Miniso Group Holding Ltd (MNSO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Miniso Group Holding Ltd stock $14.46, price $11.04, upside +31.0%, quality 52 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $4.06 – $27.14 · fair‑value band $10.12 – $18.80 · the $11.04 price screens below the $14.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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MINISO Group Holding Limited, an investment holding company, engages in the retail and wholesale of design-led lifestyle and pop toy products in Mainland China, the rest of Asia, North and Latin America, Europe, and internationally.
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The company offers products in various categories, including home decor products, small electronics, textiles, accessories, beauty tools, toys, cosmetics, personal care products, snacks, fragrances and perfumes, and stationeries and gifts under the MINISO brand; and blind boxes, toy bricks, model figures, model kits, collectible dolls, Ichiban Kuji, and other popular toys under the TOP TOY brand.
It also engages in brand licensing activity; and online sale of lifestyle products. MINISO Group Holding Limited was founded in 2013 and is based in Guangzhou, China.
Stock analysis
Miniso Group Holding Ltd (MNSO) currently trades at $11.04, while our model-based Fair Value estimate is $14.46, implying the stock looks roughly 24% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $26.31 per share, and 19 of the 26 models we run sit above the $11.04 price.
Bear case: the Asset-Based group reads lowest at $3.54, and 7 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $10.12 (bear) to $18.80 (bull), the price of $11.04 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Miniso Group Holding Ltd reported revenue of 20.9B CNY in FY2025 versus 9.1B CNY in FY2021, a compound +23.1%/yr. Reported net income was 1.2B CNY in FY2025.
Key figures
Market cap $3.4B Mid · P/E ratio 19.0 · P/S ratio 1.07 · EPS (TTM) $0.5800 · Dividend yield 3.8% · Net margin 5.6% · Return on equity 11.8% · Return on assets (EBIT) 12.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 48% below its 52-week high and 28% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −5% fair-value upside, at 31%, MNSO screens cheaper than that median.
Fair Value models
Bear$10.12Fair Value $14.46Bull$18.80
Price $11.04 · Upside +31.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+22.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.1%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.1%
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+58.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+54.2%
Dividend (yield on the price)3.8%
Profit margin 2022 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 15%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−0.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −1.8% a year for the price and +10.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (84 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Moderate retail scale supports decent margins through the IP-driven platform yet limited moat factors and ADR governance risks remain the key constraints on sustainable advantages.
Main risk: China ADR governance risks represent the biggest threat to the business as they could disrupt operational stability and financing for the store network and IP expansion.
MINISO shows accelerating GMV growth in China from same-store sales gains plus its YOYO IP hitting over a billion yuan in nine months since launch and expanding to 53 markets. This supports its shift toward an IP-driven platform model. Overseas results have stayed more mixed until a recent US pickup. Will the proprietary IP build stronger long-term advantages than the store network can sustain in softer consumer conditions?
Compare Miniso Group Holding Ltd with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Retail · 203 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside+31.0% · Above median
Profitability
Return on equity (12 months)11.8% · Above median
Return on assets4.1% · Above median
Net margin (12 months)5.4% · Above median
Operating margin (12 months)−1.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)17.0% · Top 25%
Dividend yield (12 months)3.8% · Above median
Balance sheet
Debt / equity0.51× · Above median
Valuation Multiplesvs Specialty Retail median · lower = cheaper
P/E (12 months)19.0× · Pricier than median
P/B2.15× · Pricier than median
P/S (12 months)0.97× · Pricier than median
Price / free cash flow (fiscal year)13.8× · Pricier than median
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Cite: Fair Value Calculator (2026). "Miniso Group Holding Ltd Fair Value". https://www.fairvalue-calculator.com/stock/MNSO
Frequently asked questions
Is Miniso Group Holding Ltd (MNSO) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $14.46 versus a price of $11.04, about +31% upside (undervalued).
What is the fair value of MNSO?
Our model-based fair value for Miniso Group Holding Ltd is $14.46 (as of Nov 8, 2026), built from audited fundamentals. The current price: $11.04.
What is the quality score of MNSO?
Miniso Group Holding Ltd has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Miniso Group Holding Ltd (MNSO)?
Our model-based price target is the fair value of $14.46 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario $10.12, optimistic scenario $18.80. It is a calculation from audited fundamentals, not an analyst target.
What is the Miniso Group Holding Ltd stock forecast for 2026?
Our models put fair value at $14.46, about +31% upside versus a price of $11.04 (undervalued). Cautious scenario $10.12, optimistic scenario $18.80. The calculation is refreshed regularly with new filings.
What is the revenue of Miniso Group Holding Ltd (MNSO)?
Miniso Group Holding Ltd reported trailing-twelve-month revenue of about 23.5B CNY (latest available figure, as of Nov 8, 2026).
Does Miniso Group Holding Ltd pay a dividend?
Miniso Group Holding Ltd currently shows a dividend yield of 3.75% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Miniso Group Holding Ltd (MNSO) and when is the ex-dividend date?
