Company Valuation: Baidu, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 481,512 328,986 272,598 295,199 215,787 221,438 - -
Change - -31.68% -17.14% 8.29% -26.9% 2.62% - -
Enterprise Value (EV) 1 394,100 231,969 182,338 177,745 147,698 128,337 107,282 82,987
Change - -41.14% -21.4% -2.52% -16.9% -13.11% -16.41% -22.65%
P/E ratio 21.7x 33.7x 39.7x 15.3x 9.34x 10.8x 10.4x 9.21x
PBR 2.66x 1.54x 1.23x 1.22x 0.81x 0.76x 0.71x 0.66x
PEG - -0.6x -1.4x 0x 0.5x -1.12x 2.5x 0.7x
Capitalization / Revenue 4.5x 2.64x 2.2x 2.19x 1.62x 1.64x 1.55x 1.45x
EV / Revenue 3.68x 1.86x 1.47x 1.32x 1.11x 0.95x 0.75x 0.54x
EV / EBITDA 14.3x 9.31x 6.15x 4.96x 4.47x 4.56x 3.41x 2.39x
EV / EBIT 18.1x 22.1x 11.5x 8.13x 6.94x 7.13x 5.01x 3.47x
EV / FCF 20.6x 25.1x 10.2x 6.99x 11.3x 5.11x 4.7x 3.2x
FCF Yield 4.85% 3.98% 9.81% 14.3% 8.87% 19.6% 21.3% 31.3%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 64.98 28.07 19.85 55.08 65.91 59.57 62.04 69.93
Distribution rate - - - - - - - -
Net sales 1 107,074 124,493 123,675 134,598 133,125 135,436 142,987 152,889
EBITDA 1 27,503 24,914 29,663 35,823 33,078 28,144 31,483 34,784
EBIT 1 21,732 10,518 15,911 21,856 21,270 17,994 21,417 23,884
Net income 1 22,472 10,226 7,559 20,315 23,760 20,428 21,080 24,045
Net Debt 1 -87,412 -97,017 -90,260 -117,454 -68,089 -93,101 -114,156 -138,451
Reference price 2 1,411.74 945.20 788.90 844.46 615.39 644.14 644.14 644.14
Nbr of stocks (in thousands) 341,076 348,059 345,542 349,573 350,652 343,771 - -
Announcement Date 2/17/21 3/1/22 2/22/23 2/28/24 2/18/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.81x0.95x4.56x-.--% 30.87B
18.41x5.31x11.92x0.47% 2,150B
21.4x2.84x11.21x0.49% 27.87B
21.9x1.89x7.71x1.35% 25.92B
9.61x0.53x3.7x3.01% 215M
Average 16.43x 2.30x 7.82x 1.06% 446.87B
Weighted average by Cap. 18.38x 5.18x 11.76x 0.47%
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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