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 12,690 - -
Change - -30.73% -9.52% 76.35% 72.35% -20.29% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 35,154 42,512 48,525
Change - -14.17% 10.91% 34.08% 54.32% 17.31% 20.93% 14.14%
P/E 16.8x -7.49x -1.16x 288x -61.6x -5.12x 56.1x 28.2x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 1.72x 1.89x 1.76x
PEG - 0x -0x -3x 0x -0x -1x 0.3x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.09x 0.89x 0.73x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.01x 2.98x 2.8x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 9.46x 8.92x 8.1x
EV / EBIT 714x 108x -7.35x 29x 38.4x 34.8x 28.1x 23.7x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.58x -5.42x -7.77x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -21.9% -18.5% -12.9%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -8.712 0.7942 1.579
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,695 14,264 17,322
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,715 4,768 5,993
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,009 1,512 2,047
Net income 1 500.1 -776 -2,644 183.2 -251.8 -1,232 245.9 476
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,465 29,823 35,835
Reference price 2 57.36 39.11 20.35 34.60 59.17 44.57 44.57 44.57
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.($)
-5.12x3.01x9.46x-.--% 1.89B
22.15x3.63x12.69x3% 212B
-131.72x18.37x101.87x-.--% 118B
13.08x1.46x7.67x3.67% 108B
13.48x2.45x9.24x6.1% 78.59B
19.72x5.2x12.78x2.88% 58.2B
22.67x1.87x11.67x1.29% 44.4B
13.12x1.89x8x5.94% 42.26B
20.9x1.59x10.12x0.89% 40.58B
98.2x9.76x36.48x-.--% 34.12B
Average 8.65x 4.92x 22.00x 2.38% 73.87B
Weighted average by Cap. -2.06x 5.64x 26.51x 2.74%

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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