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 21,132 - -
Change - -45.33% 20.17% 33.02% 56.59% -41.88% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 6,586 4,394 1,965
Change - -79.44% 46.56% 63.31% 85.24% -72.81% -33.29% -55.28%
P/E -8.03x -64.7x 23.5x 14.5x 13x 10.6x 9.57x 8.63x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.41x 1.24x 1.08x
PEG - 0.7x -0x 0x 0.2x -0.4x 0.9x 0.8x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.5x 2.31x 2.14x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.78x 0.48x 0.2x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 3.55x 2.05x 0.81x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 3.57x 2.08x 0.82x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 3x 1.9x 0.77x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 33.3% 52.7% 129%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.11% 3.43%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 9.503 10.49 11.65
Distribution rate - - - - - - 10.6% 29.6%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,459 9,139 9,864
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,854 2,148 2,421
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,843 2,109 2,385
Net income 1 -2,056 -221.5 734.2 1,562 2,748 2,061 2,245 2,502
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -14,546 -16,739 -19,167
Reference price 2 127.90 68.55 81.47 107.31 167.14 100.47 100.47 100.47
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.57x0.78x3.55x-.--% 3.12B
21.4x2.65x12.3x3.07% 37.33B
47.85x1.9x19.39x0.33% 6.15B
12.09x0.81x4.02x2.3% 1.11B
12.15x1.21x5.6x1.62% 1.03B
9.22x - - - 142M
-5.89x - - - 65.51M
7.9x-0.02x-0.23x - 55.07M
Average 14.41x 1.22x 7.44x 1.46% 6.12B
Weighted average by Cap. 23.54x 2.36x 12.29x 2.48%

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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