Company Valuation: Alibaba Group Holding Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 40,27,830 18,53,787 18,00,888 13,10,939 22,15,816 19,58,438 - -
Change - -53.98% -2.85% -27.21% 69.03% -11.62% - -
Enterprise Value (EV) 1 38,45,890 18,05,233 17,69,156 12,33,590 22,65,198 17,62,450 17,61,460 16,97,771
Change - -53.06% -2% -30.27% 83.63% -22.19% -0.06% -3.62%
P/E ratio 27.2x 30.3x 25.6x 16.7x 17.9x 22.6x 20.2x 14.4x
PBR 4.35x 1.98x 1.87x 1.35x 2.29x 1.88x 1.72x 1.53x
PEG - -0.5x 1.2x 1.2x 0.3x -0.8x 1.6x 0.4x
Capitalization / Revenue 5.62x 2.17x 2.07x 1.39x 2.22x 1.91x 1.71x 1.54x
EV / Revenue 5.36x 2.12x 2.04x 1.31x 2.27x 1.72x 1.54x 1.33x
EV / EBITDA 19.5x 11.4x 10.1x 6.44x 11.2x 14.2x 9.77x 7.11x
EV / EBIT 42.9x 25.9x 17.6x 10.9x 16.1x 29.6x 16.3x 11.1x
EV / FCF 20x 18.3x 10.3x 7.9x 30.7x 32.6x 28.4x 16.5x
FCF Yield 5% 5.48% 9.7% 12.7% 3.26% 3.07% 3.52% 6.08%
Dividend per Share 2 - - - 12.02 14.34 7.2 7.591 7.463
Rate of return - - - 2.3% 1.49% 0.82% 0.87% 0.85%
EPS 2 54.7 22.74 27.46 31.24 53.59 38.61 43.36 60.74
Distribution rate - - - 38.5% 26.8% 18.6% 17.5% 12.3%
Net sales 1 7,17,289 8,53,062 8,68,687 9,41,168 9,96,347 10,26,098 11,44,946 12,72,750
EBITDA 1 1,96,842 1,58,205 1,75,710 1,91,668 2,02,325 1,24,196 1,80,218 2,38,632
EBIT 1 89,678 69,638 1,00,351 1,13,350 1,40,905 59,574 1,07,779 1,52,603
Net income 1 1,50,308 61,959 72,509 79,741 1,29,470 89,863 1,04,767 1,36,261
Net Debt 1 -1,81,940 -48,554 -31,732 -77,349 49,382 -1,95,988 -1,96,978 -2,60,667
Reference price 2 1,485.67 689.78 701.89 522.95 959.53 874.39 874.39 874.39
Nbr of stocks (in thousands) 27,11,119 26,87,500 25,65,752 25,06,837 23,09,279 22,39,789 - -
Announcement Date 13/05/21 26/05/22 18/05/23 14/05/24 15/05/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.65x1.72x14.19x0.82% 29TCr
77.03x9.69x52.15x-.--% 15TCr
9.71x1.45x6.11x-.--% 14TCr
36.3x2.26x17.93x-.--% 9.29TCr
-20.21x0.97x-28.13x-.--% 6.81TCr
21.43x3.99x12.75x1.28% 4.4TCr
21.22x5.8x14.08x - 3.2TCr
7.35x0.21x2.32x3.31% 709.88Cr
20.42x6.44x11.19x2.94% 520.83Cr
26.92x3.44x15.5x-.--% 512.97Cr
Average 22.28x 3.60x 11.81x 0.93% 8.34TCr
Weighted average by Cap. 27.98x 3.41x 16.39x 0.41%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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