Company Valuation: NetEase Cloud Music Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,573 14,527 17,458 23,222 36,362 15,724 - -
Change - -45.33% 20.17% 33.02% 56.59% -56.76% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 1,823 3.375 -1,975
Change - -79.44% 46.56% 63.31% 85.24% -92.48% -99.81% -58,604.78%
P/E -8.03x -64.7x 23.5x 14.5x 13x 9.48x 8.8x 8.28x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.11x 0.98x 0.88x
PEG - 0.7x -0x 0x 0.2x -0.2x 1.13x 1.33x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 1.96x 1.85x 1.77x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.23x 0x -0.22x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 1.17x 0x -1.05x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 1.22x 0x -1.06x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 0.98x 0x -0.98x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 102% 55,718% -102%
Dividend per Share 2 - - - - - - 1.26 2.9
Rate of return - - - - - - 1.69% 3.88%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 7.883 8.497 9.027
Distribution rate - - - - - - 14.8% 32.1%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,040 8,507 8,892
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,564 1,751 1,886
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,490 1,693 1,858
Net income 1 -2,056 -221.5 734.2 1,562 2,748 1,644 1,824 1,979
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -13,901 -15,721 -17,699
Reference price 2 127.90 68.55 81.47 107.31 167.14 74.76 74.76 74.76
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,333 - -
Announcement Date 24/03/22 23/02/23 29/02/24 20/02/25 11/02/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.87x0.31x1.58x-.--% 2.45B
-349.06x1.49x15.71x-.--% 40.4B
-9.17x1.71x9.23x2.58% 39.18B
22.81x2.44x11.69x3.41% 32.45B
54.08x3.74x27.55x-.--% 23.54B
21.58x2.74x11.46x2.5% 16.14B
39.03x2.89x7.32x1.8% 12.65B
36.43x1.82x15.27x2.38% 11.56B
-341.82x8.72x-911.63x-.--% 9.36B
27.2x3.41x14.68x1.34% 8.9B
Average -48.90x 2.92x -79.71x 1.4% 19.66B
Weighted average by Cap. -71.80x 2.59x -30.10x 1.6%

Y-o-Y evolution of P/E

Valuation ratios - P/E - NetEase Cloud Music Inc.

Historical PBR trend

Valuation ratios - PBR - NetEase Cloud Music Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - NetEase Cloud Music Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - NetEase Cloud Music Inc.


Year-on-year evolution of the Yield

Valuation ratios - Yield - NetEase Cloud Music Inc.
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