Company Valuation: VNET Group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,356 5,789 5,238 9,236 15,919 14,593 - -
Change - -30.73% -9.52% 76.35% 72.35% -8.33% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 37,350 44,014 49,637
Change - -14.17% 10.91% 34.08% 54.32% 24.64% 17.84% 12.78%
P/E 16.8x -7.49x -1.16x 288x -61.6x -11.8x 84.7x 43.8x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.14x 2.1x 2.06x
PEG - 0x -0x -3x 0x -0x -1x 0.5x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.25x 1.03x 0.86x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.2x 3.11x 2.94x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 10x 9.37x 8.51x
EV / EBIT 714x 108x -7.35x 29x 38.4x 35.1x 29.3x 24.1x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.81x -6.61x -9.88x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -20.8% -15.1% -10.1%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -4.362 0.6055 1.171
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,690 14,174 16,898
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,720 4,697 5,834
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,064 1,502 2,063
Net income 1 500.1 -776 -2,644 183.2 -251.8 -1,311 164.1 366.3
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,757 29,421 35,044
Reference price 2 57.36 39.11 20.35 34.60 59.17 51.26 51.26 51.26
Nbr of stocks (in thousands) 145,672 148,024 257,364 266,966 269,026 284,692 - -
Announcement Date 3/30/22 3/21/23 3/27/24 3/12/25 3/16/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.25x3.75x13.1x2.88% 221B
-115.3x18.35x105.96x-.--% 114B
13.11x1.45x7.6x3.65% 108B
15.29x2.8x10.56x5.37% 89.33B
19.78x5.21x12.81x2.88% 59.78B
15.31x2.24x9.49x5.1% 49.52B
22.87x1.75x11.09x0.83% 43.08B
21.64x1.77x10.98x1.35% 41.87B
18.53x2.38x11.3x4.67% 38.48B
Average 3.83x 4.41x 21.43x 2.97% 85.01B
Weighted average by Cap. -0.89x 5.22x 25.29x 2.89%

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