Company Valuation: VNET Group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 8,356 5,789 5,238 9,236 15,919 20,147 - -
Change - -30.73% -9.52% 76.35% 72.35% 26.56% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 42,785 49,193 53,206
Change - -14.17% 10.91% 34.08% 54.32% 42.78% 14.98% 8.16%
P/E ratio 16.8x -7.49x -1.16x 288x -61.6x 76.6x 45.5x 31.8x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.76x 2.68x 2.4x
PEG - 0x -0x -3x 0x -0x 0.7x 0.7x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.72x 1.43x 1.23x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.66x 3.5x 3.24x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 11.5x 10.5x 9.21x
EV / EBIT 714x 108x -7.35x 29x 38.4x 41x 33.1x 25.3x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -5.48x -7.7x -12x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -18.3% -13% -8.34%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 0.9257 1.559 2.232
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,687 14,050 16,444
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,721 4,678 5,779
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,044 1,486 2,100
Net income 1 500.1 -776 -2,644 183.2 -251.8 251.9 554.3 943.6
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,638 29,046 33,059
Reference price 2 57.36 39.11 20.35 34.60 59.17 70.90 70.90 70.90
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 ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
82.75x3.79x11.93x-.--% 3.21B
21.1x3.49x12.19x3.14% 202B
11.87x1.26x6.59x4.08% 98.01B
16.19x2.94x10.83x5.25% 85.92B
18.83x3.85x13.11x3.14% 83.4B
18.42x4.86x12x3.11% 55.86B
-54.21x8.36x54.38x-.--% 52.61B
14.59x2.15x8.99x5.26% 47.49B
13.31x1.53x10.46x1.21% 36.88B
22.46x1.53x10.89x0.78% 35.2B
Average 16.53x 3.37x 15.14x 2.6% 70.03B
Weighted average by Cap. 12.57x 3.34x 14.13x 3.2%

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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