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 16,840 - -
Change - -30.73% -9.52% 76.35% 72.35% 5.78% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 39,548 46,235 51,596
Change - -14.17% 10.91% 34.08% 54.32% 31.98% 16.91% 11.59%
P/E 16.8x -7.49x -1.16x 288x -61.6x -222x 65.6x 37.4x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.43x 2.34x 2.08x
PEG - 0x -0x -3x 0x 3.1x -0x 0.5x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.44x 1.18x 0.99x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.37x 3.24x 3.04x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 10.6x 9.88x 8.89x
EV / EBIT 714x 108x -7.35x 29x 38.4x 37.1x 30.8x 24.7x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -5.17x -6.91x -11.3x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -19.3% -14.5% -8.84%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -0.2663 0.9018 1.58
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,729 14,257 16,988
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,715 4,679 5,804
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,065 1,503 2,090
Net income 1 500.1 -776 -2,644 183.2 -251.8 -306.1 263.3 549.7
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,709 29,395 34,756
Reference price 2 57.36 39.11 20.35 34.60 59.17 59.15 59.15 59.15
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.($)
24.22x3.98x13.91x2.71% 23TCr
13.63x2.49x9.17x6.09% 8.15TCr
-81.36x12.81x74.17x-.--% 8.05TCr
9.51x1.04x5.48x5.08% 7.86TCr
18.69x4.91x12.14x3.04% 5.54TCr
13.65x1.99x8.33x5.67% 4.51TCr
12.74x1.46x9.98x1.27% 3.45TCr
15.42x1.95x9.2x5.61% 3.25TCr
20.14x1.36x9.71x0.87% 3.09TCr
Average 5.18x 3.55x 16.90x 3.37% 7.48TCr
Weighted average by Cap. 6.23x 4.11x 18.42x 3.28%

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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