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 16,369 - -
Change - -45.33% 20.17% 33.02% 56.59% -54.98% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 2,468 648.5 -1,329
Change - -79.44% 46.56% 63.31% 85.24% -89.81% -73.72% -305.01%
P/E -8.03x -64.7x 23.5x 14.5x 13x 9.88x 9.16x 8.62x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.15x 1.02x 0.91x
PEG - 0.7x -0x 0x 0.2x -0.3x 1.17x 1.38x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.04x 1.92x 1.84x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.31x 0.08x -0.15x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 1.58x 0.37x -0.71x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 1.66x 0.38x -0.72x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 1.32x 0.34x -0.66x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 75.6% 290% -152%
Dividend per Share 2 - - - - - - 1.26 2.9
Rate of return - - - - - - 1.62% 3.73%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 7.878 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 77.83 77.83 77.83
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.93x0.11x0.58x-.--% 221.7Cr
-351.19x1.5x15.8x-.--% 4.07TCr
-9.68x1.71x9.05x2.57% 3.93TCr
22.88x2.44x11.7x3.4% 3.26TCr
54.59x3.78x27.83x-.--% 2.38TCr
22.16x2.8x11.71x2.44% 1.66TCr
36.05x1.78x14.97x2.41% 1.14TCr
-342.57x8.74x-913.61x-.--% 937.87Cr
27.91x3.48x15.1x1.3% 901.69Cr
55.45x2.83x6.23x0.45% 610.87Cr
Average -47.55x 2.92x -80.06x 1.26% 1.91TCr
Weighted average by Cap. -75.59x 2.59x -31.35x 1.54%

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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