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 20,409 - -
Change - -45.33% 20.17% 33.02% 56.59% -43.87% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 5,096 3,367 1,242
Change - -79.44% 46.56% 63.31% 85.24% -78.96% -33.93% -63.13%
P/E -8.03x -64.7x 23.5x 14.5x 13x 9.93x 9.12x 8.38x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.36x 1.19x 1.05x
PEG - 0.7x -0x 0x 0.2x -0.4x 1.04x 0.94x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.41x 2.22x 2.07x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.6x 0.37x 0.13x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 2.7x 1.52x 0.51x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 2.72x 1.57x 0.52x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 1.91x 1.43x 0.49x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 52.2% 69.8% 205%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.15% 3.56%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 9.773 10.63 11.58
Distribution rate - - - - - - 10.5% 29.8%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,459 9,196 9,864
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,887 2,215 2,421
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,872 2,149 2,385
Net income 1 -2,056 -221.5 734.2 1,562 2,748 2,068 2,277 2,502
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -15,312 -17,042 -19,167
Reference price 2 127.90 68.55 81.47 107.31 167.14 97.03 97.03 97.03
Nbr of stocks (in thousands) 2,07,757 2,11,906 2,14,289 2,16,391 2,17,549 2,10,330 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.87x0.47x2.22x-.--% 302Cr
21.14x2.66x12.38x3.08% 3.96TCr
40.29x2.02x20.63x0.33% 668.52Cr
13.26x0.99x4.84x1.99% 124.27Cr
14.39x1.6x7.37x1.34% 124.71Cr
9.33x - - - 15Cr
-4.26x - - - 8.55Cr
8.54x0x0.04x - 5.87Cr
Average 14.07x 1.29x 7.91x 1.35% 650.87Cr
Weighted average by Cap. 22.51x 2.38x 12.54x 2.48%

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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