Company Valuation: NetEase Cloud Music Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,573 14,527 17,458 23,222 36,362 20,350 - -
Change - -45.33% 20.17% 33.02% 56.59% -44.03% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 5,653 3,309 1,183
Change - -79.44% 46.56% 63.31% 85.24% -76.66% -41.47% -64.25%
P/E -8.03x -64.7x 23.5x 14.5x 13x 10.1x 9.05x 8.31x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.36x 1.18x 1.04x
PEG - 0.7x -0x 0x 0.2x -0.4x 0.8x 0.93x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.41x 2.21x 2.06x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.67x 0.36x 0.12x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 3.05x 1.49x 0.49x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 3.05x 1.54x 0.5x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 2.65x 1.41x 0.47x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 37.7% 71.1% 215%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.15% 3.57%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 9.561 10.69 11.65
Distribution rate - - - - - - 10.4% 29.6%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,459 9,196 9,864
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,854 2,215 2,421
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,854 2,149 2,385
Net income 1 -2,056 -221.5 734.2 1,562 2,748 2,068 2,277 2,502
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -14,697 -17,042 -19,167
Reference price 2 127.90 68.55 81.47 107.31 167.14 96.75 96.75 96.75
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,330 - -
Announcement Date 3/24/22 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.($)
10.12x0.67x3.05x-.--% 3B
22.19x2.78x12.95x2.93% 39.83B
37.85x1.85x19.04x0.37% 5.76B
13.74x1.51x6.96x1.42% 1.15B
12.14x0.86x4.23x2.17% 1.13B
9.41x - - - 147M
-7.73x - - - 76.14M
8.03x-0.01x-0.17x - 53.95M
Average 13.22x 1.28x 7.67x 1.38% 6.39B
Weighted average by Cap. 22.73x 2.48x 12.71x 2.42%

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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