One-glance verdict
Undervalued
$29.91 our estimate vs market $11.41
Wall Street consensus: $20.30 (-32.1% lower than our fair-value estimate)
62% below our estimate, below the bear case
Fundamentals snapshot
MINISO Group Holding Limited
MNSO · NYQ · Consumer Cyclical · Specialty Retail
Current price
$11.41
52-week range
$11.30 - $26.74
Market cap
$3.55B
Balance sheet
Watch
34.66x Strong cushion
Net debt $668.19M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 48.1% last year.
- Reward Returns 18.8% on equity, ahead of 20% of its peers.
- Risk Stock trades 245.1% above its 5-year average P/E.
- Risk Insider ownership is only 0.0% (peer median: 0.3%).
What this company does
MINISO Group Holding Limited
MINISO Group runs a global chain of variety stores that sell a wide range of affordable and stylish products, from household goods and cosmetics to collectible toys. The company makes money mainly from these sales, and its success relies on an efficient supply chain (the system for sourcing, making, and shipping products) to keep prices low while constantly offering new, well-designed items to shoppers around the world.
How the company got here
MINISO was started in 2013 by Chinese entrepreneur Ye Guofu, who was inspired by Japanese specialty stores that sold well-designed products at low prices. The company grew incredibly fast by opening thousands of stores, many of them run by partners through a franchise model (where an independent owner pays to use the MINISO name and business system). In 2020, the company went public on the New York Stock Exchange, selling shares of itself to investors to raise money for more growth. That same year, it launched a new brand called TOP TOY to focus specifically on the growing market for collectible toys.
What it actually does
MINISO is a retail store chain that sells a wide variety of stylish and affordable lifestyle products. Think of it as a modern variety store where you can find everything from household goods, cute plush toys, and beauty products to small electronics, stationery, and snacks. The company is known for its frequently updated product selection, keeping shoppers coming back to see what's new, and for collaborating with famous brands like Marvel, Sanrio, and Disney on special product lines.
MINISO
This is the company's main and largest business, making up the vast majority of its sales. These stores sell a wide range of design-led lifestyle goods, from cosmetics and home decor to electronics and snacks, all under the MINISO brand name. The company makes money primarily by selling these products to customers through its thousands of stores around the world. Many of these stores are operated by franchise partners, which allows the company to expand its global footprint rapidly.
TOP TOY
This is a newer and much smaller, but very fast-growing, part of the company that focuses on collectible and pop-culture toys. Its stores sell items like "blind boxes" (sealed packages where the toy inside is a surprise), model figures, and collectible dolls. This brand makes money by selling these toys to fans and collectors, often featuring well-known characters from anime or collaborations with famous artists. While it's a small slice of the overall business today, it is expanding with its own dedicated stores.
What management is betting on now
The company's main focus is on aggressive global expansion, with plans to open hundreds of new stores each year, particularly in markets outside of China. A key part of this strategy is what they call their "Super IP Strategy," which involves more collaborations with major brands. An IP, or Intellectual Property, refers to creative works like characters and stories, so this means creating more unique products with partners like Disney, Marvel, and Sanrio. Management has set a goal for these special IP-branded products to eventually make up more than half of the company's total sales.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $29.91 vs current price $11.41
Wall Street consensus is the average analyst price target: $20.30 (-32.1% lower than our fair-value estimate).
Our most-likely fair value is $29.91 a share — about 162.1% above today's price of $11.41, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Watch
Net debt $668.2M. Interest coverage 34.7x.
Net debt
$668.19M
Interest coverage
34.66x
MINISO Group Holding Limited's profit covers its interest bill about 34.7 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
MNSO
BASELINE
MINISO Group Holding Limited
Total debt $1.70B Interest coverage 34.66x This is the baseline the peer rows are being compared against.
Total debt $2.00B Interest coverage 34.71x +0% vs MNSO Has roughly the same debt cushion as MNSO.
Total debt $710.30M Interest coverage 17.25x -50% vs MNSO Carries about 2.0x less debt cushion than MNSO.
Total debt $7.59B Interest coverage 19.33x -44% vs MNSO Carries about 1.8x less debt cushion than MNSO.
Total debt $15.80B Interest coverage 9.56x -72% vs MNSO Carries about 3.6x less debt cushion than MNSO.
What you should know
The case for and against MNSO
3 Rewards
2 Risks
Rewards
-
Revenue grew 48.1% last year.
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Returns 18.8% on equity, ahead of 20% of its peers.
-
Free cash flow was positive in 4/10 years.
Risks
-
Stock trades 245.1% above its 5-year average P/E.
-
Insider ownership is only 0.0% (peer median: 0.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
11.08x
Forward P/E
6.76x
P/B
2.14x
P/S
0.16x
EV/EBITDA
1.83x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
44.7%
Operating margin
26.7%
Net margin
9.0%
ROE
18.8%
ROA
9.3%
Health
Liquidity and balance-sheet strength
Debt / equity
1.04x
Current ratio
1.53x
Quick ratio
1.13x
Total debt
$1.70B
Total cash
$1.03B
Growth
How the business has been compounding
Revenue TTM
$3.34B
Revenue 5Y CAGR
23.3%
EPS TTM
1.03
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$319.34M
Free CF TTM
$207.04M
FCF margin
6.2%
Dividend
Shareholder payout
Yield
5.8%
Payout ratio
63.8%
Last ex-div date
2026-04-20