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 2,47,743 - -
Change - -17.14% 8.29% -26.91% 45.6% -21.13% - -
Enterprise Value (EV) 1 2,31,969 1,82,338 1,77,745 1,47,664 2,88,152 2,18,533 2,11,301 2,01,676
Change - -21.4% -2.52% -16.92% 95.14% -24.16% -3.31% -4.56%
P/E 33.7x 39.7x 15.3x 9.34x 77.6x 16.8x 13.8x 11.7x
PBR 1.54x 1.23x 1.22x 0.81x 1.17x 0.86x 0.8x 0.75x
PEG - -1.4x 0x 0.5x -0.9x 0x 0.6x 0.6x
Capitalization / Revenue 2.64x 2.2x 2.19x 1.62x 2.43x 1.9x 1.78x 1.63x
EV / Revenue 1.86x 1.47x 1.32x 1.11x 2.23x 1.68x 1.52x 1.32x
EV / EBITDA 9.31x 6.15x 4.96x 4.46x 12.6x 9x 7.76x 6.19x
EV / EBIT 22.1x 11.5x 8.13x 6.94x -49.5x 17.5x 14.2x 11.3x
EV / FCF 25.1x 10.2x 6.99x 11.3x -19.1x 30.2x 17.4x 9.49x
FCF Yield 3.98% 9.81% 14.3% 8.87% -5.24% 3.31% 5.75% 10.5%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 28.07 19.85 55.08 65.91 11.78 43.32 52.62 62.13
Distribution rate - - - - - - - -
Net sales 1 1,24,493 1,23,675 1,34,598 1,33,125 1,29,079 1,30,110 1,39,083 1,52,387
EBITDA 1 24,914 29,663 35,823 33,078 22,857 24,289 27,233 32,555
EBIT 1 10,518 15,911 21,856 21,270 -5,823 12,481 14,897 17,785
Net income 1 10,226 7,559 20,315 23,760 5,589 14,240 17,663 20,068
Net Debt 1 -97,017 -90,260 -1,17,454 -68,089 -25,980 -29,210 -36,442 -46,067
Reference price 2 945.20 788.90 844.46 615.39 913.89 728.11 728.11 728.11
Nbr of stocks (in thousands) 3,48,059 3,45,542 3,49,573 3,50,597 3,43,731 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, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.81x1.68x9x-.--% 3.66TCr
15.79x1.79x7.67x1.24% 1.99TCr
16.72x2.11x8.27x2.44% 1.86TCr
6.83x0.24x1.59x3.95% 17Cr
Average 14.04x 1.46x 6.63x 1.91% 1.88TCr
Weighted average by Cap. 16.49x 1.81x 8.45x 0.94%

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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