Company Valuation: Baidu, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 328,986 272,598 295,199 215,753 314,168 260,326 - -
Change - -17.14% 8.29% -26.91% 45.61% -17.14% - -
Enterprise Value (EV) 1 231,969 182,338 177,745 147,664 288,188 218,430 206,618 156,178
Change - -21.4% -2.52% -16.92% 95.16% -24.21% -5.41% -24.41%
P/E ratio 33.7x 39.7x 15.3x 9.34x 77.6x 16x 13.9x 10.8x
PBR 1.54x 1.23x 1.22x 0.81x 1.17x 0.88x 0.82x 0.74x
PEG - -1.4x 0x 0.5x -0.9x 0x 0.9x 0.4x
Capitalization / Revenue 2.64x 2.2x 2.19x 1.62x 2.43x 1.95x 1.82x 1.67x
EV / Revenue 1.86x 1.47x 1.32x 1.11x 2.23x 1.63x 1.44x 1x
EV / EBITDA 9.31x 6.15x 4.96x 4.46x 12.6x 9.32x 7.19x 4.48x
EV / EBIT 22.1x 11.5x 8.13x 6.94x -49.5x 18x 13.4x 8.12x
EV / FCF 25.1x 10.2x 6.99x 11.3x -19.1x 17.1x 8.42x 5.33x
FCF Yield 3.98% 9.81% 14.3% 8.87% -5.23% 5.86% 11.9% 18.7%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 28.07 19.85 55.08 65.91 11.78 47.76 55.18 70.85
Distribution rate - - - - - - - -
Net sales 1 124,493 123,675 134,598 133,125 129,079 133,699 143,153 155,950
EBITDA 1 24,914 29,663 35,823 33,078 22,857 23,432 28,730 34,841
EBIT 1 10,518 15,911 21,856 21,270 -5,823 12,156 15,380 19,232
Net income 1 10,226 7,559 20,315 23,760 5,589 15,897 18,819 22,273
Net Debt 1 -97,017 -90,260 -117,454 -68,089 -25,980 -41,896 -53,707 -104,147
Reference price 2 945.20 788.90 844.46 615.39 913.89 765.10 765.10 765.10
Nbr of stocks (in thousands) 348,059 345,542 349,573 350,597 343,771 340,253 - -
Announcement Date 3/1/22 2/22/23 2/28/24 2/18/25 2/26/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.11x1.63x9.34x-.--% 38.11B
28.1x8.1x17.5x0.27% 3,875B
14.26x1.76x7.3x1.01% 20.02B
14.74x2.24x8.97x1.79% 17.33B
5.98x0.28x1.87x4.83% 163M
Average 15.84x 2.80x 9.00x 1.58% 790.22B
Weighted average by Cap. 27.86x 7.98x 17.33x 0.28%

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