Company Valuation: NET263 Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 8,093 6,593 6,886 6,442 7,592 8,376
Change - -18.53% 4.44% -6.44% 17.85% 10.33%
Enterprise Value (EV) 1 7,316 5,904 5,958 5,766 6,813 7,798
Change - -19.3% 0.91% -3.22% 18.17% 14.46%
P/E 22.8x 241x 249x -24.4x 110x -29x
PBR 3.42x 2.99x 3.05x 3.55x 4x 5.28x
PEG - -2.6x - 0x -1x 0x
Capitalization / Revenue 8.34x 7.4x 7.69x 7.24x 8.75x 10.5x
EV / Revenue 7.54x 6.62x 6.65x 6.48x 7.85x 9.78x
EV / EBITDA 40.2x 58.9x 88.6x 76.7x 69.9x 140x
EV / EBIT 50.5x 86.7x 145x 117x 89.5x 215x
EV / FCF 372x 240x -474x 35.9x 317x -29.2x
FCF Yield 0.27% 0.42% -0.21% 2.79% 0.32% -3.43%
Dividend per Share 2 0.15 - 0.16 - 0.01 -
Rate of return 2.53% - 3.22% - 0.18% -
EPS 2 0.26 0.02 0.02 -0.19 0.05 -0.21
Distribution rate 57.7% - 800% - 20% -
Net sales 1 970 891.4 895.4 889.9 867.7 797.2
EBITDA 1 181.9 100.2 67.27 75.13 97.5 55.6
EBIT 1 144.8 68.1 41.15 49.28 76.13 36.24
Net income 1 348.3 33.39 32.03 -255.4 68.54 -284.4
Net Debt 1 -777 -689.5 -928.3 -676.4 -778.6 -577.6
Reference price 2 5.940 4.820 4.970 4.640 5.520 6.090
Nbr of stocks (in thousands) 1,362,471 1,367,890 1,385,512 1,388,412 1,375,372 1,375,372
Announcement Date 4/28/21 3/30/22 3/30/23 3/29/24 3/30/25 4/16/26
1CNY in Million2CNY
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 979M
11.32x1.33x4.22x6.97% 225B
11.04x2.59x6.85x5.63% 208B
13.81x2.21x5.68x3.97% 158B
13.6x1.84x7.89x3.1% 90.06B
12.17x0.92x3.46x6.36% 82.01B
11.55x1.77x4.48x2.83% 69.23B
15.51x2.71x8.47x5% 58.69B
24.35x5.48x20.04x4.48% 58.26B
15.51x2.74x6.13x4.47% 50.19B
Average 14.32x 2.40x 7.47x 4.76% 100.07B
Weighted average by Cap. 13.16x 2.17x 6.55x 5.14%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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