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 2,167,618 1,730,734 - -
Change - -53.98% -2.85% -27.21% 65.35% -20.16% - -
Enterprise Value (EV) 1 3,845,890 1,805,233 1,769,156 1,233,590 2,217,000 1,410,827 1,328,731 1,236,987
Change - -53.06% -2% -30.27% 79.72% -36.36% -5.82% -6.9%
P/E ratio 27.2x 30.3x 25.6x 16.7x 17.9x 12.7x 11.1x 9.6x
PBR 4.35x 1.98x 1.87x 1.35x 2.29x 1.58x 1.4x 1.21x
PEG - -0.5x 1.2x 1.2x 0.3x 1.1x 0.7x 0.6x
Capitalization / Revenue 5.62x 2.17x 2.07x 1.39x 2.18x 1.62x 1.51x 1.4x
EV / Revenue 5.36x 2.12x 2.04x 1.31x 2.23x 1.32x 1.16x 1x
EV / EBITDA 19.5x 11.4x 10.1x 6.44x 11x 6.25x 5.23x 4.18x
EV / EBIT 42.9x 25.9x 17.6x 10.9x 15.7x 8.55x 7.16x 5.87x
EV / FCF 20x 18.3x 10.3x 7.9x 30x 9.34x 8.65x 7.29x
FCF Yield 5% 5.48% 9.7% 12.7% 3.33% 10.7% 11.6% 13.7%
Dividend per Share 2 - - - 12.02 14.34 9.777 8.776 10.06
Rate of return - - - 2.3% 1.49% 1.28% 1.15% 1.32%
EPS 2 54.7 22.74 27.46 31.24 53.59 59.93 68.96 79.4
Distribution rate - - - 38.5% 26.8% 16.3% 12.7% 12.7%
Net sales 1 717,289 853,062 868,687 941,168 996,347 1,066,269 1,146,419 1,238,930
EBITDA 1 196,842 158,205 175,710 191,668 202,325 225,905 254,220 295,905
EBIT 1 89,678 69,638 100,351 113,350 140,905 165,090 185,618 210,673
Net income 1 150,308 61,959 72,509 79,741 129,470 142,669 161,947 184,793
Net Debt 1 -181,940 -48,554 -31,732 -77,349 49,382 -319,907 -402,003 -493,747
Reference price 2 1,485.67 689.78 701.89 522.95 959.53 762.37 762.37 762.37
Nbr of stocks (in thousands) 2,711,119 2,687,500 2,565,752 2,506,837 2,259,048 2,270,201 - -
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.($)
12.72x1.32x6.25x1.28% 241B
332.63x13.28x77.51x-.--% 151B
13.56x1.77x8.07x-.--% 149B
50.4x4.48x28.04x-.--% 127B
19.92x1.28x9.95x-.--% 92.55B
31.52x9.3x22.8x - 47.22B
19x3.71x12.01x1.51% 34.98B
7.49x0.27x2.82x3.04% 7.7B
115.26x5.34x26.82x-.--% 5.63B
19.28x5.75x10.31x3.07% 5.12B
Average 62.18x 4.65x 20.46x 0.99% 86.2B
Weighted average by Cap. 77.30x 4.54x 23.95x 0.49%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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