Company Valuation: NIO Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 320,103 111,124 133,772 66,096 88,263 56,549 - -
Change - -65.29% 20.38% -50.59% 33.54% -35.93% - -
Enterprise Value (EV) 1 282,681 88,228 106,892 63,937 86,219 37,359 25,761 15,495
Change - -68.79% 21.15% -40.18% 34.85% -56.67% -31.04% -39.85%
P/E -29.9x -7.56x -5.17x -2.89x -5.21x -25x 63.5x 13.5x
PBR 9.53x 4.61x 4.28x 11x 19.5x 14.7x 10.3x 5.85x
PEG - -0.2x -0.1x 0.3x 0.1x 0.3x -0x 0x
Capitalization / Revenue 8.86x 2.26x 2.41x 1.01x 1.01x 0.44x 0.37x 0.33x
EV / Revenue 7.82x 1.79x 1.92x 0.97x 0.99x 0.29x 0.17x 0.09x
EV / EBITDA -101x -8.41x -6.32x -4.54x -12.5x 4.86x 2.36x 1.11x
EV / EBIT -62.9x -5.64x -5.27x -3.21x -6.14x -30.5x 20.1x 4.29x
EV / FCF -134x -8.14x -6.8x -3.76x -28.1x 16.3x 3.17x 2.3x
FCF Yield -0.75% -12.3% -14.7% -26.6% -3.56% 6.15% 31.6% 43.5%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -6.72 -8.89 -12.44 -11.03 -6.85 -0.9045 0.3558 1.679
Distribution rate - - - - - - - -
Net sales 1 36,136 49,269 55,618 65,732 87,488 128,250 152,711 170,772
EBITDA 1 -2,788 -10,492 -16,908 -14,070 -6,895 7,683 10,916 13,908
EBIT 1 -4,496 -15,641 -20,286 -19,946 -14,041 -1,226 1,283 3,615
Net income 1 -10,572 -14,559 -21,147 -22,658 -15,571 -2,176 614.2 3,442
Net Debt 1 -37,422 -22,896 -26,881 -2,159 -2,044 -19,190 -30,788 -41,055
Reference price 2 201.25 67.25 64.31 31.82 35.67 22.60 22.60 22.60
Nbr of stocks (in thousands) 1,590,573 1,652,453 2,079,974 2,076,918 2,474,328 2,502,715 - -
Announcement Date 3/24/22 A 3/1/23 A 3/5/24 A 3/21/25 A 3/10/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
352.2x13.53x98.94x-.--% 1,464B
9.15x1.23x11.14x3.57% 214B
15.06x0.81x5.56x1.64% 102B
34.87x8.81x22.44x1.11% 74.41B
7.33x0.33x2.65x0.92% 68.68B
8.3x1.23x13.94x3.16% 59.8B
11.77x0.27x3.37x4.98% 48.25B
22.34x1.3x7.3x2.42% 44.09B
10.71x0.66x9.06x4.28% 41.08B
Average 52.42x 3.13x 19.38x 2.45% 235.08B
Weighted average by Cap. 247.95x 9.92x 71.52x 0.85%

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