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 14,888 - -
Change - -30.73% -9.52% 76.35% 72.35% -6.48% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 37,597 44,283 49,644
Change - -14.17% 10.91% 34.08% 54.32% 25.46% 17.78% 12.11%
P/E 16.8x -7.49x -1.16x 288x -61.6x -196x 56.3x 33.5x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.15x 2.07x 1.84x
PEG - 0x -0x -3x 0x 2.7x -0x 0.5x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.27x 1.05x 0.88x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.2x 3.11x 2.92x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 10.1x 9.44x 8.52x
EV / EBIT 714x 108x -7.35x 29x 38.4x 35.4x 29.6x 24.2x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.91x -6.62x -10.9x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -20.3% -15.1% -9.18%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -0.2663 0.9297 1.56
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,731 14,242 16,973
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,719 4,693 5,826
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,061 1,494 2,055
Net income 1 500.1 -776 -2,644 183.2 -251.8 -306.1 265.8 525
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,709 29,395 34,756
Reference price 2 57.36 39.11 20.35 34.60 59.17 52.29 52.29 52.29
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.($)
-196.37x3.2x10.11x-.--% 2.2B
22.75x3.56x12.5x3.08% 206B
-94.57x14.96x86.58x-.--% 93.59B
10.75x1.18x6.19x4.49% 88.49B
14.27x2.6x9.81x5.76% 82.64B
19.67x5.16x12.73x2.89% 59.43B
14.06x2.05x8.6x5.54% 45.48B
20.5x1.52x9.63x0.96% 36.26B
18.61x1.5x9.41x1.6% 34.78B
16.18x2.07x9.64x5.34% 33.34B
Average -15.42x 3.78x 17.52x 2.97% 68.21B
Weighted average by Cap. 1.86x 4.45x 20.82x 3.23%

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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