Financials NetEase, Inc. Deutsche Boerse AG

Equities

NEH

US64110W1027

Internet Services

Market Closed - Deutsche Boerse AG 11:32:41 26/06/2024 am IST After market 01:30:01 am
89 EUR +5.33% Intraday chart for NetEase, Inc. 90.75 +1.97%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,73,162 4,31,820 4,20,541 3,10,721 4,13,369 4,35,450 - -
Enterprise Value (EV) 1 2,14,794 3,57,855 3,53,039 2,47,963 3,10,752 3,07,402 2,88,397 2,70,171
P/E ratio 13.1 x 34.7 x 25.8 x 16.2 x 14.6 x 14.2 x 12.9 x 11.2 x
Yield 2.28% 0.81% 1.2% 1.91% 2.79% 2.34% 2.52% 2.67%
Capitalization / Revenue 4.61 x 5.86 x 4.8 x 3.22 x 4 x 3.86 x 3.53 x 3.26 x
EV / Revenue 3.63 x 4.86 x 4.03 x 2.57 x 3 x 2.73 x 2.34 x 2.02 x
EV / EBITDA 13.1 x 19.9 x 17.9 x 11 x 10.1 x 9.15 x 7.54 x 6.38 x
EV / FCF 13.4 x 15 x 16.2 x 9.89 x 9.41 x 8.84 x 7.94 x 6.56 x
FCF Yield 7.45% 6.66% 6.18% 10.1% 10.6% 11.3% 12.6% 15.3%
Price to Book 4.47 x 5.03 x 4.51 x 3.12 x 3.42 x 3.04 x 2.65 x 2.29 x
Nbr of stocks (in thousands) 6,39,804 6,91,023 6,50,472 6,20,272 6,25,194 6,44,494 - -
Reference price 2 426.9 624.9 646.5 500.9 661.2 675.6 675.6 675.6
Announcement Date 26/02/20 25/02/21 24/02/22 23/02/23 29/02/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 59,241 73,667 87,606 96,496 1,03,468 1,12,775 1,23,368 1,33,430
EBITDA 1 16,404 17,996 19,693 22,487 30,764 33,608 38,274 42,332
EBIT 1 13,791 14,538 16,417 19,629 27,709 31,770 35,853 39,952
Operating Margin 23.28% 19.74% 18.74% 20.34% 26.78% 28.17% 29.06% 29.94%
Earnings before Tax (EBT) 1 25,533 15,372 21,104 24,250 34,057 37,483 41,608 45,796
Net income 1 21,238 12,063 16,857 20,338 29,417 30,823 34,035 37,321
Net margin 35.85% 16.37% 19.24% 21.08% 28.43% 27.33% 27.59% 27.97%
EPS 2 32.67 18.01 25.03 30.85 45.23 47.44 52.48 60.25
Free Cash Flow 1 16,007 23,833 21,817 25,066 33,030 34,786 36,336 41,212
FCF margin 27.02% 32.35% 24.9% 25.98% 31.92% 30.85% 29.45% 30.89%
FCF Conversion (EBITDA) 97.58% 132.43% 110.79% 111.47% 107.36% 103.51% 94.94% 97.35%
FCF Conversion (Net income) 75.37% 197.57% 129.42% 123.25% 112.28% 112.86% 106.76% 110.43%
Dividend per Share 2 9.751 5.060 7.785 9.581 18.44 15.78 17.01 18.06
Announcement Date 26/02/20 25/02/21 24/02/22 23/02/23 29/02/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 22,191 24,374 23,556 23,159 24,427 25,354 25,046 24,011 27,270 27,140 26,852 26,176 28,756 30,227 31,303
EBITDA 1 4,581 5,444 6,273 5,555 5,456 5,203 8,302 6,724 8,210 7,528 8,190 6,658 7,657 8,166 8,078
EBIT 1 3,775 4,608 5,507 4,946 4,742 4,433 7,220 6,063 7,558 6,868 7,622 7,690 8,367 8,722 -
Operating Margin 17.01% 18.91% 23.38% 21.36% 19.41% 17.49% 28.83% 25.25% 27.71% 25.31% 28.39% 29.38% 29.1% 28.86% -
Earnings before Tax (EBT) 1 4,131 6,597 5,535 5,731 8,208 4,776 8,339 8,872 9,101 7,745 9,288 8,798 9,523 9,913 -
Net income 1 3,182 5,694 4,394 5,291 6,699 3,953 6,755 8,243 7,837 6,582 7,634 7,155 7,585 8,041 -
Net margin 14.34% 23.36% 18.65% 22.85% 27.43% 15.59% 26.97% 34.33% 28.74% 24.25% 28.43% 27.33% 26.38% 26.6% -
EPS 2 4.730 8.570 6.630 8.000 10.17 6.050 10.37 12.69 12.06 10.12 11.75 10.91 12.02 12.63 -
Dividend per Share 2 1.438 2.563 2.142 2.443 3.113 1.865 3.290 3.820 3.585 7.764 3.585 3.944 4.130 4.272 4.390
Announcement Date 16/11/21 24/02/22 24/05/22 18/08/22 17/11/22 23/02/23 25/05/23 24/08/23 16/11/23 29/02/24 23/05/24 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 58,368 73,965 67,502 62,758 1,02,617 1,28,048 1,47,053 1,65,280
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 16,007 23,833 21,817 25,066 33,030 34,786 36,337 41,213
ROE (net income / shareholders' equity) 29.4% 20.5% 19% 20.3% 25.7% 23.7% 22.1% 20.9%
ROA (Net income/ Total Assets) 15.7% 11.6% 11.4% 12.5% 16.4% 16.1% 15.5% 15.2%
Assets 1 1,34,978 1,04,172 1,47,759 1,63,203 1,79,343 1,91,426 2,19,099 2,46,219
Book Value Per Share 2 95.40 124.0 143.0 160.0 193.0 222.0 255.0 295.0
Cash Flow per Share 2 26.50 37.10 7.400 42.00 54.30 70.10 66.40 68.00
Capex 1 1,209 1,056 3,038 2,602 4,266 2,975 3,281 3,291
Capex / Sales 2.04% 1.43% 3.47% 2.7% 4.12% 2.64% 2.66% 2.47%
Announcement Date 26/02/20 25/02/21 24/02/22 23/02/23 29/02/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
32
Last Close Price
675.6 CNY
Average target price
928.1 CNY
Spread / Average Target
+37.37%
Consensus