Company Valuation: Sea Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 124,075 29,227 22,954 60,937 75,524 61,696 - -
Change - -76.44% -21.46% 165.48% 23.94% -18.31% - -
Enterprise Value (EV) 1 117,492 25,792 20,963 55,324 66,795 51,006 48,799 43,113
Change - -78.05% -18.72% 163.92% 20.74% -23.64% -4.33% -11.65%
P/E -58.3x -17.6x 162x 143x 50.6x 34x 24.5x 18.7x
PBR 16.9x 5.14x 3.24x 6.89x 6.22x 4.21x 3.45x 2.82x
PEG - 0.8x -1x 1x 0x 1.9x 0.6x 0.6x
Capitalization / Revenue 12.5x 2.35x 1.76x 3.62x 3.29x 1.98x 1.62x 1.38x
EV / Revenue 11.8x 2.07x 1.6x 3.29x 2.91x 1.64x 1.28x 0.97x
EV / EBITDA -198x -29.4x 17.8x 28.2x 19.4x 13.1x 9.78x 7.15x
EV / EBIT -74.2x -17.3x 93.3x 83.6x 33.6x 19.6x 13.5x 9.24x
EV / FCF -196x -12.7x 11.5x 18.7x 14.8x 10.6x 10.4x 7.29x
FCF Yield -0.51% -7.88% 8.69% 5.34% 6.74% 9.44% 9.65% 13.7%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -3.84 -2.96 0.25 0.74 2.52 2.962 4.118 5.384
Distribution rate - - - - - - - -
Net sales 1 9,955 12,450 13,064 16,820 22,938 31,100 38,148 44,635
EBITDA 1 -593.6 -878.1 1,179 1,962 3,437 3,885 4,989 6,032
EBIT 1 -1,583 -1,488 224.8 662.2 1,985 2,597 3,605 4,666
Net income 1 -2,047 -1,651 150.7 444.3 1,578 1,852 2,637 3,516
Net Debt 1 -6,583 -3,436 -1,991 -5,614 -8,729 -10,689 -12,897 -18,583
Reference price 2 223.71 52.03 40.50 106.10 127.57 100.73 100.73 100.73
Nbr of stocks (in thousands) 554,625 561,738 566,759 574,340 592,020 612,485 - -
Announcement Date 3/1/22 3/7/23 3/4/24 3/4/25 3/3/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.28x9.34x15.26x0.8% 3,697B
126.07x55.06x89.36x-.--% 463B
458.99x19.62x77.59x-.--% 92.25B
67x14.14x29.8x-.--% 88.68B
106.97x9.05x24.18x-.--% 81.43B
34x1.64x13.13x-.--% 61.7B
193.18x6.2x24.01x-.--% 48.76B
34.88x7.3x35.04x-.--% 46.02B
110.17x4.35x21.13x-.--% 37.95B
Average 128.50x 14.08x 36.61x 0.09% 513B
Weighted average by Cap. 48.97x 14.02x 24.68x 0.64%

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