Company Valuation: Baidu, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 3,28,986 2,72,598 2,95,199 2,15,753 3,14,168 2,51,859 - -
Change - -17.14% 8.29% -26.91% 45.61% -19.83% - -
Enterprise Value (EV) 1 2,31,969 1,82,338 1,77,745 1,47,664 2,88,188 2,10,555 1,98,641 1,48,144
Change - -21.4% -2.52% -16.92% 95.16% -26.94% -5.66% -25.42%
P/E ratio 33.7x 39.7x 15.3x 9.34x 77.6x 15.3x 13.3x 11.1x
PBR 1.54x 1.23x 1.22x 0.81x 1.17x 0.85x 0.79x 0.72x
PEG - -1.4x 0x 0.5x -0.9x 0x 0.9x 0.5x
Capitalization / Revenue 2.64x 2.2x 2.19x 1.62x 2.43x 1.88x 1.76x 1.64x
EV / Revenue 1.86x 1.47x 1.32x 1.11x 2.23x 1.57x 1.39x 0.97x
EV / EBITDA 9.31x 6.15x 4.96x 4.46x 12.6x 8.89x 6.88x 4.46x
EV / EBIT 22.1x 11.5x 8.13x 6.94x -49.5x 17.2x 13x 7.68x
EV / FCF 25.1x 10.2x 6.99x 11.3x -19.1x 16.5x 8.1x 5.06x
FCF Yield 3.98% 9.81% 14.3% 8.87% -5.23% 6.08% 12.4% 19.8%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 28.07 19.85 55.08 65.91 11.78 48.41 55.59 66.94
Distribution rate - - - - - - - -
Net sales 1 1,24,493 1,23,675 1,34,598 1,33,125 1,29,079 1,33,991 1,43,352 1,53,369
EBITDA 1 24,914 29,663 35,823 33,078 22,857 23,674 28,876 33,221
EBIT 1 10,518 15,911 21,856 21,270 -5,823 12,215 15,300 19,286
Net income 1 10,226 7,559 20,315 23,760 5,589 16,446 18,918 21,200
Net Debt 1 -97,017 -90,260 -1,17,454 -68,089 -25,980 -41,304 -53,218 -1,03,715
Reference price 2 945.20 788.90 844.46 615.39 913.89 740.21 740.21 740.21
Nbr of stocks (in thousands) 3,48,059 3,45,542 3,49,573 3,50,597 3,43,771 3,40,253 - -
Announcement Date 01/03/22 22/02/23 28/02/24 18/02/25 26/02/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.29x1.57x8.89x-.--% 3.69TCr
27.74x8x17.28x0.27% 3,82900Cr
14.47x1.8x7.44x0.99% 2.04TCr
14.74x2.23x8.97x1.79% 1.74TCr
6.05x0.29x1.92x4.77% 17Cr
Average 15.66x 2.78x 8.90x 1.56% 78.08TCr
Weighted average by Cap. 27.49x 7.88x 17.11x 0.28%

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