Company Valuation: Baidu, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,28,986 2,72,598 2,95,199 2,15,753 3,14,132 2,00,312 - -
Change - -17.14% 8.29% -26.91% 45.6% -36.23% - -
Enterprise Value (EV) 1 2,31,969 1,82,338 1,77,745 1,47,664 2,88,152 1,80,600 1,77,633 1,53,315
Change - -21.4% -2.52% -16.92% 95.14% -37.32% -1.64% -13.69%
P/E 33.7x 39.7x 15.3x 9.34x 77.6x 16.5x 13.3x 11.5x
PBR 1.54x 1.23x 1.22x 0.81x 1.17x 0.69x 0.65x 0.62x
PEG - -1.4x 0x 0.5x -0.9x 0x 0.6x 0.7x
Capitalization / Revenue 2.64x 2.2x 2.19x 1.62x 2.43x 1.58x 1.48x 1.34x
EV / Revenue 1.86x 1.47x 1.32x 1.11x 2.23x 1.42x 1.31x 1.03x
EV / EBITDA 9.31x 6.15x 4.96x 4.46x 12.6x 7.52x 6.54x 4.96x
EV / EBIT 22.1x 11.5x 8.13x 6.94x -49.5x 16.7x 14.3x 10.3x
EV / FCF 25.1x 10.2x 6.99x 11.3x -19.1x -14.4x 15.6x 6.89x
FCF Yield 3.98% 9.81% 14.3% 8.87% -5.24% -6.96% 6.41% 14.5%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 28.07 19.85 55.08 65.91 11.78 35.6 44.18 51.11
Distribution rate - - - - - - - -
Net sales 1 1,24,493 1,23,675 1,34,598 1,33,125 1,29,079 1,27,126 1,35,410 1,48,983
EBITDA 1 24,914 29,663 35,823 33,078 22,857 24,031 27,156 30,895
EBIT 1 10,518 15,911 21,856 21,270 -5,823 10,787 12,408 14,859
Net income 1 10,226 7,559 20,315 23,760 5,589 12,087 14,428 16,723
Net Debt 1 -97,017 -90,260 -1,17,454 -68,089 -25,980 -19,712 -22,679 -46,997
Reference price 2 945.20 788.90 844.46 615.39 913.89 586.23 586.23 586.23
Nbr of stocks (in thousands) 3,48,059 3,45,542 3,49,573 3,50,597 3,43,731 3,41,695 - -
Announcement Date 01/03/22 22/02/23 28/02/24 18/02/25 26/02/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.47x1.42x7.52x-.--% 2.98TCr
16.68x8.14x17.42x0.25% 4,19000Cr
17.31x1.78x6.87x2.15% 2.23TCr
15.23x1.74x7.91x1.3% 2.15TCr
10.1x0.16x1.1x3.66% 13Cr
Average 15.16x 2.65x 8.16x 1.47% 85.27TCr
Weighted average by Cap. 16.67x 8.03x 17.25x 0.27%

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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  4. Valuation Baidu, Inc.