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 10,599 - -
Change - -30.73% -9.52% 76.35% 72.35% -33.42% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 33,063 40,421 46,434
Change - -14.17% 10.91% 34.08% 54.32% 10.33% 22.25% 14.88%
P/E 16.8x -7.49x -1.16x 288x -61.6x -4.27x 46.9x 23.6x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 1.43x 1.58x 1.47x
PEG - 0x -0x -3x 0x -0x -0x 0.2x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 0.91x 0.74x 0.61x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 2.83x 2.83x 2.68x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 8.9x 8.48x 7.75x
EV / EBIT 714x 108x -7.35x 29x 38.4x 31.7x 27.9x 24.7x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.3x -5.15x -7.44x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -23.2% -19.4% -13.4%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -8.712 0.7942 1.579
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,695 14,264 17,322
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,715 4,768 5,993
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,044 1,448 1,877
Net income 1 500.1 -776 -2,644 183.2 -251.8 -1,232 245.9 476
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,465 29,823 35,835
Reference price 2 57.36 39.11 20.35 34.60 59.17 37.23 37.23 37.23
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.($)
21.6x3.56x12.43x3.08% 207B
21.99x4.64x11.38x0.76% 189B
-599.1x42.61x175.06x-.--% 124B
-133.59x18.57x102.82x-.--% 120B
13.62x1.52x7.99x3.52% 112B
13.27x2.4x9.06x6.19% 77.38B
19.25x5.15x12.66x2.92% 57.65B
-17.04x7.34x12.48x-.--% 48.05B
22.15x1.83x11.6x1.4% 43.68B
Average -70.87x 9.74x 39.50x 1.99% 108.72B
Weighted average by Cap. -79.34x 10.42x 43.04x 1.93%

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