Company Valuation: MOGU Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 867.5 1,374 187.3 185.6 112.2 131.8
Change - 58.33% -86.36% -0.93% -39.53% 17.41%
Enterprise Value (EV) 1 -233.8 568.2 -440.6 -375.7 -305.7 -247.8
Change - 343.04% -177.55% 14.73% 18.62% 18.93%
P/E -0.4x -4.08x -0.29x -1.06x -2x -2.25x
PBR 0.44x 0.88x 0.23x 0.29x 0.19x 0.26x
PEG - 0x -0x 0x 0x -0.53x
Capitalization / Revenue 1.04x 2.85x 0.56x 0.8x 0.7x 0.93x
EV / Revenue -0.28x 1.18x -1.31x -1.62x -1.91x -1.75x
EV / EBITDA 0.67x -6.7x 4.31x 18.1x 5.15x 3.46x
EV / EBIT 0.34x -1.3x 1.01x 3.97x 4.41x 2.98x
EV / FCF 1.46x -5.51x -6.71x 14.3x 2.58x 3.8x
FCF Yield 68.5% -18.1% -14.9% 7.02% 38.8% 26.3%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -246 -37.41 -76.17 -21 -6.846 -7.14
Distribution rate - - - - - -
Net sales 1 835.3 482.4 337.5 232.1 160.3 141.2
EBITDA 1 -348.8 -84.84 -102.3 -20.8 -59.4 -71.64
EBIT 1 -687.3 -436 -435.9 -94.71 -69.39 -83.24
Net income 1 -2,224 -328 -639.8 -178 -59.28 -62.56
Net Debt 1 -1,101 -805.4 -627.9 -561.3 -417.9 -379.6
Reference price 2 97.31 152.54 22.32 22.32 13.66 16.04
Nbr of stocks (in thousands) 8,915 9,004 8,394 8,313 8,216 8,216
Announcement Date 7/29/20 6/30/21 7/15/22 7/31/23 7/19/24 7/31/25
1CNY in Million2CNY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 15.45M
14.62x3.98x9.28x1.41% 498B
19.57x5.79x17.41x-.--% 292B
21.72x2.32x11.99x-.--% 134B
3.84x78.55x2.84x0.14% 100B
33.15x4.03x26.58x-.--% 99.24B
10.3x7.56x86.64x0.67% 88.43B
27.73x5.21x14.72x-.--% 83.74B
67.96x3.96x19.32x-.--% 75.34B
7.95x2.7x42.57x0.78% 35.46B
Average 22.98x 12.68x 25.71x 0.33% 140.58B
Weighted average by Cap. 20.06x 9.77x 18.56x 0.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA