Company Valuation: NIO Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 320,103 111,124 133,772 66,096 88,263 61,388 - -
Change - -65.29% 20.38% -50.59% 33.54% -30.45% - -
Enterprise Value (EV) 1 282,681 88,228 106,892 63,937 86,219 44,454 33,342 23,022
Change - -68.79% 21.15% -40.18% 34.85% -48.44% -25% -30.95%
P/E -29.9x -7.56x -5.17x -2.89x -5.21x -26.8x 60.2x 13.9x
PBR 9.53x 4.61x 4.28x 11x 19.5x 8.13x 6.72x 4.39x
PEG - -0.2x -0.1x 0.3x 0.1x 0.3x -0x 0x
Capitalization / Revenue 8.86x 2.26x 2.41x 1.01x 1.01x 0.48x 0.4x 0.35x
EV / Revenue 7.82x 1.79x 1.92x 0.97x 0.99x 0.35x 0.22x 0.13x
EV / EBITDA -101x -8.41x -6.32x -4.54x -12.5x 5.86x 3.03x 1.62x
EV / EBIT -62.9x -5.64x -5.27x -3.21x -6.14x -37.3x 22.5x 5.73x
EV / FCF -134x -8.14x -6.8x -3.76x -28.1x 8.05x 3.43x 2.95x
FCF Yield -0.75% -12.3% -14.7% -26.6% -3.56% 12.4% 29.1% 34%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -6.72 -8.89 -12.44 -11.03 -6.85 -0.9167 0.4072 1.769
Distribution rate - - - - - - - -
Net sales 1 36,136 49,269 55,618 65,732 87,488 127,924 154,032 173,293
EBITDA 1 -2,788 -10,492 -16,908 -14,070 -6,895 7,584 10,993 14,206
EBIT 1 -4,496 -15,641 -20,286 -19,946 -14,041 -1,192 1,479 4,020
Net income 1 -10,572 -14,559 -21,147 -22,658 -15,571 -2,192 780.2 3,549
Net Debt 1 -37,422 -22,896 -26,881 -2,159 -2,044 -16,934 -28,046 -38,366
Reference price 2 201.25 67.25 64.31 31.82 35.67 24.53 24.53 24.53
Nbr of stocks (in thousands) 1,590,573 1,652,453 2,079,974 2,076,918 2,474,328 2,502,715 - -
Announcement Date 24/03/22 01/03/23 05/03/24 21/03/25 10/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
338.84x13.33x95.87x-.--% 1,439B
16.61x0.84x5.73x1.49% 106B
-6.15x3.21x-12.55x-.--% 21.68B
71.01x0.06x1.51x0.11% 11.94B
-24.25x0.22x-30.03x-.--% 11.91B
-20x0.61x-39.87x-.--% 10.16B
-26.76x0.35x5.86x-.--% 9.16B
-2.11x2.94x-7.77x - 7.56B
16.3x0.19x4.83x-.--% 6.75B
Average 40.39x 2.42x 2.62x 0.2% 180.46B
Weighted average by Cap. 301.30x 11.93x 84.69x 0.1%

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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