our base case instead compounds to about 3.4% a year over the same forecast, so the market is pricing in slower growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.
Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, 2331.HK's modeled DCF value ranges from about 24.22 to 43.47 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.
How to read this page: the DCF fair value is what Li Ning Company Limited would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of 2331.HK's intrinsic value. Figures update as new filings and prices come in.
Every input behind 2331.HK's DCF
| Input | Value |
|---|---|
| Base-year revenueLive feed — totalRevenue (TTM) | 35,227,840,000 |
| Base EBIT marginComputed — reported operating margin exceeded the EBITDA margin (impossible); held to 14.2% so D&A stays positive | 14.2% |
| Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast | 3% → 3% → 3% → 4% → 4% |
| Risk-free rateLive feed — US 10-year Treasury yield (^TNX) | 5.1% |
| BetaLive feed — yfinance, 5-year monthly beta vs the S&P 500 (clamped to 0.4–2.5) | 0.92 |
| Terminal growthESTIMATEAssumption — TickerWorth house default 2.5%, held below WACC | 2.5% |
| Diluted sharesLive feed — sharesOutstanding | 2,585M |
| Market priceLast known price · as of 2026-10-19 19:28 UTC | 13.28 |
Change 2331.HK's assumptions
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What does Li Ning Company Limited do?
What does it do?
Li Ning Company Limited, a sports brand company, engages in the research and development, design, manufacture, marketing, distribution, and retail of sporting goods in the People's Republic of China and internationally. The company offers sporting goods, including professional and leisure footwear, apparel, equipment, and accessories under the LI-NING brand. It operates in the Leisure industry (Consumer Cyclical sector), headquartered in China. The company employs roughly 5,218 people.
How does it make money?
The business turns $30.0B in annual revenue into profit. Out of every $100 of sales, about $17 is left as operating profit (operating margin of 16.5%), after a 49% gross margin on the products/services it sells. After all costs, taxes and interest, 10.0% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks solid: carries modest debt (0.1× equity), comfortably covers its short-term bills (2.8× current ratio), and is currently profitable.
2331.HK insider trading
Insider filings are available for US-listed companies only.
Common questions
What is 2331.HK's intrinsic value?
TickerWorth's blended fair value for Li Ning Company Limited (2331.HK) is HK$23.54 per share, versus a market price of HK$13.28 (priced within our range of HK$10.25 – HK$33.57).
Is 2331.HK overvalued or undervalued?
Priced within our range of HK$10.25 – HK$33.57 at HK$13.28. We don't call 2331.HK overvalued or undervalued from a range. This is an educational estimate, not advice.
What discount rate is used for 2331.HK?
A WACC of 9.2% and a terminal growth rate of 2.5%.
Is Li Ning stock undervalued?
TickerWorth's fair value for Li Ning Company Limited (2331.HK) is HK$23.54 against a market price of HK$13.28. Our read: Priced within our range of HK$10.25 – HK$33.57. This is a model estimate, not investment advice.
Li Ning (2331.HK) DCF valuation and fair value
Our fair value for Li Ning Company Limited (2331.HK) is HK$23.54, built on a 9.2% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Li Ning stock?
Today's price implies revenue growth of −22.5% a year for 5 years; our model assumes 3.4% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of HK$13.28. A model estimate, not investment advice.
Li Ning (2331.HK) insider trading
We have no recent SEC Form 4 insider filings on file for Li Ning Company Limited (2331.HK). Form 4 covers US-listed companies only.
Not investment advice. TickerWorth Score is a model output.
Educational tool. Every output reflects the assumptions shown — not a prediction and not investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.