Company Valuation: Youdao, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 9,987 4,674 3,470 6,456 8,430 15,126 - -
Change - -53.2% -25.76% 86.02% 30.58% 79.43% - -
Enterprise Value (EV) 1 10,293 5,059 4,452 6,731 9,495 15,595 14,800 14,282
Change - -50.85% -12% 51.21% 41.05% 64.25% -5.1% -3.5%
P/E -9.69x -6.31x -6.17x 77.2x 78.3x 78.6x 49.1x 34.2x
PBR -12x -2.99x -1.55x -2.98x -4.28x -8.74x -11.2x -21x
PEG - 0.2x 0.3x -1x 2.7x 1x 0.8x 0.8x
Capitalization / Revenue 2.49x 0.93x 0.64x 1.15x 1.43x 2.35x 2.06x 1.84x
EV / Revenue 2.56x 1.01x 0.83x 1.2x 1.61x 2.42x 2.02x 1.73x
EV / EBITDA -13.3x -7.77x -11x 33.6x 34x 36.1x 26.2x 20.7x
EV / EBIT -12.8x -7.29x -10.2x 39.3x 37.1x 45x 31.8x 22.2x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -8.18 -5.88 -4.53 0.7 0.9 1.595 2.556 3.669
Distribution rate - - - - - - - -
Net sales 1 4,016 5,013 5,389 5,626 5,909 6,441 7,334 8,234
EBITDA 1 -774.2 -651.5 -405.9 200.4 279.4 431.5 565.3 689.1
EBIT 1 -804.3 -693.7 -435.5 171.4 256 346.8 466 642.9
Net income 1 -995.7 -727 -549.9 82.21 107.3 193.7 310.5 447.2
Net Debt 1 306.2 384.3 981.3 275.6 1,065 468.6 -326.6 -844.2
Reference price 2 79.28 37.11 27.94 54.01 70.50 125.39 125.39 125.39
Nbr of stocks (in thousands) 125,969 125,969 124,214 119,519 119,569 120,635 - -
Announcement Date 2/24/22 2/23/23 2/29/24 2/20/25 2/11/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
76.2x2.35x35.06x-.--% 2.19B
14.88x1.61x7.4x3.83% 28.78B
9.85x1.05x5.96x4.11% 22.1B
13.06x5.73x10.12x6.54% 11.14B
126.45x0.51x85.03x - 6.36B
11.95x0.82x5.16x-.--% 6.31B
17.13x1.42x4.4x2.73% 6.19B
18.27x0.76x4.59x3.59% 5.94B
-57.82x1.86x7.83x0% 5.49B
15.58x0.53x5.32x1.54% 4.24B
Average 24.55x 1.66x 17.09x 2.48% 9.87B
Weighted average by Cap. 18.25x 1.75x 12.44x 3.45%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Youdao, Inc.

Historical PBR trend

Valuation ratios - PBR - Youdao, Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Youdao, Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Youdao, Inc.


Year-on-year evolution of the Yield

Valuation ratios - Yield - Youdao, Inc.
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