NetEase, Inc. (NTES)

Services-Prepackaged Software

Latest Price

$119.49

TTM P/E

78.61

Normalized P/E

78.61

Div Yield

Book Value

P/B Ratio

Valuation metrics

EPS: $10.48

Book value / share: $50.22

Formula: √(22.5 × EPS × BVPS)

Graham Number

$108.82

9% downside

Norm. op. income: $2.8B (median of 7yr)

Tax rate: 15%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$29.40

75% downside

Base FCF: $24.7B (median of recent 5yr)

Growth: 12%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$244.68

+105% upside

EPS: $10.48

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$157.20

+32% upside

1.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	8.04M	$1.03B	0.25%	-35.9K	2026-06-30
Orbis Allan Gray Ltd	3.50M	$448.0M	0.11%	-81.0K	2026-06-30
FMR LLC	2.52M	$322.0M	0.08%	+399.7K	2026-06-30
Harding Loevner LP	2.26M	$291.0M	0.07%	-65.6K	2026-06-30
Dodge & Cox	2.16M	$277.0M	0.07%	+5.5K	2026-06-30
Invesco Ltd.	2.05M	$262.0M	0.06%	+25.6K	2026-06-30
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.57M	$222.0M	0.05%	+195.8K	2026-06-30
GQG Partners LLC	1.23M	$157.0M	0.04%	--	2026-06-30
AMERICAN CENTURY COMPANIES INC	1.16M	$148.0M	0.04%	+158.1K	2026-06-30
Fisher Asset Management, LLC	1.15M	$146.0M	0.04%	-1.8K	2026-06-30