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 11,809 - -
Change - -53.2% -25.76% 86.02% 30.58% 40.08% - -
Enterprise Value (EV) 1 10,293 5,059 4,452 6,731 9,495 12,277 11,482 10,965
Change - -50.85% -12% 51.21% 41.05% 29.31% -6.48% -4.51%
P/E -9.69x -6.31x -6.17x 77.2x 78.3x 61.4x 38.3x 26.7x
PBR -12x -2.99x -1.55x -2.98x -4.28x -6.82x -8.77x -16.4x
PEG - 0.2x 0.3x -1x 2.7x 0.8x 0.6x 0.6x
Capitalization / Revenue 2.49x 0.93x 0.64x 1.15x 1.43x 1.83x 1.61x 1.43x
EV / Revenue 2.56x 1.01x 0.83x 1.2x 1.61x 1.91x 1.57x 1.33x
EV / EBITDA -13.3x -7.77x -11x 33.6x 34x 28.5x 20.3x 15.9x
EV / EBIT -12.8x -7.29x -10.2x 39.3x 37.1x 35.4x 24.6x 17.1x
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 97.89 97.89 97.89
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
61.88x1.92x28.67x-.--% 1.77B
14.15x1.54x7.01x4% 27.85B
9.19x1.01x5.7x4.35% 20.89B
11.73x5.1x8.88x7.29% 10.03B
16.63x1.36x4.28x2.79% 6.05B
17.42x0.74x4.46x3.82% 5.62B
-55.43x1.81x7.62x0% 5.26B
14.64x0.49x4.93x1.63% 4.03B
35.34x4.61x12.45x-.--% 3.44B
Average 13.95x 2.06x 9.33x 2.65% 9.44B
Weighted average by Cap. 10.61x 1.86x 7.16x 3.77%

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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  3. DAO Stock
  4. Valuation Youdao, Inc.