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 14,260 - -
Change - -30.73% -9.52% 76.35% 72.35% -10.42% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 36,969 43,656 49,017
Change - -14.17% 10.91% 34.08% 54.32% 23.37% 18.09% 12.28%
P/E 16.8x -7.49x -1.16x 288x -61.6x -188x 53.9x 32.1x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.06x 1.98x 1.76x
PEG - 0x -0x -3x 0x 2.6x -0x 0.5x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.22x 1x 0.84x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.15x 3.07x 2.89x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 9.94x 9.3x 8.41x
EV / EBIT 714x 108x -7.35x 29x 38.4x 34.8x 29.2x 23.8x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.83x -6.52x -10.8x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -20.7% -15.3% -9.3%
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 50.09 50.09 50.09
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-188.1x3.15x9.94x-.--% 2.1B
21.83x3.49x12.38x3.17% 200B
-94.18x14.89x86.21x-.--% 93.2B
10.67x1.17x6.15x4.52% 87.86B
14.71x2.68x10.13x5.59% 85.25B
19.62x5.15x12.71x2.9% 59.17B
14.24x2.08x8.72x5.47% 46.1B
20.09x1.49x9.43x0.98% 35.57B
18.84x1.52x9.54x1.58% 35.24B
16.4x2.11x9.79x5.27% 33.83B
Average -14.59x 3.77x 17.50x 2.95% 67.82B
Weighted average by Cap. 1.67x 4.43x 20.78x 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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