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 19,747 - -
Change - -45.33% 20.17% 33.02% 56.59% -45.69% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 5,050 2,705 579.7
Change - -79.44% 46.56% 63.31% 85.24% -79.15% -46.43% -78.57%
P/E -8.03x -64.7x 23.5x 14.5x 13x 9.82x 8.78x 8.06x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.32x 1.15x 1.01x
PEG - 0.7x -0x 0x 0.2x -0.4x 0.7x 0.9x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.33x 2.15x 2x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.6x 0.29x 0.06x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 2.72x 1.22x 0.24x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 2.72x 1.26x 0.24x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 2.37x 1.15x 0.23x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 42.2% 86.9% 439%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.19% 3.67%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 9.561 10.69 11.65
Distribution rate - - - - - - 10.4% 29.6%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,459 9,196 9,864
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,854 2,215 2,421
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,854 2,149 2,385
Net income 1 -2,056 -221.5 734.2 1,562 2,748 2,068 2,277 2,502
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -14,697 -17,042 -19,167
Reference price 2 127.90 68.55 81.47 107.31 167.14 93.89 93.89 93.89
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,330 - -
Announcement Date 24/03/22 23/02/23 29/02/24 20/02/25 11/02/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.32x0.48x2.18x-.--% 2.76B
22.06x2.77x12.88x2.95% 39.43B
37.64x1.84x18.92x0.36% 5.66B
13.74x1.51x6.96x1.42% 1.14B
11.75x0.82x4.02x2.25% 1.08B
9.35x - - - 146M
-8.07x - - - 79.5M
7.82x-0.02x-0.26x - 51.91M
Average 12.95x 1.23x 7.45x 1.39% 6.29B
Weighted average by Cap. 22.60x 2.46x 12.63x 2.44%

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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