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 15,574 - -
Change - -30.73% -9.52% 76.35% 72.35% -2.17% - -
Enterprise Value (EV) 1 15,214 13,058 14,483 19,418 29,966 38,283 44,970 50,330
Change - -14.17% 10.91% 34.08% 54.32% 27.75% 17.47% 11.92%
P/E 16.8x -7.49x -1.16x 288x -61.6x -205x 58.8x 35.1x
PBR 1.17x 0.88x 0.87x 1.44x 2.56x 2.25x 2.16x 1.92x
PEG - 0x -0x -3x 0x 2.8x -0x 0.5x
Capitalization / Revenue 1.35x 0.82x 0.71x 1.12x 1.6x 1.33x 1.09x 0.92x
EV / Revenue 2.46x 1.85x 1.95x 2.35x 3.01x 3.26x 3.16x 2.97x
EV / EBITDA 8.68x 6.97x 7.1x 7.99x 10.1x 10.3x 9.58x 8.64x
EV / EBIT 714x 108x -7.35x 29x 38.4x 36.1x 30.1x 24.5x
EV / FCF -11.7x -23.5x -16x -21.1x -5.22x -5x -6.72x -11x
FCF Yield -8.57% -4.25% -6.24% -4.74% -19.1% -20% -14.9% -9.06%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 3.42 -5.22 -17.58 0.12 -0.96 -0.2663 0.9297 1.56
Distribution rate - - - - - - - -
Net sales 1 6,190 7,065 7,413 8,259 9,949 11,731 14,242 16,973
EBITDA 1 1,754 1,873 2,039 2,430 2,978 3,719 4,693 5,826
EBIT 1 21.31 121.2 -1,971 669.4 780.3 1,061 1,494 2,055
Net income 1 500.1 -776 -2,644 183.2 -251.8 -306.1 265.8 525
Net Debt 1 6,857 7,270 9,245 10,182 14,047 22,709 29,395 34,756
Reference price 2 57.36 39.11 20.35 34.60 59.17 54.71 54.71 54.71
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, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-212.81x3.31x10.44x-.--% 2.37B
29.29x4.68x16.32x2.23% 284B
-91.52x14.46x83.72x-.--% 90.57B
10.19x1.12x5.87x4.73% 83.95B
13.24x2.4x8.92x6.26% 77.74B
18.88x4.98x12.29x3.01% 56.49B
13.89x2.03x8.49x5.61% 45.19B
19.13x1.54x9.65x1.5% 35.77B
20.15x1.48x9.47x0.98% 35.46B
15.61x1.99x9.27x5.54% 32.37B
Average -16.40x 3.80x 17.44x 2.99% 74.38B
Weighted average by Cap. 6.73x 4.67x 20.82x 2.97%

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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