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 65,958 - -
Change - -76.44% -21.46% 165.48% 23.94% -12.67% - -
Enterprise Value (EV) 1 117,492 25,792 20,963 55,324 66,795 55,269 53,062 47,376
Change - -78.05% -18.72% 163.92% 20.74% -17.26% -3.99% -10.72%
P/E -58.3x -17.6x 162x 143x 50.6x 36.3x 26.1x 20x
PBR 16.9x 5.14x 3.24x 6.89x 6.22x 4.5x 3.68x 3.01x
PEG - 0.8x -1x 1x 0x 2.1x 0.7x 0.7x
Capitalization / Revenue 12.5x 2.35x 1.76x 3.62x 3.29x 2.12x 1.73x 1.48x
EV / Revenue 11.8x 2.07x 1.6x 3.29x 2.91x 1.78x 1.39x 1.06x
EV / EBITDA -198x -29.4x 17.8x 28.2x 19.4x 14.2x 10.5x 7.85x
EV / EBIT -74.2x -17.3x 93.3x 83.6x 33.6x 21.3x 14.7x 10.1x
EV / FCF -196x -12.7x 11.5x 18.7x 14.8x 11.5x 11.3x 7.99x
FCF Yield -0.51% -7.88% 8.69% 5.34% 6.74% 8.71% 8.89% 12.5%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -3.84 -2.96 0.25 0.74 2.52 2.964 4.121 5.387
Distribution rate - - - - - - - -
Net sales 1 9,955 12,450 13,064 16,820 22,938 31,118 38,167 44,671
EBITDA 1 -593.6 -878.1 1,179 1,962 3,437 3,887 5,045 6,038
EBIT 1 -1,583 -1,488 224.8 662.2 1,985 2,600 3,609 4,670
Net income 1 -2,047 -1,651 150.7 444.3 1,578 1,854 2,640 3,519
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 40.50 106.10 127.57 107.69 107.69 107.69
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.($)
25.01x9.23x15.11x0.79% 3,657B
108.66x47.21x76.63x-.--% 399B
393.04x16.8x66.42x-.--% 79.61B
59.29x12.53x26.43x-.--% 78.47B
99.99x8.53x21.61x-.--% 76.11B
36.33x1.78x14.22x-.--% 65.96B
181.48x5.77x22.3x-.--% 45.46B
117.76x4.65x22.77x-.--% 40.57B
26.9x5.55x26.62x-.--% 35.5B
Average 116.50x 12.45x 32.45x 0.09% 497.43B
Weighted average by Cap. 43.49x 12.58x 22.03x 0.65%

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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