Miniso Group Holding Ltd has a dividend yield of 3.8%. The last ex-dividend date was Apr 20, 2026. A dividend has been paid every year since at least 2021. The payout ratio is 113% of earnings. Free cash flow covers the dividend 1.25 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Miniso Group Holding Ltd (MNSO)?
For today's price to be fair in a discounted-cash-flow model, Miniso Group Holding Ltd would have to grow free cash flow by -0.2 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.1 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of MNSO use?
Our models discount Miniso Group Holding Ltd at 8.5 %: a base by market capitalisation (mid), damped by beta 0.15, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Miniso Group Holding Ltd that is -0.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Miniso Group Holding Ltd (MNSO) delivered so far?
Over the past 5 years revenue at Miniso Group Holding Ltd grew +18.1 % a year. The price currently implies free-cash-flow growth of -0.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Miniso Group Holding Ltd (MNSO) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Miniso Group Holding Ltd (-0.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Miniso Group Holding Ltd (MNSO)?
The free-cash-flow yield on the price is 7.24 %: that much free cash flow Miniso Group Holding Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Miniso Group Holding Ltd (MNSO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Miniso Group Holding Ltd it is $14.46 per share (as of Nov 8, 2026), against a price of $11.04. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Miniso Group Holding Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, MNSO trades below its calculated fair value: price $11.04, fair value $14.46, a gap of about +31% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MNSO?
No. The price is what the market pays today ($11.04); the fair value is what the company's own numbers justify ($14.46). For Miniso Group Holding Ltd the two are $3.42 per share apart. That gap is exactly why we show both numbers side by side.
How much is Miniso Group Holding Ltd worth?
The market values Miniso Group Holding Ltd at about $3.4B (market capitalisation, as of Nov 8, 2026). Per share that is $11.04; our models calculate a fair value of $14.46 per share.
What do the bullish and bearish scenarios say about MNSO?
Our models span a range for Miniso Group Holding Ltd: cautious scenario $10.12, base $14.46, optimistic $18.80 per share (as of Nov 8, 2026, price $11.04). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MNSO?
Miniso Group Holding Ltd trades at a price-to-earnings ratio of 19.0 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $14.46 is built from several models across several years. Other multiples: P/B 2.2, P/S 1.0, EV/EBITDA 5.6.
How solid is the balance sheet of Miniso Group Holding Ltd (MNSO)?
Balance-sheet figures for Miniso Group Holding Ltd (as of Nov 8, 2026): return on equity 11.8%, debt of 0.51 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is MNSO from its 52-week high?
Miniso Group Holding Ltd trades at $11.04, about 48% below its 52-week high of $21.36 and 28% above the low of $8.60 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $14.46 is for.
Which stocks are comparable to Miniso Group Holding Ltd?
From the same area (Consumer Cyclical) we also value Alimentation Couche-Tard Inc, Williams-Sonoma, Inc, Ulta Beauty, Inc, Casey's General Stores, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Miniso Group Holding Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price $11.04, calculated fair value $14.46 (+31%), Quality Score 52/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MNSO calculated?
We run Miniso Group Holding Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $14.46 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Miniso Group Holding Ltd currently trades 24% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Miniso Group Holding Ltd (MNSO)?
The closing price on Nov 6, 2026 was $11.04. Our model-based fair value is $14.46, about +31% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Miniso Group Holding Ltd right now?
Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($10.12 to $18.80) leaves room in how you read the outcome.
Key figures of Miniso Group Holding Ltd
How large is the market capitalisation of Miniso Group Holding Ltd (MNSO)?
The market capitalisation of Miniso Group Holding Ltd is $3.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Miniso Group Holding Ltd (MNSO)?
The price-to-sales ratio of Miniso Group Holding Ltd is 1.07 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Miniso Group Holding Ltd (MNSO)?
Earnings per share at Miniso Group Holding Ltd are $0.5800 (price ÷ EPS = P/E 19.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Miniso Group Holding Ltd (MNSO)?
The dividend yield of Miniso Group Holding Ltd is 3.8% (payout 71.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Miniso Group Holding Ltd (MNSO)?
The net margin of Miniso Group Holding Ltd is 5.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Miniso Group Holding Ltd (MNSO)?
The return on equity (ROE) of Miniso Group Holding Ltd is 11.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Miniso Group Holding Ltd (MNSO)?
On an EBIT basis the return on assets of Miniso Group Holding Ltd is 12.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Miniso Group Holding Ltd (MNSO)?
The operating margin of Miniso Group Holding Ltd is −1.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Miniso Group Holding Ltd (MNSO)?
Revenue at Miniso Group Holding Ltd is growing +17.0% versus a year earlier (3y avg +27.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Miniso Group Holding Ltd (MNSO)?
Earnings per share at Miniso Group Holding Ltd are growing +200% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Miniso Group Holding Ltd (MNSO) carry?
The net debt of Miniso Group Holding Ltd is 4.3B CNY (fiscal year 2025, ≈ 2.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026