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 13,898 - -
Change - -30.73% -9.52% 76.35% 72.35% -12.69% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 36,655 43,319 48,943
Change - -14.17% 10.91% 34.08% 54.32% 22.32% 18.18% 12.98%
P/E 16.8x -7.49x -1.16x 288x -61.6x -12.4x 64.9x 41.7x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.04x 2x 1.96x
PEG - 0x -0x -3x 0x -0x -1x 0.7x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.19x 0.98x 0.82x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.13x 3.05x 2.89x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 9.85x 9.22x 8.39x
EV / EBIT 714x 108x -7.35x 29x 38.4x 34.5x 28.9x 23.7x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.72x -6.51x -9.74x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -21.2% -15.4% -10.3%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -3.924 0.7519 1.171
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,712 14,205 16,919
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,721 4,700 5,833
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,063 1,501 2,061
Net income 1 500.1 -776 -2,644 183.2 -251.8 -1,311 164.5 366.3
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 48.82 48.82 48.82
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.($)
-183.32x3.13x9.85x-.--% 2.05B
21.16x3.48x12.12x3.16% 202B
-93.89x14.84x85.94x-.--% 92.91B
10.88x1.2x6.29x4.42% 89.95B
14.62x2.66x10.06x5.62% 84.7B
20.17x5.27x12.97x2.84% 59.85B
13.61x1.98x8.38x5.73% 43.77B
17.31x2.21x10.6x5.02% 35.71B
18.74x1.51x9.48x1.58% 34.75B
19.59x1.45x9.18x1.01% 34.43B
Average -14.11x 3.77x 17.49x 2.94% 67.99B
Weighted average by Cap. 1.67x 4.42x 20.64x 3.24%

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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