Company Valuation: Sea Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,24,075 29,227 22,954 60,937 75,524 60,973 - -
Change - -76.44% -21.46% 165.48% 23.94% -19.27% - -
Enterprise Value (EV) 1 1,17,492 25,792 20,963 55,324 66,795 50,284 48,076 42,390
Change - -78.05% -18.72% 163.92% 20.74% -24.72% -4.39% -11.83%
P/E -58.3x -17.6x 162x 143x 50.6x 33.6x 24.2x 18.5x
PBR 16.9x 5.14x 3.24x 6.89x 6.22x 4.16x 3.41x 2.79x
PEG - 0.8x -1x 1x 0x 1.9x 0.6x 0.6x
Capitalization / Revenue 12.5x 2.35x 1.76x 3.62x 3.29x 1.96x 1.6x 1.37x
EV / Revenue 11.8x 2.07x 1.6x 3.29x 2.91x 1.62x 1.26x 0.95x
EV / EBITDA -198x -29.4x 17.8x 28.2x 19.4x 13x 9.64x 7.03x
EV / EBIT -74.2x -17.3x 93.3x 83.6x 33.6x 19.4x 13.3x 9.08x
EV / FCF -196x -12.7x 11.5x 18.7x 14.8x 10.4x 10.2x 7.17x
FCF Yield -0.51% -7.88% 8.69% 5.34% 6.74% 9.57% 9.8% 14%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -3.84 -2.96 0.25 0.74 2.52 2.96 4.115 5.384
Distribution rate - - - - - - - -
Net sales 1 9,955 12,450 13,064 16,820 22,938 31,091 38,137 44,635
EBITDA 1 -593.6 -878.1 1,179 1,962 3,437 3,882 4,985 6,032
EBIT 1 -1,583 -1,488 224.8 662.2 1,985 2,595 3,602 4,666
Net income 1 -2,047 -1,651 150.7 444.3 1,578 1,852 2,637 3,516
Net Debt 1 -6,583 -3,436 -1,991 -5,614 -8,729 -10,689 -12,897 -18,583
Reference price 2 223.71 52.03 40.50 106.10 127.57 99.55 99.55 99.55
Nbr of stocks (in thousands) 5,54,625 5,61,738 5,66,759 5,74,340 5,92,020 6,12,485 - -
Announcement Date 01/03/22 07/03/23 04/03/24 04/03/25 03/03/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.28x9.34x15.26x0.8% 3,83300Cr
126.07x55.06x89.36x-.--% 46TCr
458.99x19.62x77.59x-.--% 9.63TCr
67x14.14x29.8x-.--% 8.98TCr
106.97x9.05x24.18x-.--% 8.16TCr
34x1.64x13.13x-.--% 6.1TCr
193.18x6.2x24.01x-.--% 4.75TCr
34.88x7.3x35.04x-.--% 4.24TCr
110.17x4.35x21.13x-.--% 3.77TCr
Average 128.50x 14.08x 36.61x 0.09% 52.72TCr
Weighted average by Cap. 48.51x 13.84x 24.36x 0.64%

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