Company Valuation: VNET Group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 30,104 8,356 5,789 5,238 9,236 19,498 19,498 -
Change - -72.24% -30.73% -9.52% 76.35% 111.1% 0% -
Enterprise Value (EV) 1 34,259 15,214 13,058 14,483 19,418 38,835 44,472 49,444
Change - -55.59% -14.17% 10.91% 34.08% 99.99% 14.52% 11.18%
P/E ratio -8.44x 16.8x -7.49x -1.16x 288x -242x 109x 79.6x
PBR 3.86x 1.17x 0.88x 0.87x 1.44x 3.06x 2.67x 2.4x
PEG - -0x 0x -0x -3x 1x -0x 2.2x
Capitalization / Revenue 6.23x 1.35x 0.82x 0.71x 1.12x 2x 1.68x 1.42x
EV / Revenue 7.09x 2.46x 1.85x 1.95x 2.35x 3.98x 3.84x 3.59x
EV / EBITDA 25.9x 8.68x 6.97x 7.1x 7.99x 13.4x 12x 10.4x
EV / EBIT 294x 714x 108x -7.35x 29x 47.1x 41.8x 31.7x
EV / FCF -19.5x -11.7x -23.5x -16x -21.1x -4.86x -6.92x -10.8x
FCF Yield -5.13% -8.57% -4.25% -6.24% -4.74% -20.6% -14.5% -9.25%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -26.82 3.42 -5.22 -17.58 0.12 -0.2996 0.6645 0.9102
Distribution rate - - - - - - - -
Net sales 1 4,829 6,190 7,065 7,413 8,259 9,765 11,576 13,763
EBITDA 1 1,324 1,754 1,873 2,039 2,430 2,904 3,706 4,756
EBIT 1 116.6 21.31 121.2 -1,971 669.4 824.5 1,063 1,558
Net income 1 -3,180 500.1 -776 -2,644 183.2 -549.7 256.8 555
Net Debt 1 4,155 6,857 7,270 9,245 10,182 19,337 24,974 29,945
Reference price 2 226.48 57.36 39.11 20.35 34.60 72.48 72.48 72.48
Nbr of stocks (in thousands) 1,32,923 1,45,672 1,48,024 2,57,364 2,66,966 2,69,026 2,69,026 -
Announcement Date 23/03/21 30/03/22 21/03/23 27/03/24 12/03/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-241.91x3.98x13.38x-.--% 282.75Cr
22.69x3.79x13.55x2.74% 23TCr
14.6x1.56x8.28x3.31% 12TCr
17.18x3.15x11.58x5% 9.43TCr
18.99x3.25x11.14x3.1% 8.4TCr
-45.66x12.58x92.23x-.--% 6.11TCr
20.26x5.31x13.09x2.82% 6.1TCr
17.91x2.65x11.27x3.97% 5.46TCr
14.32x1.62x11.27x1.03% 3.89TCr
20.97x2.58x12.35x4.32% 3.88TCr
Average -14.06x 4.05x 19.81x 2.63% 7.88TCr
Weighted average by Cap. 13.12x 3.87x 17.99x 3%

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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  4. Valuation VNET Group, Inc.
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