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 15,462 - -
Change - -30.73% -9.52% 76.35% 72.35% -2.87% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 38,171 44,857 50,218
Change - -14.17% 10.91% 34.08% 54.32% 27.38% 17.52% 11.95%
P/E 16.8x -7.49x -1.16x 288x -61.6x -204x 58.4x 34.8x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.23x 2.15x 1.91x
PEG - 0x -0x -3x 0x 2.8x -0x 0.5x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.32x 1.09x 0.91x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.25x 3.15x 2.96x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 10.3x 9.56x 8.62x
EV / EBIT 714x 108x -7.35x 29x 38.4x 36x 30x 24.4x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.99x -6.7x -11x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -20% -14.9% -9.08%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -0.2663 0.9297 1.56
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,731 14,242 16,973
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,719 4,693 5,826
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,061 1,494 2,055
Net income 1 500.1 -776 -2,644 183.2 -251.8 -306.1 265.8 525
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,709 29,395 34,756
Reference price 2 57.36 39.11 20.35 34.60 59.17 54.31 54.31 54.31
Nbr of stocks (in thousands) 145,672 148,024 257,364 266,966 269,026 284,692 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.94x4.49x15.67x2.35% 270B
-91.57x14.47x83.76x-.--% 90.62B
10.05x1.1x5.78x4.8% 82.75B
13.41x2.45x9.24x6.13% 78.49B
19x5.01x12.36x2.99% 57.15B
13.87x2.02x8.48x5.61% 45.32B
19.09x1.53x9.63x1.5% 35.95B
20.08x1.48x9.43x0.99% 35.58B
15.86x2.03x9.43x5.45% 33.03B
Average 5.30x 3.84x 18.20x 3.31% 81.02B
Weighted average by Cap. 6.55x 4.61x 20.73x 3.03%

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