Company Valuation: VNET Group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,356 5,789 5,238 9,236 15,919 12,861 - -
Change - -30.73% -9.52% 76.35% 72.35% -19.21% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 36,899 42,775 48,501
Change - -14.17% 10.91% 34.08% 54.32% 23.13% 15.93% 13.39%
P/E 16.8x -7.49x -1.16x 288x -61.6x -4.89x 91.6x 35.8x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 1.74x 1.85x 1.83x
PEG - 0x -0x -3x 0x -0x -1x 0x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.1x 0.9x 0.75x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.16x 3x 2.83x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 9.9x 9.01x 8.17x
EV / EBIT 714x 108x -7.35x 29x 38.4x 35x 27.5x 23.5x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.75x -5.78x -8.26x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -21.1% -17.3% -12.1%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -9.238 0.4934 1.262
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,695 14,244 17,148
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,728 4,747 5,937
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,053 1,553 2,068
Net income 1 500.1 -776 -2,644 183.2 -251.8 -1,170 150.6 331.8
Net Debt 1 6,857 7,270 9,245 10,182 14,047 24,038 29,915 35,641
Reference price 2 57.36 39.11 20.35 34.60 59.17 45.17 45.17 45.17
Nbr of stocks (in thousands) 145,672 148,024 257,364 266,966 269,026 284,692 - -
Announcement Date 3/30/22 3/21/23 3/27/24 3/12/25 3/16/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.14x3.77x13.17x2.87% 222B
-116.79x18.57x106.98x-.--% 115B
13.73x1.52x7.97x3.49% 113B
14.91x2.72x10.28x5.51% 87.05B
20.45x5.36x13.17x2.79% 62.19B
14.69x2.13x9.06x5.31% 47.45B
20.59x1.68x10.33x1.42% 39.79B
20.4x1.55x9.86x0.92% 38.85B
17.74x2.3x10.68x4.87% 36.84B
Average 3.21x 4.40x 21.28x 3.02% 84.77B
Weighted average by Cap. -1.63x 5.29x 25.56x 2.9%

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