Company Valuation: Alibaba Group Holding Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 4,027,830 1,853,787 1,800,888 1,310,939 2,215,816 2,153,000 - -
Change - -53.98% -2.85% -27.21% 69.03% -2.83% - -
Enterprise Value (EV) 1 3,845,890 1,805,233 1,769,156 1,233,590 2,265,198 1,957,011 1,956,022 1,892,332
Change - -53.06% -2% -30.27% 83.63% -13.61% -0.05% -3.26%
P/E ratio 27.2x 30.3x 25.6x 16.7x 17.9x 25.3x 22.9x 16.6x
PBR 4.35x 1.98x 1.87x 1.35x 2.29x 2.07x 1.89x 1.68x
PEG - -0.5x 1.2x 1.2x 0.3x -0.9x 2.2x 0.4x
Capitalization / Revenue 5.62x 2.17x 2.07x 1.39x 2.22x 2.1x 1.88x 1.69x
EV / Revenue 5.36x 2.12x 2.04x 1.31x 2.27x 1.91x 1.71x 1.49x
EV / EBITDA 19.5x 11.4x 10.1x 6.44x 11.2x 15.8x 11x 8.13x
EV / EBIT 42.9x 25.9x 17.6x 10.9x 16.1x 33.1x 18.5x 12.8x
EV / FCF 20x 18.3x 10.3x 7.9x 30.7x 36.2x 31.5x 18.3x
FCF Yield 5% 5.48% 9.7% 12.7% 3.26% 2.76% 3.17% 5.45%
Dividend per Share 2 - - - 12.02 14.34 7.19 7.581 7.45
Rate of return - - - 2.3% 1.49% 0.75% 0.79% 0.78%
EPS 2 54.7 22.74 27.46 31.24 53.59 37.99 41.95 58.01
Distribution rate - - - 38.5% 26.8% 18.9% 18.1% 12.8%
Net sales 1 717,289 853,062 868,687 941,168 996,347 1,025,564 1,144,207 1,271,758
EBITDA 1 196,842 158,205 175,710 191,668 202,325 123,849 177,867 232,793
EBIT 1 89,678 69,638 100,351 113,350 140,905 59,065 105,809 148,331
Net income 1 150,308 61,959 72,509 79,741 129,470 89,230 103,562 132,961
Net Debt 1 -181,940 -48,554 -31,732 -77,349 49,382 -195,988 -196,978 -260,667
Reference price 2 1,485.67 689.78 701.89 522.95 959.53 961.25 961.25 961.25
Nbr of stocks (in thousands) 2,711,119 2,687,500 2,565,752 2,506,837 2,309,279 2,239,789 - -
Announcement Date 5/13/21 5/26/22 5/18/23 5/14/24 5/15/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.3x1.91x15.8x0.75% 316B
87.7x11.13x59.88x-.--% 171B
10.08x1.54x6.46x-.--% 149B
37.15x2.29x18.26x-.--% 94.09B
-20.18x0.97x-28.09x-.--% 68.21B
22.85x4.22x13.48x1.2% 46.88B
21.34x5.84x14.18x - 32.22B
7.24x0.23x2.41x3.8% 7.49B
29.85x3.89x17.48x-.--% 5.7B
19.62x6.15x10.69x3.06% 5.06B
Average 24.10x 3.82x 13.06x 0.98% 89.53B
Weighted average by Cap. 32.05x 3.86x 19.28x 0.39%

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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