BYD company limited equity research

The purpose of this project is to evaluate the equity value of BYD Company Limited. In this sense, it contains a comprehensive financial and strategic analysis of the company, as well as an in-depthunderstanding of automotive, rechargeable batteries and mobile handset industries in China. A Discounted Cash Flow valuation was performed grounded on the company and industry knowledge, delivering a price target of 42.30 RMB for A-shares and a final recommendation of SELL, with a downside of 11.2% to the current stock price. Further, sensitivity and scenario analysis were carried out to test the key model predictions and assumptions