Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value and number of transactions. Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce, which is now the main growth driver. Shopee is a hybrid C2C and B2C marketplace platform operating in eight core markets. Indonesia accounts for 35% of GMV, with the rest split mainly among Taiwan, Vietnam, Thailand, Malaysia, and the Philippines. For Garena, Free Fire was the most downloaded game in January 2022 and accounted for 74% of gaming revenue in 2021. Sea's third business, SeaMoney, provides mostly credit lending.

Financial Strength

6/10

Name	Current	Vs Industry
Cash-To-Debt	1.21
Equity-to-Asset	0.35
Debt-to-Equity	0.68
Debt-to-EBITDA	10.66
Interest Coverage	8.34
Piotroski F-Score	7/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	2.13	Distress Grey Safe
Beneish M-Score	-2.49	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

9/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	33.8
	3-Year FCF Growth Rate	103.2
	3-Year Book Growth Rate	18.8
	Future 3-5Y EPS without NRI Growth Rate	37.03
	Future 3-5Y Total Revenue Growth Rate	10.25

Momentum Rank

7/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	77.37
	9-Day RSI	71.26
	14-Day RSI	67.63
	6-1 Month Momentum %	36.11
	12-1 Month Momentum %	-24.38

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	1.44
	Quick Ratio	1.43
	Cash Ratio	0.66
	Days Inventory	5.63
	Days Sales Outstanding	6.24
	Days Payable	13.13

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	3-Year Average Share Buyback Ratio	-5.1
	Shareholder Yield %	1.4

Profitability Rank

4/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	44.66
	Operating Margin %	2.62
	Net Margin %	1.19
	FCF Margin %	15.92
	ROE %	2.48
	ROA %	0.88
	ROIC %	1.81
	ROC (Joel Greenblatt) %	18.16
	ROCE %	3.91
	Years of Profitability over Past 10-Year	1

GF Value Rank

10/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	261.92
	PE Ratio without NRI	131.78
	PS Ratio	2.78
	PB Ratio	5.43
	Price-to-Tangible-Book	5.57
	Price-to-Free-Cash-Flow	17.64
	Price-to-Operating-Cash-Flow	17.64
	EV-to-EBIT	83.43
	EV-to-Forward-EBIT	60.35
	EV-to-EBITDA	83.43
	EV-to-Forward-EBITDA	35.46
	EV-to-Revenue	2.67
	EV-to-Forward-Revenue	2.21
	EV-to-FCF	16.74
	Price-to-Projected-FCF	4.42
	Price-to-Graham-Number	5.71
	Earnings Yield (Greenblatt) %	1.2
	FCF Yield %	5.82

GF Value: $89.55

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