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 15,284 - -
Change - -45.33% 20.17% 33.02% 56.59% -57.97% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 1,383 -436.3 -2,414
Change - -79.44% 46.56% 63.31% 85.24% -94.29% -131.55% -453.35%
P/E -8.03x -64.7x 23.5x 14.5x 13x 9.22x 8.55x 8.05x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.08x 0.95x 0.85x
PEG - 0.7x -0x 0x 0.2x -0.2x 1.09x 1.29x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 1.9x 1.8x 1.72x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.17x -0.05x -0.27x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 0.88x -0.25x -1.28x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 0.93x -0.26x -1.3x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 0.74x -0.23x -1.2x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 135% -431% -83.5%
Dividend per Share 2 - - - - - - 1.26 2.9
Rate of return - - - - - - 1.73% 3.99%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 7.878 8.497 9.027
Distribution rate - - - - - - 14.8% 32.1%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,040 8,507 8,892
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,564 1,751 1,886
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,490 1,693 1,858
Net income 1 -2,056 -221.5 734.2 1,562 2,748 1,644 1,824 1,979
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -13,901 -15,721 -17,699
Reference price 2 127.90 68.55 81.47 107.31 167.14 72.67 72.67 72.67
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,333 - -
Announcement Date 3/24/22 2/23/23 2/29/24 2/20/25 2/11/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.3x0.19x0.96x-.--% 2.3B
20.8x2.24x10.75x3.66% 30.19B
35.48x1.18x12.98x0.39% 4.87B
14.88x0.98x5.01x1.97% 1.38B
11.09x0.96x4.57x2% 915M
6.58x-0.06x-0.77x - 49.53M
Average 16.35x 0.91x 5.58x 1.6% 6.62B
Weighted average by Cap. 21.49x 1.91x 10.10x 2.95%

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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