Financials VNET Group, Inc.

Equities

VNET

US90138A1034

IT Services & Consulting

Market Closed - Nasdaq 04:00:00 2024-04-12 pm EDT 5-day change 1st Jan Change
1.61 USD -7.47% Intraday chart for VNET Group, Inc. -8.52% -43.90%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 6,646 5,673 30,087 8,356 5,789 3,067 3,067 -
Enterprise Value (EV) 1 7,303 7,395 34,242 15,213 13,058 5,242 15,696 17,185
P/E ratio -33 x -30.4 x -8.44 x 16.8 x -7.49 x -1.16 x -8.07 x -16.2 x
Yield - - - - - - - -
Capitalization / Revenue 1.95 x 1.5 x 6.23 x 1.35 x 0.82 x 0.71 x 0.38 x 0.34 x
EV / Revenue 2.15 x 1.95 x 7.09 x 2.46 x 1.85 x 0.71 x 1.96 x 1.92 x
EV / EBITDA 7.96 x 7.04 x 25.9 x 8.68 x 6.97 x 2.57 x 7.15 x 6.88 x
EV / FCF 27.1 x -13.7 x -19.5 x -11.7 x -23.5 x -6.09 x -8.41 x -21.1 x
FCF Yield 3.69% -7.32% -5.14% -8.57% -4.25% -16.4% -11.9% -4.74%
Price to Book 1.31 x 1.15 x 3.86 x 1.17 x 0.88 x 0.24 x 0.29 x 0.28 x
Nbr of stocks (in thousands) 111,881 112,393 132,923 145,672 148,024 263,155 263,155 -
Reference price 2 59.40 50.47 226.4 57.36 39.11 11.65 11.65 11.65
Announcement Date 3/4/19 3/4/20 3/23/21 3/30/22 3/21/23 3/27/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 3,401 3,789 4,829 6,190 7,065 7,413 8,000 8,961
EBITDA 1 917.7 1,050 1,324 1,754 1,873 2,039 2,195 2,499
EBIT 1 237.5 234.4 116.6 21.31 121.2 -1,971 342.4 466.8
Operating Margin 6.98% 6.19% 2.41% 0.34% 1.71% -26.59% 4.28% 5.21%
Earnings before Tax (EBT) 1 24.32 -125.3 -2,582 665.2 -630.5 -2,486 8.74 109.7
Net income 1 -205.1 -182.3 -3,180 500.1 -776 -2,644 -260.9 -82.1
Net margin -6.03% -4.81% -65.85% 8.08% -10.98% -35.67% -3.26% -0.92%
EPS 2 -1.800 -1.663 -26.82 3.420 -5.220 -17.58 -1.444 -0.7204
Free Cash Flow 1 269.7 -541.5 -1,759 -1,304 -555.4 -2,170 -1,866 -815
FCF margin 7.93% -14.29% -36.43% -21.07% -7.86% -28.73% -23.33% -9.09%
FCF Conversion (EBITDA) 29.39% - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 - - - - - - - -
Announcement Date 3/4/19 3/4/20 3/23/21 3/30/22 3/21/23 3/27/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 1,497 1,560 1,745 1,645 1,725 3,370 1,814 1,881 1,806 1,822 1,887 1,898 - - - -
EBITDA 1 425.1 450.4 463 506.2 486.9 993 455.3 424.3 556.2 535 507.9 440.2 - - - -
EBIT 1 97.04 97.04 - 96.06 36.06 - 6.411 -17.37 - 93.27 32.19 -2,212 - - - -
Operating Margin 6.48% 6.22% - 5.84% 2.09% - 0.35% -0.92% - 5.12% 1.71% -116.49% - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - - - -
Net income - - -27.28 90.71 - - - -64.24 82.29 -232.9 -50.46 - - - - -
Net margin - - -1.56% 5.51% - - - -3.42% 4.56% -12.78% -2.67% - - - - -
EPS 2 0.2400 -0.1800 -0.1800 0.1800 -2.580 - -2.880 -0.4200 0.4200 -1.560 -0.3600 -15.88 0.1800 0.0500 0.0900 0.0200
Dividend per Share - - - - - - - - - - - - - - - -
Announcement Date 8/24/21 11/18/21 3/30/22 5/24/22 8/30/22 8/30/22 11/22/22 3/21/23 5/24/23 8/23/23 11/15/23 3/27/24 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 657 1,723 4,155 6,857 7,270 10,155 12,629 14,118
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.7162 x 1.64 x 3.138 x 3.911 x 3.882 x 5.085 x 5.753 x 5.65 x
Free Cash Flow 1 270 -541 -1,759 -1,304 -555 -2,170 -1,866 -815
ROE (net income / shareholders' equity) -4.04% -3.63% -7.02% 7.24% -8.96% -5% -1.01% 0.5%
ROA (Net income/ Total Assets) 2.3% - -3.18% 2.36% -2.48% -0.7% 0.23% 0.4%
Assets 1 -8,916 - 99,984 21,235 31,296 49,011 -114,948 -20,373
Book Value Per Share 2 45.30 43.70 58.60 48.90 44.50 48.40 40.10 41.50
Cash Flow per Share 2 - - 5.980 9.140 2.750 1.670 1.300 1.360
Capex 1 435 1,249 2,473 2,692 2,996 2,913 3,420 3,225
Capex / Sales 12.8% 32.96% 51.22% 43.49% 42.4% 38.57% 42.75% 35.99%
Announcement Date 3/4/19 3/4/20 3/23/21 3/30/22 3/21/23 3/27/24 - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
11.65 CNY
Average target price
29.12 CNY
Spread / Average Target
+149.89%
Consensus
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