|
Market Closed -
Hong Kong S.E.
04:08:14 2026-09-23 EDT
|
5-day change | 1st Jan Change | ||
| 184.30 HKD | -0.49% |
|
-1.50% | -14.12% |
| 09-22 | BNP Paribas Initiates Netease at Outperform With $180 Price Target | MT |
| 09-15 | Oil, Bond Yields, Soft China Economic Data Undercut Asian Stock Markets | MT |
Company Valuation: NetEase, Inc.
Data adjusted to current consolidation scope
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Market Cap 1 | 417,313 | 314,113 | 398,949 | 412,006 | 610,925 | 504,827 | - | - |
| Change | - | -24.73% | 27.01% | 3.27% | 48.28% | -17.37% | - | - |
| Enterprise Value (EV) 1 | 349,811 | 251,355 | 296,333 | 297,415 | 477,502 | 331,125 | 305,042 | 279,144 |
| Change | - | -28.15% | 17.89% | 0.37% | 60.55% | -30.65% | -7.88% | -8.49% |
| P/E | 25.6x | 16.4x | 14.1x | 14.2x | 18.4x | 13.1x | 11.3x | 10.3x |
| PBR | 4.48x | 3.16x | 3.3x | 3x | 3.83x | 2.77x | 2.41x | 2.14x |
| PEG | - | 0.7x | 0.3x | 9.18x | 1.3x | 0.9x | 0.7x | 1.07x |
| Capitalization / Revenue | 4.76x | 3.26x | 3.86x | 3.91x | 5.42x | 4.18x | 3.89x | 3.66x |
| EV / Revenue | 3.99x | 2.6x | 2.86x | 2.82x | 4.24x | 2.74x | 2.35x | 2.02x |
| EV / EBITDA | 17.8x | 11.2x | 9.63x | 9.29x | 12.5x | 6.79x | 5.85x | 4.9x |
| EV / EBIT | 21.3x | 12.8x | 10.7x | 10.1x | 13.3x | 7.1x | 6.09x | 5.11x |
| EV / FCF | 16x | 10x | 8.97x | 7.93x | 9.8x | 7.82x | 6.43x | 5.18x |
| FCF Yield | 6.24% | 9.97% | 11.1% | 12.6% | 10.2% | 12.8% | 15.6% | 19.3% |
| Dividend per Share 2 | 1.481 | 1.916 | 3.688 | 3.751 | 4.113 | 4.2 | 5.401 | 6.026 |
| Rate of return | 1.15% | 1.89% | 2.89% | 2.88% | 2.13% | 2.66% | 3.42% | 3.82% |
| EPS 2 | 5.01 | 6.17 | 9.05 | 9.19 | 10.48 | 12.02 | 13.98 | 15.32 |
| Distribution rate | 29.6% | 31.1% | 40.8% | 40.8% | 39.2% | 34.9% | 38.6% | 39.3% |
| Net sales 1 | 87,606 | 96,496 | 103,468 | 105,295 | 112,626 | 120,696 | 129,867 | 137,998 |
| EBITDA 1 | 19,693 | 22,487 | 30,764 | 32,002 | 38,082 | 48,761 | 52,137 | 56,931 |
| EBIT 1 | 16,417 | 19,629 | 27,709 | 29,584 | 35,835 | 46,618 | 50,057 | 54,583 |
| Net income 1 | 16,857 | 20,338 | 29,417 | 29,698 | 33,760 | 37,355 | 43,429 | 47,104 |
| Net Debt 1 | -67,502 | -62,758 | -102,617 | -114,592 | -133,423 | -173,702 | -199,785 | -225,683 |
| Reference price 2 | 128.31 | 101.28 | 127.62 | 130.05 | 192.85 | 157.70 | 157.70 | 157.70 |
| Nbr of stocks (in thousands) | 3,252,359 | 3,101,359 | 3,125,972 | 3,167,959 | 3,167,959 | 3,201,251 | - | - |
| Announcement Date | 2/24/22 | 2/23/23 | 2/29/24 | 2/20/25 | 2/11/26 | - | - | - |
1CNY in Million2CNY
Estimates
P/E, Detailed evolution
| P/E (N) | EV / Sales (N) | EV / EBITDA (N) | Dividend Yield (N) | Capi.($) | ||
|---|---|---|---|---|---|---|
 | 13.16x | 2.76x | 6.82x | 2.66% | 75.59B | |
| 21.92x | 3.83x | 13.69x | 14.58% | 15.95B | |
| 25.81x | 2.51x | 11.92x | 1.72% | 6.86B | |
| 9.94x | 1.3x | 3.81x | 1.12% | 6.47B | |
| 13.62x | 2.36x | 11.25x | 5.28% | 5.85B | |
| 12.86x | 3.07x | 8x | 5.81% | 3.75B | |
| 15.47x | 5.33x | 12.67x | 3.25% | 3.61B | |
| 17.05x | 2.04x | 9.97x | 4.91% | 2.98B | |
| 10.02x | 1.07x | 4.82x | 1.32% | 3.2B | |
| 11.42x | 1.94x | 6.6x | -.--% | 2.51B | |
| Average | 15.13x | 2.62x | 8.95x | 4.07% | 12.68B | |
| Weighted average by Cap. | 14.84x | 2.79x | 8.23x | 4.23% |
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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- Valuation NetEase, Inc.
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