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 15,076 - -
Change - -30.73% -9.52% 76.35% 72.35% -5.29% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 37,785 44,472 49,833
Change - -14.17% 10.91% 34.08% 54.32% 26.09% 17.7% 12.05%
P/E 16.8x -7.49x -1.16x 288x -61.6x -199x 57x 34x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.18x 2.09x 1.86x
PEG - 0x -0x -3x 0x 2.8x -0x 0.5x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.29x 1.06x 0.89x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.22x 3.12x 2.94x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 10.2x 9.48x 8.55x
EV / EBIT 714x 108x -7.35x 29x 38.4x 35.6x 29.8x 24.2x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -4.94x -6.64x -10.9x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -20.2% -15.1% -9.15%
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 52.96 52.96 52.96
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.($)
-196.04x3.2x10.1x-.--% 2.19B
22.12x3.44x12.18x3.21% 198B
-95.17x15.05x87.15x-.--% 94.18B
10.43x1.15x6.02x4.61% 86.2B
14.4x2.62x9.91x5.71% 83.44B
19.22x5.04x12.44x2.94% 57.34B
13.94x2.03x8.52x5.59% 45.13B
20.34x1.51x9.55x0.97% 35.87B
18.91x1.52x9.57x1.57% 35.22B
16.88x2.18x10.11x5.12% 34.82B
Average -15.50x 3.77x 17.56x 2.97% 67.23B
Weighted average by Cap. 1.19x 4.44x 21.00x 3.27%

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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