|
Market Closed -
Hong Kong S.E.
01:38:14 25/09/2026 pm IST
|
5-day change | 1st Jan Change | ||
| 180.90 HKD | -3.05% |
|
-1.47% | -15.70% |
| 22/09 | BNP Paribas Initiates Netease at Outperform With $180 Price Target | MT |
| 15/09 | Oil, Bond Yields, Soft China Economic Data Undercut Asian Stock Markets | MT |
Company Valuation: NetEase, Inc.
Data adjusted to current consolidation scope
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Market Cap 1 | 4,17,313 | 3,14,113 | 3,98,949 | 4,12,006 | 6,10,925 | 4,95,580 | - | - |
| Change | - | -24.73% | 27.01% | 3.27% | 48.28% | -18.88% | - | - |
| Enterprise Value (EV) 1 | 3,49,811 | 2,51,355 | 2,96,333 | 2,97,415 | 4,77,502 | 3,21,877 | 2,95,795 | 2,69,897 |
| Change | - | -28.15% | 17.89% | 0.37% | 60.55% | -32.59% | -8.1% | -8.76% |
| P/E | 25.6x | 16.4x | 14.1x | 14.2x | 18.4x | 12.9x | 11.1x | 10.1x |
| PBR | 4.48x | 3.16x | 3.3x | 3x | 3.83x | 2.72x | 2.37x | 2.1x |
| PEG | - | 0.7x | 0.3x | 9.18x | 1.3x | 0.9x | 0.7x | 1.05x |
| Capitalization / Revenue | 4.76x | 3.26x | 3.86x | 3.91x | 5.42x | 4.11x | 3.82x | 3.59x |
| EV / Revenue | 3.99x | 2.6x | 2.86x | 2.82x | 4.24x | 2.67x | 2.28x | 1.96x |
| EV / EBITDA | 17.8x | 11.2x | 9.63x | 9.29x | 12.5x | 6.6x | 5.67x | 4.74x |
| EV / EBIT | 21.3x | 12.8x | 10.7x | 10.1x | 13.3x | 6.9x | 5.91x | 4.94x |
| EV / FCF | 16x | 10x | 8.97x | 7.93x | 9.8x | 7.6x | 6.24x | 5x |
| FCF Yield | 6.24% | 9.97% | 11.1% | 12.6% | 10.2% | 13.1% | 16% | 20% |
| Dividend per Share 2 | 1.481 | 1.916 | 3.688 | 3.751 | 4.113 | 4.2 | 5.401 | 6.026 |
| Rate of return | 1.15% | 1.89% | 2.89% | 2.88% | 2.13% | 2.71% | 3.49% | 3.89% |
| EPS 2 | 5.01 | 6.17 | 9.05 | 9.19 | 10.48 | 12.02 | 13.98 | 15.32 |
| Distribution rate | 29.6% | 31.1% | 40.8% | 40.8% | 39.2% | 34.9% | 38.6% | 39.3% |
| Net sales 1 | 87,606 | 96,496 | 1,03,468 | 1,05,295 | 1,12,626 | 1,20,696 | 1,29,867 | 1,37,998 |
| EBITDA 1 | 19,693 | 22,487 | 30,764 | 32,002 | 38,082 | 48,761 | 52,137 | 56,931 |
| EBIT 1 | 16,417 | 19,629 | 27,709 | 29,584 | 35,835 | 46,618 | 50,057 | 54,583 |
| Net income 1 | 16,857 | 20,338 | 29,417 | 29,698 | 33,760 | 37,355 | 43,429 | 47,104 |
| Net Debt 1 | -67,502 | -62,758 | -1,02,617 | -1,14,592 | -1,33,423 | -1,73,702 | -1,99,785 | -2,25,683 |
| Reference price 2 | 128.31 | 101.28 | 127.62 | 130.05 | 192.85 | 154.81 | 154.81 | 154.81 |
| Nbr of stocks (in thousands) | 32,52,359 | 31,01,359 | 31,25,972 | 31,67,959 | 31,67,959 | 32,01,251 | - | - |
| Announcement Date | 24/02/22 | 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.($) | ||
|---|---|---|---|---|---|---|
 | 12.88x | 2.67x | 6.6x | 2.71% | 7.38TCr | |
| 21.35x | 3.71x | 13.22x | 14.98% | 1.55TCr | |
| 25.32x | 2.47x | 11.72x | 1.74% | 677.95Cr | |
| 9.75x | 1.26x | 3.7x | 1.14% | 633.89Cr | |
| 13.28x | 2.29x | 10.94x | 5.42% | 569.52Cr | |
| 12.58x | 2.98x | 7.77x | 5.95% | 365.58Cr | |
| 15.21x | 5.22x | 12.41x | 3.3% | 354.75Cr | |
| 9.47x | 0.99x | 4.46x | 1.39% | 304.11Cr | |
| 16.5x | 1.96x | 9.57x | 5.07% | 288.19Cr | |
| 10.73x | 1.78x | 6.07x | -.--% | 235.28Cr | |
| Average | 14.71x | 2.53x | 8.65x | 4.17% | 1.24TCr | |
| Weighted average by Cap. | 14.50x | 2.70x | 7.97x | 4.33% |
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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- Valuation NetEase, Inc.
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