Vipshop: Half The Stock Price Is Cash

  • VIPS is trading at only 5x 2028 earnings with cash per share near $7.6, representing about 50% of the stock price. Despite a recent decline in active users, VIPS has grown its customer base by over 40x since 2012, proving long-term growth potential. My DCF model suggests a fair value of $19 per share, with strong free cash flow and ongoing share buybacks supporting the upside.