Company Valuation: Alibaba Group Holding Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 4,027,830 1,853,787 1,800,888 1,310,939 2,215,816 2,500,910 - -
Change - -53.98% -2.85% -27.21% 69.03% 12.87% - -
Enterprise Value (EV) 1 3,845,890 1,805,233 1,769,156 1,233,590 2,265,198 2,299,487 2,258,871 2,151,008
Change - -53.06% -2% -30.27% 83.63% 1.51% -1.77% -4.78%
P/E ratio 27.2x 30.3x 25.6x 16.7x 17.9x 22.2x 19.2x 15.3x
PBR 4.35x 1.98x 1.87x 1.35x 2.29x 2.36x 2.1x 1.86x
PEG - -0.5x 1.2x 1.2x 0.3x -3.63x 1.2x 0.6x
Capitalization / Revenue 5.62x 2.17x 2.07x 1.39x 2.22x 2.41x 2.18x 1.98x
EV / Revenue 5.36x 2.12x 2.04x 1.31x 2.27x 2.21x 1.97x 1.71x
EV / EBITDA 19.5x 11.4x 10.1x 6.44x 11.2x 15.6x 10.7x 8.05x
EV / EBIT 42.9x 25.9x 17.6x 10.9x 16.1x 24.6x 15x 11.3x
EV / FCF 20x 18.3x 10.3x 7.9x 30.7x 44.2x 28.9x 16.3x
FCF Yield 5% 5.48% 9.7% 12.7% 3.26% 2.26% 3.46% 6.13%
Dividend per Share 2 - - - 12.02 14.34 7.297 7.664 8.04
Rate of return - - - 2.3% 1.49% 0.65% 0.68% 0.72%
EPS 2 54.7 22.74 27.46 31.24 53.59 50.31 58.44 73.22
Distribution rate - - - 38.5% 26.8% 14.5% 13.1% 11%
Net sales 1 717,289 853,062 868,687 941,168 996,347 1,038,348 1,148,573 1,261,384
EBITDA 1 196,842 158,205 175,710 191,668 202,325 147,476 210,813 267,246
EBIT 1 89,678 69,638 100,351 113,350 140,905 93,477 150,341 190,965
Net income 1 150,308 61,959 72,509 79,741 129,470 116,309 140,991 169,831
Net Debt 1 -181,940 -48,554 -31,732 -77,349 49,382 -201,423 -242,039 -349,902
Reference price 2 1,485.67 689.78 701.89 522.95 959.53 1,119.31 1,119.31 1,119.31
Nbr of stocks (in thousands) 2,711,119 2,687,500 2,565,752 2,506,837 2,309,279 2,234,339 - -
Announcement Date 5/13/21 5/26/22 5/18/23 5/14/24 5/15/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.25x2.21x15.59x0.65% 354B
201.3x17.73x104.14x-.--% 210B
11.76x1.92x8.09x-.--% 167B
51.08x3.52x24.57x-.--% 105B
-23.57x1.2x-37.13x-.--% 77.72B
23.58x6.72x15.96x - 37.48B
19.83x3.73x12.03x1.39% 37.28B
10.25x0.41x4.54x2.37% 9.92B
117.01x6.61x32.58x-.--% 6.9B
19.73x6.05x10.55x2.95% 5.08B
Average 45.32x 5.01x 19.09x 0.82% 100.96B
Weighted average by Cap. 57.65x 5.70x 29.48x 0.33%
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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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