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 11,902 - -
Change - -30.73% -9.52% 76.35% 72.35% -25.23% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 34,584 41,648 47,414
Change - -14.17% 10.91% 34.08% 54.32% 15.41% 20.43% 13.84%
P/E 16.8x -7.49x -1.16x 288x -61.6x -4.53x 52.5x 25.7x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 1.61x 1.71x 1.69x
PEG - 0x -0x -3x 0x -0x -0x 0x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.02x 0.83x 0.69x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 2.96x 2.92x 2.74x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 9.31x 8.73x 7.91x
EV / EBIT 714x 108x -7.35x 29x 38.4x 33.5x 26.8x 22.5x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.45x -5.63x -8.07x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -22.5% -17.8% -12.4%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -9.238 0.7967 1.627
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,695 14,264 17,319
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,715 4,769 5,993
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,032 1,552 2,103
Net income 1 500.1 -776 -2,644 183.2 -251.8 -1,188 246 483.2
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,681 29,746 35,512
Reference price 2 57.36 39.11 20.35 34.60 59.17 41.81 41.81 41.81
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.($)
-4.53x2.96x9.31x-.--% 1.77B
22.72x3.71x12.97x2.92% 218B
13.97x1.54x8.09x3.43% 115B
-111.87x17.78x102.83x-.--% 111B
15.33x2.81x10.59x5.36% 90.31B
20.61x5.4x13.26x2.76% 62.19B
15.15x2.21x9.38x5.14% 49.33B
22.27x1.83x11.26x1.36% 42.77B
21.73x1.65x10.48x0.85% 41.47B
18.65x2.39x11.23x4.68% 38.53B
Average 3.40x 4.23x 19.94x 2.65% 77.03B
Weighted average by Cap. 0.18x 5.06x 24.36x 2.88%

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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