|
End-of-day quote
Thailand S.E.
01/09/2026
|
5-day change | 1st Jan Change | ||
| 7.900 THB | -4.24% |
|
-3.66% | -12.22% |
| 26/08 | Zephirin Adjusts NetEase's Price Target to HK$168 from HK$160, Keeps at Strong Sell | MT |
| 25/08 | Nomura Adjusts Netease Price Target to $157 From $155, Maintains Buy Rating | 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 | 5,18,107 | - | - |
| Change | - | -24.73% | 27.01% | 3.27% | 48.28% | -15.19% | - | - |
| Enterprise Value (EV) 1 | 3,49,811 | 2,51,355 | 2,96,333 | 2,97,415 | 4,77,502 | 3,43,110 | 3,17,925 | 2,92,950 |
| Change | - | -28.15% | 17.89% | 0.37% | 60.55% | -28.14% | -7.34% | -7.86% |
| P/E | 25.6x | 16.4x | 14.1x | 14.2x | 18.4x | 13.6x | 11.6x | 10.6x |
| PBR | 4.48x | 3.16x | 3.3x | 3x | 3.83x | 2.87x | 2.5x | 2.24x |
| PEG | - | 0.7x | 0.3x | 9.18x | 1.3x | 1x | 0.7x | 1.15x |
| Capitalization / Revenue | 4.76x | 3.26x | 3.86x | 3.91x | 5.42x | 4.29x | 3.99x | 3.76x |
| EV / Revenue | 3.99x | 2.6x | 2.86x | 2.82x | 4.24x | 2.84x | 2.45x | 2.13x |
| EV / EBITDA | 17.8x | 11.2x | 9.63x | 9.29x | 12.5x | 7.05x | 6.11x | 5.18x |
| EV / EBIT | 21.3x | 12.8x | 10.7x | 10.1x | 13.3x | 7.36x | 6.36x | 5.39x |
| EV / FCF | 16x | 10x | 8.97x | 7.93x | 9.8x | 8.12x | 6.78x | 5.43x |
| FCF Yield | 6.24% | 9.97% | 11.1% | 12.6% | 10.2% | 12.3% | 14.8% | 18.4% |
| Dividend per Share 2 | 1.481 | 1.916 | 3.688 | 3.751 | 4.113 | 4.084 | 5.36 | 5.961 |
| Rate of return | 1.15% | 1.89% | 2.89% | 2.88% | 2.13% | 2.52% | 3.31% | 3.68% |
| EPS 2 | 5.01 | 6.17 | 9.05 | 9.19 | 10.48 | 11.94 | 13.91 | 15.2 |
| Distribution rate | 29.6% | 31.1% | 40.8% | 40.8% | 39.2% | 34.2% | 38.5% | 39.2% |
| Net sales 1 | 87,606 | 96,496 | 1,03,468 | 1,05,295 | 1,12,626 | 1,20,718 | 1,29,707 | 1,37,759 |
| EBITDA 1 | 19,693 | 22,487 | 30,764 | 32,002 | 38,082 | 48,662 | 52,030 | 56,576 |
| EBIT 1 | 16,417 | 19,629 | 27,709 | 29,584 | 35,835 | 46,591 | 50,014 | 54,380 |
| Net income 1 | 16,857 | 20,338 | 29,417 | 29,698 | 33,760 | 37,283 | 43,353 | 46,899 |
| Net Debt 1 | -67,502 | -62,758 | -1,02,617 | -1,14,592 | -1,33,423 | -1,74,997 | -2,00,182 | -2,25,157 |
| Reference price 2 | 128.31 | 101.28 | 127.62 | 130.05 | 192.85 | 161.85 | 161.85 | 161.85 |
| 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.($) | ||
|---|---|---|---|---|---|---|
 | 13.56x | 2.84x | 7.05x | 2.52% | 7.71TCr | |
| 21.47x | 3.87x | 13.71x | 14.56% | 1.57TCr | |
| 11.48x | 1.49x | 4.36x | 0.98% | 731.78Cr | |
| 27.72x | 2.72x | 12.83x | 1.63% | 712.21Cr | |
| 13.96x | 2.52x | 11.45x | 4.56% | 610.03Cr | |
| 14.22x | 3.45x | 9.02x | 5.25% | 413.67Cr | |
| 15.89x | 5.45x | 12.91x | 3.16% | 362.73Cr | |
| 18.7x | 2.28x | 11.18x | 4.48% | 326.14Cr | |
| 10.1x | 1.04x | 4.66x | 1.31% | 316.65Cr | |
| Average | 16.34x | 2.85x | 9.69x | 4.27% | 1.42TCr | |
| Weighted average by Cap. | 15.36x | 2.90x | 8.53x | 4.09% |
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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