Company Valuation: NetEase, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 417,313 314,113 398,949 412,006 610,925 533,768 - -
Change - -24.73% 27.01% 3.27% 48.28% -12.63% - -
Enterprise Value (EV) 1 349,811 251,355 296,333 297,415 477,502 360,065 333,983 308,085
Change - -28.15% 17.89% 0.37% 60.55% -24.59% -7.24% -7.75%
P/E 25.6x 16.4x 14.1x 14.2x 18.4x 13.9x 12x 11x
PBR 4.48x 3.16x 3.3x 3x 3.83x 2.93x 2.55x 2.27x
PEG - 0.7x 0.3x 9.18x 1.3x 1x 0.7x 1.17x
Capitalization / Revenue 4.76x 3.26x 3.86x 3.91x 5.42x 4.42x 4.11x 3.87x
EV / Revenue 3.99x 2.6x 2.86x 2.82x 4.24x 2.98x 2.57x 2.23x
EV / EBITDA 17.8x 11.2x 9.63x 9.29x 12.5x 7.38x 6.41x 5.41x
EV / EBIT 21.3x 12.8x 10.7x 10.1x 13.3x 7.73x 6.68x 5.65x
EV / FCF 16x 10x 8.97x 7.93x 9.8x 8.51x 7.04x 5.71x
FCF Yield 6.24% 9.97% 11.1% 12.6% 10.2% 11.8% 14.2% 17.5%
Dividend per Share 2 1.481 1.916 3.688 3.751 4.113 4.2 5.401 6.026
Rate of return 1.15% 1.89% 2.89% 2.88% 2.13% 2.52% 3.24% 3.61%
EPS 2 5.01 6.17 9.05 9.19 10.48 11.97 13.9 15.21
Distribution rate 29.6% 31.1% 40.8% 40.8% 39.2% 35.1% 38.8% 39.6%
Net sales 1 87,606 96,496 103,468 105,295 112,626 120,713 129,885 138,086
EBITDA 1 19,693 22,487 30,764 32,002 38,082 48,761 52,137 56,931
EBIT 1 16,417 19,629 27,709 29,584 35,835 46,610 49,999 54,484
Net income 1 16,857 20,338 29,417 29,698 33,760 37,319 43,379 47,021
Net Debt 1 -67,502 -62,758 -102,617 -114,592 -133,423 -173,702 -199,785 -225,683
Reference price 2 128.31 101.28 127.62 130.05 192.85 166.74 166.74 166.74
Nbr of stocks (in thousands) 3,252,359 3,101,359 3,125,972 3,167,959 3,167,959 3,201,251 - -
Announcement Date 2/24/22 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.($)
17.11x8.34x17.87x0.25% 4,293B
23.93x7.53x13.24x0.28% 1,893B
30.44x14.26x22.53x0.6% 521B
14.69x3.91x9.06x1.39% 488B
19.71x5.84x17.53x-.--% 294B
21.17x1.55x10.49x0.98% 275B
111.51x14.73x79.1x-.--% 231B
22.5x2.56x13.03x-.--% 146B
8.27x0.94x4.05x-.--% 115B
Average 29.93x 6.63x 20.77x 0.39% 917.39B
Weighted average by Cap. 22.21x 7.92x 17.76x 0.35%

Y-o-Y evolution of P/E

Valuation ratios - P/E - NetEase, Inc.

Historical PBR trend

Valuation ratios - PBR - NetEase, Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - NetEase, Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - NetEase, Inc.


Year-on-year evolution of the Yield

Valuation ratios - Yield - NetEase, Inc.