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 20,775 - -
Change - -45.33% 20.17% 33.02% 56.59% -42.87% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 6,229 4,036 1,608
Change - -79.44% 46.56% 63.31% 85.24% -74.29% -35.2% -60.17%
P/E -8.03x -64.7x 23.5x 14.5x 13x 10.4x 9.41x 8.48x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.39x 1.22x 1.07x
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 2.46x 2.27x 2.11x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.74x 0.44x 0.16x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 3.36x 1.88x 0.66x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 3.38x 1.91x 0.67x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 2.84x 1.74x 0.63x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 35.2% 57.3% 158%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.13% 3.49%
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 98.77 98.77 98.77
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.($)
10.39x0.74x3.36x-.--% 3.07B
21.83x2.7x12.53x3.01% 38.13B
48.08x1.91x19.49x0.33% 6.24B
11.83x0.78x3.87x2.36% 1.09B
11.89x1.19x5.48x1.67% 1.02B
9.24x - - - 142M
-5.89x - - - 65.51M
7.93x-0.02x-0.22x - 55.83M
Average 14.41x 1.22x 7.42x 1.47% 6.23B
Weighted average by Cap. 23.91x 2.40x 12.49x 2.44%

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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