Company Valuation: VNET Group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 8,356 5,789 5,238 9,236 15,919 20,186 - -
Change - -30.73% -9.52% 76.35% 72.35% 26.8% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 42,824 49,232 53,245
Change - -14.17% 10.91% 34.08% 54.32% 42.91% 14.96% 8.15%
P/E ratio 16.8x -7.49x -1.16x 288x -61.6x 76.6x 45.5x 31.8x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.76x 2.68x 2.4x
PEG - 0x -0x -3x 0x -0x 0.7x 0.7x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.73x 1.44x 1.23x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.66x 3.5x 3.24x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 11.5x 10.5x 9.21x
EV / EBIT 714x 108x -7.35x 29x 38.4x 41x 33.1x 25.4x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -5.48x -7.7x -12x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -18.2% -13% -8.34%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 0.9257 1.559 2.232
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,687 14,050 16,444
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,721 4,678 5,779
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,044 1,486 2,100
Net income 1 500.1 -776 -2,644 183.2 -251.8 251.9 554.3 943.6
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,638 29,046 33,059
Reference price 2 57.36 39.11 20.35 34.60 59.17 70.90 70.90 70.90
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 ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
76.59x3.66x11.51x-.--% 2.98B
21.47x3.54x12.36x3.09% 205B
12.18x1.29x6.79x3.97% 101B
16x2.9x10.7x5.31% 84.99B
18.81x3.84x13.1x3.15% 83.29B
18.67x4.91x12.14x3.07% 56.47B
-53.57x8.26x53.77x-.--% 52.06B
14.23x2.09x8.75x5.4% 46.35B
12.85x1.47x10.07x1.26% 35.54B
21.71x1.48x10.52x0.8% 33.96B
Average 15.89x 3.35x 14.97x 2.6% 70.16B
Weighted average by Cap. 12.69x 3.34x 14.06x 3.2%

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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