Company Valuation: VNET Group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,356 5,789 5,238 9,236 15,919 13,788 - -
Change - -30.73% -9.52% 76.35% 72.35% -13.39% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 36,545 43,209 48,832
Change - -14.17% 10.91% 34.08% 54.32% 21.95% 18.24% 13.01%
P/E 16.8x -7.49x -1.16x 288x -61.6x -12.3x 64.4x 41.4x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.02x 1.98x 1.95x
PEG - 0x -0x -3x 0x -0x -1x 0.7x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.18x 0.97x 0.82x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.12x 3.04x 2.89x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 9.82x 9.19x 8.37x
EV / EBIT 714x 108x -7.35x 29x 38.4x 34.3x 28.8x 23.7x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.71x -6.49x -9.72x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -21.2% -15.4% -10.3%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -3.924 0.7519 1.171
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,702 14,192 16,898
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,723 4,701 5,834
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,064 1,502 2,063
Net income 1 500.1 -776 -2,644 183.2 -251.8 -1,311 164.5 366.3
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,757 29,421 35,044
Reference price 2 57.36 39.11 20.35 34.60 59.17 48.43 48.43 48.43
Nbr of stocks (in thousands) 1,45,672 1,48,024 2,57,364 2,66,966 2,69,026 2,84,692 - -
Announcement Date 30/03/22 21/03/23 27/03/24 12/03/25 16/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.19x3.61x12.6x3.02% 21TCr
-102.72x16.28x94.23x-.--% 10TCr
12.28x1.36x7.12x3.91% 10TCr
15.34x2.8x10.59x5.36% 8.97TCr
20.46x5.35x13.13x2.8% 6.13TCr
14.8x2.16x9.15x5.28% 4.79TCr
20.64x1.69x10.75x1.42% 3.98TCr
21.15x1.56x9.88x0.9% 3.95TCr
18.35x2.36x11.29x4.71% 3.82TCr
Average 4.72x 4.13x 19.86x 3.04% 8.11TCr
Weighted average by Cap. 1.61x 4.73x 22.46x 3.03%

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