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 20,747 - -
Change - -45.33% 20.17% 33.02% 56.59% -42.94% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 6,201 4,008 1,579
Change - -79.44% 46.56% 63.31% 85.24% -74.4% -35.36% -60.6%
P/E -8.03x -64.7x 23.5x 14.5x 13x 10.4x 9.4x 8.47x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.39x 1.22x 1.06x
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 2.45x 2.27x 2.1x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.73x 0.44x 0.16x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 3.34x 1.87x 0.65x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 3.36x 1.9x 0.66x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 2.83x 1.73x 0.62x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 35.4% 57.7% 161%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.13% 3.5%
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 98.64 98.64 98.64
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.($)
10.87x0.85x3.87x-.--% 3.21B
21.86x2.7x12.54x3.01% 38.25B
44.99x1.75x18.56x0.35% 5.76B
11.32x0.73x3.63x2.45% 1.04B
11.59x1.16x5.39x1.69% 992M
9.15x - - - 141M
-6.65x - - - 73.99M
7.77x-0.02x-0.28x - 54M
Average 13.86x 1.19x 7.29x 1.5% 6.19B
Weighted average by Cap. 23.31x 2.39x 12.33x 2.46%

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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