Company Valuation: VNET Group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,356 5,789 5,238 9,236 15,919 17,088 - -
Change - -30.73% -9.52% 76.35% 72.35% 7.34% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 39,797 46,495 51,331
Change - -14.17% 10.91% 34.08% 54.32% 32.81% 16.83% 10.4%
P/E Ratio 16.8x -7.49x -1.16x 288x -61.6x -1,072x 70.3x 38.8x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.47x 2.38x 2.12x
PEG - 0x -0x -3x 0x 11.4x -0x 0.5x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.46x 1.2x 1.01x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.39x 3.26x 3.03x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 10.7x 9.96x 8.89x
EV / EBIT 714x 108x -7.35x 29x 38.4x 37.4x 31.1x 24.7x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -5.2x -6.95x -11.3x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -19.2% -14.4% -8.88%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -0.056 0.8535 1.545
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,729 14,260 16,922
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,715 4,669 5,775
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,065 1,493 2,081
Net income 1 500.1 -776 -2,644 183.2 -251.8 -306.1 247.6 539.7
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,709 29,406 34,242
Reference price 2 57.36 39.11 20.35 34.60 59.17 60.02 60.02 60.02
Nbr of stocks (in thousands) 145,672 148,024 257,364 266,966 269,026 284,692 - -
Announcement Date 3/30/22 A 3/21/23 A 3/27/24 A 3/12/25 A 3/16/26 A - - -
1CNY in Million2CNY
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.52x4.25x14.83x2.48% 256B
12.66x1.35x7.08x3.82% 105B
20.4x4.15x14.17x2.92% 90.42B
-81.53x12.84x74.47x-.--% 80.68B
13.87x2.53x9.34x6.01% 82.27B
19.59x5.12x12.66x2.9% 58.94B
14.49x2.12x8.9x5.34% 47.53B
12.93x1.48x10.14x1.25% 35.3B
20.8x1.41x10.03x0.84% 32.12B
Average 6.64x 3.92x 17.96x 2.84% 87.52B
Weighted average by Cap. 9.50x 4.25x 18.34x 2.91%

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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