Company Valuation: NET263 Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 8,093 6,593 6,886 6,442 7,592 8,376
Change - -18.53% 4.44% -6.44% 17.85% 10.33%
Enterprise Value (EV) 1 7,316 5,904 5,958 5,766 6,813 7,798
Change - -19.3% 0.91% -3.22% 18.17% 14.46%
P/E 22.8x 241x 249x -24.4x 110x -29x
PBR 3.42x 2.99x 3.05x 3.55x 4x 5.28x
PEG - -2.6x - 0x -1x 0x
Capitalization / Revenue 8.34x 7.4x 7.69x 7.24x 8.75x 10.5x
EV / Revenue 7.54x 6.62x 6.65x 6.48x 7.85x 9.78x
EV / EBITDA 40.2x 58.9x 88.6x 76.7x 69.9x 140x
EV / EBIT 50.5x 86.7x 145x 117x 89.5x 215x
EV / FCF 372x 240x -474x 35.9x 317x -29.2x
FCF Yield 0.27% 0.42% -0.21% 2.79% 0.32% -3.43%
Dividend per Share 2 0.15 - 0.16 - 0.01 -
Rate of return 2.53% - 3.22% - 0.18% -
EPS 2 0.26 0.02 0.02 -0.19 0.05 -0.21
Distribution rate 57.7% - 800% - 20% -
Net sales 1 970 891.4 895.4 889.9 867.7 797.2
EBITDA 1 181.9 100.2 67.27 75.13 97.5 55.6
EBIT 1 144.8 68.1 41.15 49.28 76.13 36.24
Net income 1 348.3 33.39 32.03 -255.4 68.54 -284.4
Net Debt 1 -777 -689.5 -928.3 -676.4 -778.6 -577.6
Reference price 2 5.940 4.820 4.970 4.640 5.520 6.090
Nbr of stocks (in thousands) 1,362,471 1,367,890 1,385,512 1,388,412 1,375,372 1,375,372
Announcement Date 4/28/21 A 3/30/22 A 3/30/23 A 3/29/24 A 3/30/25 A 4/16/26 A
1CNY in Million2CNY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 955M
11.71x1.38x4.41x6.75% 235B
10.33x2.49x6.58x6.03% 194B
13.06x2.12x5.52x4.21% 148B
12.24x0.87x3.24x6.5% 80.79B
12.17x1.76x7.53x3.54% 77.9B
12.71x1.99x5.03x2.5% 76.41B
23.9x5.38x19.65x4.48% 56.47B
14.67x2.67x8.35x5.1% 57.32B
14.48x1.8x5.53x4.76% 50.66B
Average 13.92x 2.27x 7.32x 4.87% 97.74B
Weighted average by Cap. 12.82x 2.08x 6.38x 5.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA