NTES

NTES — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

ModelIntrinsic Valuevs Price ($115.56)
DCF$1120.20+869.4%
Graham Number$35.42-69.4%
Reverse DCFimplied g: -20.0%
DDM$61.39-46.9%
EV/EBITDA$590.08+410.6%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Yahoo: $31.50B
Rev: 3.0% / EPS: -29.4%
Default: 9% (no SEC data)

Results

Intrinsic Value / share$1120.20
Current Price$115.56
Upside / Downside+869.4%
Net Debt (used)-$156.23B
Sensitivity: WACC (rows) × Near-term g (cols)
WACC \ Near-term-3.0%1.0%5.0%9.0%13.0%
7.0%$1127.70$1305.86$1513.12$1753.00$2029.29
8.0%$970.95$1114.34$1280.90$1473.43$1694.91
9.0%$862.32$981.71$1120.20$1280.06$1463.74
10.0%$782.57$884.43$1002.40$1138.39$1294.47
11.0%$721.52$810.02$912.36$1030.19$1165.26

2 — Graham Number

Assumptions

Graham used 22.5 (15× P/E × 1.5× P/B)
Yahoo: $7.64
Yahoo: $7.30

Results

Graham Number$35.42
Current Price$115.56
Margin of Safety-69.4%
Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

Default: 9% (no SEC data)

Results

Current Price$115.56
Implied Near-term FCF Growth-20.0%
Historical Revenue Growth3.0%
Historical Earnings Growth-29.4%
Base FCF (TTM)$31.50B
Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Yahoo: $2.98

Results

DDM Intrinsic Value / share$61.39
Current Price$115.56
Upside / Downside-46.9%
Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

Yahoo: $38.08B
Current: 5.7×
Default: -$156.23B

Results

Implied Equity Value / share$590.08
Current Price$115.56
Upside / Downside+410.6%
Implied EV$217.41B
Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)
Mult \ Net Debt-$234.23B-$195.23B-$156.23B-$117.23B-$78.23B
1.7x$472.69$411.10$349.51$287.92$226.33
3.7x$592.98$531.39$469.80$408.20$346.61
5.7x$713.27$651.67$590.08$528.49$466.90
7.7x$833.55$771.96$710.37$648.77$587.18
9.7x$953.84$892.24$830.65$769.06$707.47