|
Market Closed -
Hong Kong S.E.
16:08:07 02/09/2026 HKT
|
5-day change | 1st Jan Change | ||
| 186.80 HKD | -1.06% |
|
-6.13% | -12.95% |
| 08-26 | Zephirin Adjusts NetEase's Price Target to HK$168 from HK$160, Keeps at Strong Sell | MT |
| 08-25 | Nomura Adjusts Netease Price Target to $157 From $155, Maintains Buy Rating | MT |
Company Valuation: NetEase, Inc.
Data adjusted to current consolidation scope
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Market Cap 1 | 417,313 | 314,113 | 398,949 | 412,006 | 610,925 | 512,478 | - | - |
| Change | - | -24.73% | 27.01% | 3.27% | 48.28% | -16.11% | - | - |
| Enterprise Value (EV) 1 | 349,811 | 251,355 | 296,333 | 297,415 | 477,502 | 337,481 | 312,296 | 287,321 |
| Change | - | -28.15% | 17.89% | 0.37% | 60.55% | -29.32% | -7.46% | -8% |
| P/E | 25.6x | 16.4x | 14.1x | 14.2x | 18.4x | 13.4x | 11.5x | 10.5x |
| PBR | 4.48x | 3.16x | 3.3x | 3x | 3.83x | 2.83x | 2.47x | 2.22x |
| PEG | - | 0.7x | 0.3x | 9.18x | 1.3x | 1x | 0.7x | 1.13x |
| Capitalization / Revenue | 4.76x | 3.26x | 3.86x | 3.91x | 5.42x | 4.25x | 3.95x | 3.72x |
| EV / Revenue | 3.99x | 2.6x | 2.86x | 2.82x | 4.24x | 2.8x | 2.41x | 2.09x |
| EV / EBITDA | 17.8x | 11.2x | 9.63x | 9.29x | 12.5x | 6.94x | 6x | 5.08x |
| EV / EBIT | 21.3x | 12.8x | 10.7x | 10.1x | 13.3x | 7.24x | 6.24x | 5.28x |
| EV / FCF | 16x | 10x | 8.97x | 7.93x | 9.8x | 7.99x | 6.66x | 5.33x |
| FCF Yield | 6.24% | 9.97% | 11.1% | 12.6% | 10.2% | 12.5% | 15% | 18.8% |
| Dividend per Share 2 | 1.481 | 1.916 | 3.688 | 3.751 | 4.113 | 4.084 | 5.36 | 5.961 |
| Rate of return | 1.15% | 1.89% | 2.89% | 2.88% | 2.13% | 2.55% | 3.35% | 3.72% |
| EPS 2 | 5.01 | 6.17 | 9.05 | 9.19 | 10.48 | 11.94 | 13.91 | 15.2 |
| Distribution rate | 29.6% | 31.1% | 40.8% | 40.8% | 39.2% | 34.2% | 38.5% | 39.2% |
| Net sales 1 | 87,606 | 96,496 | 103,468 | 105,295 | 112,626 | 120,718 | 129,707 | 137,759 |
| EBITDA 1 | 19,693 | 22,487 | 30,764 | 32,002 | 38,082 | 48,662 | 52,030 | 56,576 |
| EBIT 1 | 16,417 | 19,629 | 27,709 | 29,584 | 35,835 | 46,591 | 50,014 | 54,380 |
| Net income 1 | 16,857 | 20,338 | 29,417 | 29,698 | 33,760 | 37,283 | 43,353 | 46,899 |
| Net Debt 1 | -67,502 | -62,758 | -102,617 | -114,592 | -133,423 | -174,997 | -200,182 | -225,157 |
| Reference price 2 | 128.31 | 101.28 | 127.62 | 130.05 | 192.85 | 160.09 | 160.09 | 160.09 |
| Nbr of stocks (in thousands) | 3,252,359 | 3,101,359 | 3,125,972 | 3,167,959 | 3,167,959 | 3,201,251 | - | - |
| Announcement Date | 24/2/22 | 23/2/23 | 29/2/24 | 20/2/25 | 11/2/26 | - | - | - |
1CNY in Million2CNY
Estimates
P/E, Detailed evolution
| P/E (Y) | EV / Sales (Y) | EV / EBITDA (Y) | Dividend Yield (Y) | Capi.($) | ||
|---|---|---|---|---|---|---|
 | 13.56x | 2.84x | 7.05x | 2.52% | 77.08B | |
| 21.47x | 3.87x | 13.71x | 14.56% | 15.7B | |
| 11.48x | 1.49x | 4.36x | 0.98% | 7.32B | |
| 27.72x | 2.72x | 12.83x | 1.63% | 7.12B | |
| 13.96x | 2.52x | 11.45x | 4.56% | 6.1B | |
| 14.22x | 3.45x | 9.02x | 5.25% | 4.14B | |
| 15.89x | 5.45x | 12.91x | 3.16% | 3.63B | |
| 18.7x | 2.28x | 11.18x | 4.48% | 3.26B | |
| 10.1x | 1.04x | 4.66x | 1.31% | 3.17B | |
| 11.37x | 1.75x | 5.91x | -.--% | 2.49B | |
| Average | 15.84x | 2.74x | 9.31x | 3.85% | 13B | |
| Weighted average by Cap. | 15.28x | 2.88x | 8.48x | 4.01% |
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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- Valuation NetEase, Inc.
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