Professional
Added to YB: 2024-06-07
Pitch date: 2024-05-30
VNET [bullish]
VNET Group, Inc.
+382.04%
current return
Author Info
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Company Info
VNET Group, Inc., an investment holding company, provides data center hosting and related services in China.
Market Cap
$21.8B
Pitch Price
$2.06
Price Target
3.50 (-65%)
Dividend
N/A
EV/EBITDA
12.03
P/E
-79.79
EV/Sales
4.69
Sector
IT Services
Category
growth
VNET Group, Inc.: Solid Revenue Growth, Driven by AI and Wholesale Business
VNET: Q1 rev +5.1% YoY, adj EBITDA +2.5%. 2024 guide: rev +6.6%, EBITDA +10.4%. Wholesale IDC rev +59% YoY, retail IDC -7%, non-IDC +5%. Cabinet utilization 52% to 71%. P/B 0.6x. AI & wholesale driving growth. $3.50 FVE on 3% 5yr rev growth, 30.5% EBITDA margin by 2028. FCF+ 2026. Risks: oversupply, regulation, VIE structure ban. Standard stewardship on smart capex & equity raises.
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