Company Valuation: Baidu, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 328,986 272,598 295,199 215,753 314,168 290,212 - -
Change - -17.14% 8.29% -26.91% 45.61% -7.63% - -
Enterprise Value (EV) 1 231,969 182,338 177,745 147,664 288,188 248,534 236,794 218,449
Change - -21.4% -2.52% -16.92% 95.16% -13.76% -4.72% -7.75%
P/E ratio 33.7x 39.7x 15.3x 9.34x 77.6x 17.9x 15.5x 12x
PBR 1.54x 1.23x 1.22x 0.81x 1.17x 0.99x 0.92x 0.86x
PEG - -1.4x 0x 0.5x -0.9x 0x 1x 0.4x
Capitalization / Revenue 2.64x 2.2x 2.19x 1.62x 2.43x 2.17x 2.03x 1.86x
EV / Revenue 1.86x 1.47x 1.32x 1.11x 2.23x 1.86x 1.66x 1.4x
EV / EBITDA 9.31x 6.15x 4.96x 4.46x 12.6x 10.7x 8.31x 6.29x
EV / EBIT 22.1x 11.5x 8.13x 6.94x -49.5x 20.4x 15.4x 11.1x
EV / FCF 25.1x 10.2x 6.99x 11.3x -19.1x 14.9x 7.69x 6.79x
FCF Yield 3.98% 9.81% 14.3% 8.87% -5.23% 6.71% 13% 14.7%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 28.07 19.85 55.08 65.91 11.78 47.58 55.2 71
Distribution rate - - - - - - - -
Net sales 1 124,493 123,675 134,598 133,125 129,079 133,541 142,890 155,910
EBITDA 1 24,914 29,663 35,823 33,078 22,857 23,248 28,498 34,707
EBIT 1 10,518 15,911 21,856 21,270 -5,823 12,189 15,399 19,608
Net income 1 10,226 7,559 20,315 23,760 5,589 15,789 18,723 22,310
Net Debt 1 -97,017 -90,260 -117,454 -68,089 -25,980 -41,678 -53,417 -71,762
Reference price 2 945.20 788.90 844.46 615.39 913.89 852.93 852.93 852.93
Nbr of stocks (in thousands) 348,059 345,542 349,573 350,597 343,771 340,253 - -
Announcement Date 01/03/22 22/02/23 28/02/24 18/02/25 26/02/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.93x1.86x10.69x-.--% 42.54B
29.13x8.47x18.28x0.26% 4,047B
15.72x1.98x8.17x0.96% 22.1B
15.94x2.17x8.65x1.68% 18.46B
6.26x0.3x1.99x4.6% 172M
Average 17.00x 2.96x 9.56x 1.5% 826.09B
Weighted average by Cap. 28.89x 8.34x 18.10x 0.26%

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