Company Valuation: NetEase Cloud Music Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,573 14,527 17,458 23,222 36,362 16,753 - -
Change - -45.33% 20.17% 33.02% 56.59% -53.93% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 2,852 1,033 -945.2
Change - -79.44% 46.56% 63.31% 85.24% -88.23% -63.79% -191.53%
P/E -8.03x -64.7x 23.5x 14.5x 13x 10.1x 9.37x 8.82x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.18x 1.04x 0.94x
PEG - 0.7x -0x 0x 0.2x -0.3x 1.2x 1.41x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.08x 1.97x 1.88x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.35x 0.12x -0.11x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 1.82x 0.59x -0.5x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 1.91x 0.61x -0.51x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 1.53x 0.55x -0.47x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 65.5% 182% -213%
Dividend per Share 2 - - - - - - 1.26 2.9
Rate of return - - - - - - 1.58% 3.64%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 7.883 8.497 9.027
Distribution rate - - - - - - 14.8% 32.1%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,040 8,507 8,892
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,564 1,751 1,886
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,490 1,693 1,858
Net income 1 -2,056 -221.5 734.2 1,562 2,748 1,644 1,824 1,979
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -13,901 -15,721 -17,699
Reference price 2 127.90 68.55 81.47 107.31 167.14 79.65 79.65 79.65
Nbr of stocks (in thousands) 2,07,757 2,11,906 2,14,289 2,16,391 2,17,549 2,10,333 - -
Announcement Date 24/03/22 23/02/23 29/02/24 20/02/25 11/02/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.27x0.39x2x-.--% 254.97Cr
-388.83x1.54x16.49x-.--% 4.2TCr
-6.4x1.91x9.76x2.62% 3.98TCr
24.53x2.58x12.19x3.15% 3.43TCr
22.28x2.81x11.76x2.43% 1.67TCr
40.79x3.18x8.03x1.57% 1.45TCr
35.09x1.78x16.17x2.36% 1.16TCr
157.4x4.92x10.77x0.71% 1.03TCr
27.84x3.54x15.29x1.3% 907.64Cr
-1416.91x10.36x275.54x0.01% 777.98Cr
Average -149.39x 3.30x 37.80x 1.41% 2TCr
Weighted average by Cap. -124.74x 2.69x 23.32x 1.71%

Y-o-Y evolution of P/E

Valuation ratios - P/E - NetEase Cloud Music Inc.

Historical PBR trend

Valuation ratios - PBR - NetEase Cloud Music Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - NetEase Cloud Music Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - NetEase Cloud Music Inc.


Year-on-year evolution of the Yield

Valuation ratios - Yield - NetEase Cloud Music Inc.
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