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 13,788 - -
Change - -30.73% -9.52% 76.35% 72.35% -13.39% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 36,545 43,209 48,832
Change - -14.17% 10.91% 34.08% 54.32% 21.95% 18.24% 13.01%
P/E 16.8x -7.49x -1.16x 288x -61.6x -12.3x 64.4x 41.4x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.02x 1.98x 1.95x
PEG - 0x -0x -3x 0x -0x -1x 0.7x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.18x 0.97x 0.82x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.12x 3.04x 2.89x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 9.82x 9.19x 8.37x
EV / EBIT 714x 108x -7.35x 29x 38.4x 34.3x 28.8x 23.7x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.71x -6.49x -9.72x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -21.2% -15.4% -10.3%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -3.924 0.7519 1.171
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,702 14,192 16,898
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,723 4,701 5,834
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,064 1,502 2,063
Net income 1 500.1 -776 -2,644 183.2 -251.8 -1,311 164.5 366.3
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,757 29,421 35,044
Reference price 2 57.36 39.11 20.35 34.60 59.17 48.43 48.43 48.43
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.($)
22x3.58x12.52x3.05% 209B
-104.41x16.55x95.82x-.--% 103B
12.09x1.33x7x3.97% 99.92B
15.77x2.89x10.9x5.21% 92.16B
21.01x5.48x13.46x2.73% 62.81B
15.13x2.21x9.37x5.16% 49B
22.02x1.8x11.45x1.33% 42.45B
22.32x1.66x10.47x0.85% 41.61B
18.43x2.37x11.35x4.69% 38.34B
Average 4.93x 4.21x 20.26x 3% 82.06B
Weighted average by Cap. 1.49x 4.80x 22.86x 2.99%

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