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 20,496 - -
Change - -45.33% 20.17% 33.02% 56.59% -43.63% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 5,950 3,758 1,329
Change - -79.44% 46.56% 63.31% 85.24% -75.44% -36.85% -64.64%
P/E -8.03x -64.7x 23.5x 14.5x 13x 10.3x 9.29x 8.37x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.37x 1.2x 1.05x
PEG - 0.7x -0x 0x 0.2x -0.4x 0.9x 0.8x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.42x 2.24x 2.08x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.7x 0.41x 0.13x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 3.21x 1.75x 0.55x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 3.23x 1.78x 0.56x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 2.71x 1.62x 0.52x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 36.8% 61.6% 191%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.14% 3.54%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 9.503 10.49 11.65
Distribution rate - - - - - - 10.6% 29.6%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,459 9,139 9,864
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,854 2,148 2,421
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,843 2,109 2,385
Net income 1 -2,056 -221.5 734.2 1,562 2,748 2,061 2,245 2,502
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -14,546 -16,739 -19,167
Reference price 2 127.90 68.55 81.47 107.31 167.14 97.45 97.45 97.45
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.($)
10.3x0.72x3.26x-.--% 305.41Cr
20.43x2.26x10.77x3.64% 3.11TCr
38.96x1.32x14.07x0.36% 516.6Cr
12.58x0.77x3.91x2.29% 115.1Cr
11.48x1.03x4.87x1.89% 92Cr
6.88x-0.05x-0.65x - 5.01Cr
Average 16.77x 1.01x 6.04x 1.63% 690.07Cr
Weighted average by Cap. 21.56x 1.96x 10.29x 2.88%

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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