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 12,861 - -
Change - -30.73% -9.52% 76.35% 72.35% -19.21% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 35,958 42,675 48,334
Change - -14.17% 10.91% 34.08% 54.32% 19.99% 18.68% 13.26%
P/E 16.8x -7.49x -1.16x 288x -61.6x -4.89x 56.7x 27.8x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 1.74x 1.85x 1.83x
PEG - 0x -0x -3x 0x -0x -1x 0x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.1x 0.9x 0.75x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.07x 2.99x 2.81x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 9.65x 8.98x 8.15x
EV / EBIT 714x 108x -7.35x 29x 38.4x 34.1x 27.5x 23.4x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.63x -5.76x -8.23x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -21.6% -17.3% -12.2%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -9.238 0.7967 1.627
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,694 14,255 17,170
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,725 4,750 5,934
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,053 1,553 2,068
Net income 1 500.1 -776 -2,644 183.2 -251.8 -1,170 201.4 387.5
Net Debt 1 6,857 7,270 9,245 10,182 14,047 23,097 29,814 35,473
Reference price 2 57.36 39.11 20.35 34.60 59.17 45.17 45.17 45.17
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-4.89x3.16x9.9x-.--% 191.31Cr
23.14x3.77x13.17x2.87% 22TCr
-116.79x18.57x106.98x-.--% 12TCr
13.73x1.52x7.97x3.49% 11TCr
14.91x2.72x10.28x5.51% 8.7TCr
20.45x5.36x13.17x2.79% 6.22TCr
14.69x2.13x9.06x5.31% 4.74TCr
20.59x1.68x10.33x1.42% 3.98TCr
20.4x1.55x9.86x0.92% 3.88TCr
17.74x2.3x10.68x4.87% 3.68TCr
Average 2.40x 4.28x 20.14x 2.72% 7.65TCr
Weighted average by Cap. -1.64x 5.28x 25.52x 2.89%

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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