Company Valuation: Baidu, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 328,986 272,598 295,199 215,753 314,132 246,547 - -
Change - -17.14% 8.29% -26.91% 45.6% -21.51% - -
Enterprise Value (EV) 1 231,969 182,338 177,745 147,664 288,152 217,337 210,105 200,480
Change - -21.4% -2.52% -16.92% 95.14% -24.58% -3.33% -4.58%
P/E 33.7x 39.7x 15.3x 9.34x 77.6x 16.8x 13.8x 11.7x
PBR 1.54x 1.23x 1.22x 0.81x 1.17x 0.86x 0.8x 0.75x
PEG - -1.4x 0x 0.5x -0.9x 0x 0.6x 0.6x
Capitalization / Revenue 2.64x 2.2x 2.19x 1.62x 2.43x 1.9x 1.78x 1.62x
EV / Revenue 1.86x 1.47x 1.32x 1.11x 2.23x 1.67x 1.51x 1.32x
EV / EBITDA 9.31x 6.15x 4.96x 4.46x 12.6x 8.95x 7.72x 6.16x
EV / EBIT 22.1x 11.5x 8.13x 6.94x -49.5x 17.7x 14.4x 11.5x
EV / FCF 25.1x 10.2x 6.99x 11.3x -19.1x 30.1x 17.3x 9.44x
FCF Yield 3.98% 9.81% 14.3% 8.87% -5.24% 3.33% 5.79% 10.6%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 28.07 19.85 55.08 65.91 11.78 43.32 52.62 62.13
Distribution rate - - - - - - - -
Net sales 1 124,493 123,675 134,598 133,125 129,079 129,781 138,755 152,245
EBITDA 1 24,914 29,663 35,823 33,078 22,857 24,289 27,233 32,555
EBIT 1 10,518 15,911 21,856 21,270 -5,823 12,290 14,585 17,384
Net income 1 10,226 7,559 20,315 23,760 5,589 14,098 17,333 19,650
Net Debt 1 -97,017 -90,260 -117,454 -68,089 -25,980 -29,210 -36,442 -46,067
Reference price 2 945.20 788.90 844.46 615.39 913.89 726.88 726.88 726.88
Nbr of stocks (in thousands) 348,059 345,542 349,573 350,597 343,731 339,187 - -
Announcement Date 3/1/22 2/22/23 2/28/24 2/18/25 2/26/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.21x7.97x17.14x0.26% 4,081B
15.53x1.77x7.56x1.25% 20.39B
17.42x2.15x8.45x2.4% 19.72B
7.34x0.18x1.2x3.99% 178M
Average 14.12x 3.02x 8.59x 1.97% 1,030B
Weighted average by Cap. 16.21x 7.91x 17.05x 0.28%

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