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 15,635 - -
Change - -45.33% 20.17% 33.02% 56.59% -57% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 1,734 -85.6 -2,064
Change - -79.44% 46.56% 63.31% 85.24% -92.84% -104.94% -2,310.79%
P/E -8.03x -64.7x 23.5x 14.5x 13x 9.44x 8.58x 8.02x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.1x 0.97x 0.86x
PEG - 0.7x -0x 0x 0.2x -0.2x 0.86x 1.14x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 1.94x 1.83x 1.75x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.22x -0.01x -0.23x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 1.09x -0.05x -1.08x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 1.16x -0.05x -1.08x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 0.93x -0.05x -1.02x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 108% -2,197% -97.7%
Dividend per Share 2 - - - - - - 1.26 2.9
Rate of return - - - - - - 1.7% 3.9%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 7.878 8.66 9.269
Distribution rate - - - - - - 14.5% 31.3%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,040 8,539 8,941
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,584 1,764 1,913
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,490 1,725 1,902
Net income 1 -2,056 -221.5 734.2 1,562 2,748 1,644 1,857 2,026
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 74.34 74.34 74.34
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,330 - -
Announcement Date 3/24/22 A 2/23/23 A 2/29/24 A 2/20/25 A 2/11/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.35x0.2x1.01x-.--% 2.31B
19.94x2.16x10.35x3.82% 29.53B
38.82x1.31x14.34x0.36% 5.4B
14.33x0.94x4.83x2.01% 1.38B
11.53x1.03x4.87x1.89% 965M
-3.43x - - - 54.02M
6.68x-0.06x-0.73x - 51.05M
Average 13.89x 0.93x 5.78x 1.62% 5.67B
Weighted average by Cap. 21.44x 1.85x 10.01x 3.01%

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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