Company Valuation: NetEase Cloud Music Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,573 14,527 17,458 23,222 36,362 20,458 - -
Change - -45.33% 20.17% 33.02% 56.59% -43.74% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 5,761 3,416 1,291
Change - -79.44% 46.56% 63.31% 85.24% -76.22% -40.7% -62.22%
P/E Ratio -8.03x -64.7x 23.5x 14.5x 13x 10.2x 9.15x 8.4x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.35x 1.19x 1.05x
PEG - 0.7x -0x 0x 0.2x -0.4x 0.8x 0.94x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.43x 2.22x 2.07x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.68x 0.37x 0.13x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 3.02x 1.54x 0.53x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 3.2x 1.59x 0.54x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 2.16x 1.45x 0.51x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 46.2% 68.8% 197%
Dividend per Share 2 - - - - - - 1.113 2.3
Rate of return - - - - - - 1.14% 2.36%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 9.51 10.63 11.58
Distribution rate - - - - - - 10.5% 19.9%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,418 9,196 9,864
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,904 2,215 2,421
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,802 2,149 2,385
Net income 1 -2,056 -221.5 734.2 1,562 2,748 2,004 2,277 2,502
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -14,697 -17,042 -19,167
Reference price 2 127.90 68.55 81.47 107.31 167.14 97.27 97.27 97.27
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,330 - -
Announcement Date 3/24/22 2/23/23 2/29/24 2/20/25 2/11/26 - - -
1CNY in Million2CNY
Estimates

P/E Ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.23x0.68x3.02x-.--% 3.02B
20.66x2.63x12.24x3.14% 37.58B
45.05x1.85x18.57x0.37% 5.8B
13.38x1.46x6.71x1.42% 1.13B
11.74x0.82x4.01x2.25% 1.1B
9.31x - - - 146M
-4.26x - - - 84.6M
8.2x-0.01x-0.1x - 55.53M
Average 14.29x 1.24x 7.41x 1.44% 6.11B
Weighted average by Cap. 22.44x 2.34x 12.09x 2.55%

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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