Company Valuation: NetEase Cloud Music Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,573 14,527 17,458 23,222 36,362 17,450 - -
Change - -45.33% 20.17% 33.02% 56.59% -52.01% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 3,549 1,729 -248.8
Change - -79.44% 46.56% 63.31% 85.24% -85.35% -51.27% -114.39%
P/E -8.03x -64.7x 23.5x 14.5x 13x 10.5x 9.76x 9.19x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.23x 1.09x 0.97x
PEG - 0.7x -0x 0x 0.2x -0.3x 1.25x 1.47x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.17x 2.05x 1.96x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.44x 0.2x -0.03x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 2.27x 0.99x -0.13x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 2.38x 1.02x -0.13x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 1.9x 0.92x -0.12x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 52.6% 109% -810%
Dividend per Share 2 - - - - - - 1.26 2.9
Rate of return - - - - - - 1.52% 3.5%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 7.883 8.497 9.027
Distribution rate - - - - - - 14.8% 32.1%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,040 8,507 8,892
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,564 1,751 1,886
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,490 1,693 1,858
Net income 1 -2,056 -221.5 734.2 1,562 2,748 1,644 1,824 1,979
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -13,901 -15,721 -17,699
Reference price 2 127.90 68.55 81.47 107.31 167.14 82.96 82.96 82.96
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,333 - -
Announcement Date 24/3/22 23/2/23 29/2/24 20/2/25 11/2/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.52x0.44x2.27x-.--% 2.61B
-352.7x1.49x15.93x-.--% 40.88B
-6.51x1.73x9.34x2.34% 40.39B
24.39x2.57x12.16x3.15% 34.52B
44.38x3.71x25.23x-.--% 23.93B
21.89x2.77x11.6x2.47% 16.37B
39.89x3.14x7.91x1.64% 13.84B
35.62x1.82x16.6x2.32% 11.79B
28.3x3.61x15.56x1.28% 9.31B
149.83x4.67x10.24x0.75% 9.76B
Average -0.44x 2.60x 12.68x 1.39% 20.34B
Weighted average by Cap. -47.65x 2.45x 13.75x 1.54%

Y-o-Y evolution of P/E

Valuation ratios - P/E - NetEase Cloud Music Inc.

Historical PBR trend

Valuation ratios - PBR - NetEase Cloud Music Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - NetEase Cloud Music Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - NetEase Cloud Music Inc.


Year-on-year evolution of the Yield

Valuation ratios - Yield - NetEase Cloud Music Inc.
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