Company Valuation: Baidu, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 328,986 272,598 295,199 215,753 314,132 251,070 - -
Change - -17.14% 8.29% -26.91% 45.6% -20.07% - -
Enterprise Value (EV) 1 231,969 182,338 177,745 147,664 288,152 221,860 214,628 205,003
Change - -21.4% -2.52% -16.92% 95.14% -23.01% -3.26% -4.48%
P/E 33.7x 39.7x 15.3x 9.34x 77.6x 17.5x 14.4x 12.4x
PBR 1.54x 1.23x 1.22x 0.81x 1.17x 0.87x 0.81x 0.76x
PEG - -1.4x 0x 0.5x -0.9x 0x 0.7x 0.8x
Capitalization / Revenue 2.64x 2.2x 2.19x 1.62x 2.43x 1.94x 1.82x 1.66x
EV / Revenue 1.86x 1.47x 1.32x 1.11x 2.23x 1.72x 1.56x 1.35x
EV / EBITDA 9.31x 6.15x 4.96x 4.46x 12.6x 9.3x 8.11x 6.55x
EV / EBIT 22.1x 11.5x 8.13x 6.94x -49.5x 18.3x 15.1x 12.1x
EV / FCF 25.1x 10.2x 6.99x 11.3x -19.1x 30.7x 17.7x 9.65x
FCF Yield 3.98% 9.81% 14.3% 8.87% -5.24% 3.26% 5.66% 10.4%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 28.07 19.85 55.08 65.91 11.78 42.23 51.21 59.58
Distribution rate - - - - - - - -
Net sales 1 124,493 123,675 134,598 133,125 129,079 129,161 137,632 151,371
EBITDA 1 24,914 29,663 35,823 33,078 22,857 23,856 26,473 31,319
EBIT 1 10,518 15,911 21,856 21,270 -5,823 12,132 14,179 16,889
Net income 1 10,226 7,559 20,315 23,760 5,589 13,817 16,586 19,079
Net Debt 1 -97,017 -90,260 -117,454 -68,089 -25,980 -29,210 -36,442 -46,067
Reference price 2 945.20 788.90 844.46 615.39 913.89 738.80 738.80 738.80
Nbr of stocks (in thousands) 348,059 345,542 349,573 350,597 343,731 339,187 - -
Announcement Date 3/1/22 A 2/22/23 A 2/28/24 A 2/18/25 A 2/26/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
17.21x8.45x18.18x0.25% 4,329B
17.53x1.72x9.3x-.--% 37.21B
16.36x1.89x8.71x1.17% 22.29B
16.68x2.04x8.06x2.27% 21.03B
7.94x0.22x1.45x3.92% 162M
Average 15.14x 2.86x 9.14x 1.52% 881.84B
Weighted average by Cap. 17.21x 8.33x 18.01x 0.26%

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