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 20,609 - -
Change - -45.33% 20.17% 33.02% 56.59% -43.32% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 5,912 3,567 1,442
Change - -79.44% 46.56% 63.31% 85.24% -75.6% -39.66% -59.59%
P/E -8.03x -64.7x 23.5x 14.5x 13x 10.2x 9.17x 8.41x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.38x 1.2x 1.06x
PEG - 0.7x -0x 0x 0.2x -0.4x 0.8x 0.94x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.44x 2.24x 2.09x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.7x 0.39x 0.15x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 3.19x 1.61x 0.6x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 3.19x 1.66x 0.6x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 2.77x 1.52x 0.57x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 36.1% 65.9% 176%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.14% 3.52%
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 97.98 97.98 97.98
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.($)
10.25x0.7x3.19x-.--% 3.03B
21.91x2.75x12.8x2.97% 39.25B
39.69x1.95x20.05x0.36% 6.03B
13.92x1.53x7.08x1.4% 1.17B
12.36x0.89x4.35x2.14% 1.15B
9.43x - - - 146M
-7.44x - - - 73.32M
8.04x-0.01x-0.17x - 53.97M
Average 13.52x 1.30x 7.88x 1.37% 6.36B
Weighted average by Cap. 22.83x 2.46x 12.75x 2.43%

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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