Stock VNET VNET GROUP, INC.
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Financials VNET Group, Inc.

Equities

VNET

US90138A1034

IT Services & Consulting

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
1.58 USD -4.82% Intraday chart for VNET Group, Inc. +6.04% -44.95%
Apr. 23 Vnet Group Chief Executive Jeff Dong Resigns MT
Apr. 23 VNET Group, Inc. Announces CEO Changes CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 6,646 5,673 30,087 8,356 5,789 3,013 3,013 -
Enterprise Value (EV) 1 7,303 7,395 34,242 15,213 13,058 5,242 14,566 16,071
P/E ratio -33 x -30.4 x -8.44 x 16.8 x -7.49 x -1.16 x -20.2 x -57.9 x
Yield - - - - - - - -
Capitalization / Revenue 1.95 x 1.5 x 6.23 x 1.35 x 0.82 x 0.71 x 0.38 x 0.34 x
EV / Revenue 2.15 x 1.95 x 7.09 x 2.46 x 1.85 x 0.71 x 1.84 x 1.81 x
EV / EBITDA 7.96 x 7.04 x 25.9 x 8.68 x 6.97 x 2.57 x 6.64 x 6.45 x
EV / FCF 27.1 x -13.7 x -19.5 x -11.7 x -23.5 x -6.07 x -7.8 x -19.7 x
FCF Yield 3.69% -7.32% -5.14% -8.57% -4.25% -16.5% -12.8% -5.07%
Price to Book 1.31 x 1.15 x 3.86 x 1.17 x 0.88 x 0.24 x 0.29 x 0.28 x
Nbr of stocks (in thousands) 111,881 112,393 132,923 145,672 148,024 263,155 263,155 -
Reference price 2 59.40 50.47 226.4 57.36 39.11 11.45 11.45 11.45
Announcement Date 3/4/19 3/4/20 3/23/21 3/30/22 3/21/23 3/27/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 3,401 3,789 4,829 6,190 7,065 7,413 7,913 8,871
EBITDA 1 917.7 1,050 1,324 1,754 1,873 2,039 2,192 2,493
EBIT 1 237.5 234.4 116.6 21.31 121.2 -1,971 314.1 431.1
Operating Margin 6.98% 6.19% 2.41% 0.34% 1.71% -26.59% 3.97% 4.86%
Earnings before Tax (EBT) 1 24.32 -125.3 -2,582 665.2 -630.5 -2,486 -26.77 109.7
Net income 1 -205.1 -182.3 -3,180 500.1 -776 -2,644 -168.5 -52.69
Net margin -6.03% -4.81% -65.85% 8.08% -10.98% -35.67% -2.13% -0.59%
EPS 2 -1.800 -1.663 -26.82 3.420 -5.220 -17.58 -0.5674 -0.1979
Free Cash Flow 1 269.7 -541.5 -1,759 -1,304 -555.4 -2,170 -1,866 -815
FCF margin 7.93% -14.29% -36.43% -21.07% -7.86% -28.73% -23.58% -9.19%
FCF Conversion (EBITDA) 29.39% - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 - - - - - - - -
Announcement Date 3/4/19 3/4/20 3/23/21 3/30/22 3/21/23 3/27/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 1,497 1,560 1,745 1,645 1,725 3,370 1,814 1,881 1,806 1,822 1,887 1,898 1,929 1,963 2,013 2,031
EBITDA 1 425.1 450.4 463 506.2 486.9 993 455.3 424.3 556.2 535 507.9 440.2 - - - -
EBIT 1 97.04 97.04 - 96.06 36.06 - 6.411 -17.37 - 93.27 32.19 -2,212 88.29 79.62 49.82 11.6
Operating Margin 6.48% 6.22% - 5.84% 2.09% - 0.35% -0.92% - 5.12% 1.71% -116.49% 4.58% 4.06% 2.48% 0.57%
Earnings before Tax (EBT) - - - - - - - - - - - - - - - -
Net income - - -27.28 90.71 - - - -64.24 82.29 -232.9 -50.46 - - - - -
Net margin - - -1.56% 5.51% - - - -3.42% 4.56% -12.78% -2.67% - - - - -
EPS 2 0.2400 -0.1800 -0.1800 0.1800 -2.580 - -2.880 -0.4200 0.4200 -1.560 -0.3600 -15.88 0.0200 -0.0750 -0.1050 -0.1950
Dividend per Share - - - - - - - - - - - - - - - -
Announcement Date 8/24/21 11/18/21 3/30/22 5/24/22 8/30/22 8/30/22 11/22/22 3/21/23 5/24/23 8/23/23 11/15/23 3/27/24 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 657 1,723 4,155 6,857 7,270 10,155 11,553 13,059
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.7162 x 1.64 x 3.138 x 3.911 x 3.882 x 5.085 x 5.27 x 5.239 x
Free Cash Flow 1 270 -541 -1,759 -1,304 -555 -2,170 -1,866 -815
ROE (net income / shareholders' equity) -4.04% -3.63% -7.02% 7.24% -8.96% -5% -1.01% 0.5%
ROA (Net income/ Total Assets) 2.3% - -3.18% 2.36% -2.48% -0.7% 0.23% 0.4%
Assets 1 -8,916 - 99,984 21,235 31,296 49,011 -74,218 -13,074
Book Value Per Share 2 45.30 43.70 58.60 48.90 44.50 48.40 40.10 41.50
Cash Flow per Share 2 - - 5.980 9.140 2.750 1.670 1.300 1.360
Capex 1 435 1,249 2,473 2,692 2,996 2,913 3,420 3,225
Capex / Sales 12.8% 32.96% 51.22% 43.49% 42.4% 38.57% 43.22% 36.35%
Announcement Date 3/4/19 3/4/20 3/23/21 3/30/22 3/21/23 3/27/24 - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for VNET Group, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
11.45 CNY
Average target price
27.94 CNY
Spread / Average Target
+144.08%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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