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 21,076 - -
Change - -45.33% 20.17% 33.02% 56.59% -42.04% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 6,529 4,337 1,908
Change - -79.44% 46.56% 63.31% 85.24% -73.05% -33.58% -56%
P/E -8.03x -64.7x 23.5x 14.5x 13x 10.5x 9.55x 8.6x
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 2.49x 2.31x 2.14x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.77x 0.47x 0.19x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 3.52x 2.02x 0.79x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 3.54x 2.06x 0.8x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 2.98x 1.87x 0.75x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 33.6% 53.4% 133%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.11% 3.44%
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 81.47 107.31 167.14 100.20 100.20 100.20
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.($)
10.54x0.77x3.52x-.--% 3.11B
21.61x2.69x12.49x3.05% 38.36B
47.28x1.85x19.48x0.34% 6.03B
11.57x0.76x3.78x2.4% 1.06B
12.18x1.26x5.83x1.62% 1.04B
9.11x - - - 140M
-6.39x - - - 71.16M
7.79x-0.02x-0.27x - 53.89M
Average 14.21x 1.22x 7.47x 1.48% 6.23B
Weighted average by Cap. 23.52x 2.39x 12.43x 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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