9999.HK · Intrinsic value
Is NetEase, Inc. (9999.HK) overvalued or undervalued?
As of Oct 19, 2026, TickerWorth's valuation lenses put NetEase, Inc. (9999.HK) at HK$49.70 – HK$282.62, too broad a range to say where the delayed market price of HK$197.70 sits in it, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.
Model by Miraaj Patel · generated from market data · Updated Oct 19, 2026 · How these pages are made
What is 9999.HK worth?
- Fair-value range
- HK$49.70 – HK$282.62
- Market price
- HK$197.70
- Gap to fair value
- —
- Verdict
- Too wide to call
Reverse DCF: Today's price implies revenue growth of −7.6% a year for 5 years; our model assumes 5.9% a year on average over the same horizon.
What is 9999.HK's TickerWorth Score?
A stronger business than most — but not cheap
Compared with Communication Services companies in Hong Kong
Its strongest point: strong balance sheet. Its weakest: looks expensive on the numbers.
- Value · 40 of 100
Cheaper than 40% of Communication Services companies worldwide
- Price vs worth · 61 of 100
- Quality · 84 of 100
More profitable than 84% of Communication Services companies worldwide
- Financial health · 96 of 100
Financially stronger than 96% of Communication Services companies worldwide
- Growth · 45 of 100
Growing faster than 45% of Communication Services companies worldwide
- Momentum · 48 of 100
Outperformed 48% of Communication Services companies worldwide over the past year
Confidence: Medium confidence · Scored
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Why 9999.HK gets a range, not one number
At a recent price of 197.70, NetEase, Inc. (9999.HK) sits inside a range too wide to call either way: our valuation lenses put the business somewhere between 49.70 and 282.62 per share. They disagree too widely for us to state a single fair value. We publish the range rather than a midpoint because a number that precise would claim more than the methods can support. This is an educational model, not a price target or a recommendation.
Read the full reasoning
The valuation discounts NetEase, Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 8.8%, with a long-run terminal growth rate of 2.5%. About 75% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.
Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly -7.6% annual revenue growth for 9999.HK. Our base case instead compounds to about 5.9% a year over the same forecast, so the market is pricing in slower growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.
Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, 9999.HK's modeled DCF value ranges from about 223.83 to 417.77 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.
How to read this page: the DCF fair value is what NetEase, Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of 9999.HK's intrinsic value. Figures update as new filings and prices come in.
Every input behind 9999.HK's DCF
| Input | Value |
|---|---|
| Base-year revenueLive feed — totalRevenue (TTM) | 136,192,800,000 |
| Base EBIT marginComputed — reported operating margin exceeded the EBITDA margin (impossible); held to 35.1% so D&A stays positive | 35.1% |
| Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast | 8% → 7% → 6% → 5% → 4% |
| Risk-free rateLive feed — US 10-year Treasury yield (^TNX) | 5.2% |
| BetaLive feed — yfinance, 5-year monthly beta vs the S&P 500 (clamped to 0.4–2.5) | 0.79 |
| Terminal growthESTIMATEAssumption — TickerWorth house default 2.5%, held below WACC | 2.5% |
| Diluted sharesLive feed — sharesOutstanding | 3,201M |
| Market priceLast known price · as of 2026-10-19 13:20 UTC | 197.70 |
Change 9999.HK's assumptions
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What does NetEase, Inc. do?
What does it do?
NetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally. It operates in the Electronic Gaming & Multimedia industry (Communication Services sector), headquartered in China. The company employs roughly 25,382 people.
How does it make money?
The business turns $116.6B in annual revenue into profit. Out of every $100 of sales, about $40 is left as operating profit (operating margin of 40.2%), after a 67% gross margin on the products/services it sells. After all costs, taxes and interest, 27.9% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks solid: carries modest debt (0.1× equity), comfortably covers its short-term bills (3.5× current ratio), and is currently profitable.
9999.HK insider trading
Insider filings are available for US-listed companies only.
Common questions
What is 9999.HK's intrinsic value?
TickerWorth's valuation lenses put NetEase, Inc. (9999.HK) between 49.70 and 282.62 per share, versus a market price of 197.70. They disagree too widely for us to state a single fair value, so we publish the range.
Is 9999.HK overvalued or undervalued?
At 197.70 the price sits inside a range too wide to call either way. We don't call 9999.HK overvalued or undervalued from a range this wide. This is an educational estimate, not advice.
What discount rate is used for 9999.HK?
A WACC of 8.8% and a terminal growth rate of 2.5%.
Is NetEase stock undervalued?
TickerWorth's fair-value range for NetEase, Inc. (9999.HK) is HK$49.70 – HK$282.62 against a market price of HK$197.70. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
NetEase (9999.HK) DCF valuation and fair value
Our fair-value range for NetEase, Inc. (9999.HK) is HK$49.70 – HK$282.62, built on a 8.8% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into NetEase stock?
Today's price implies revenue growth of −7.6% a year for 5 years; our model assumes 5.9% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of HK$197.70. A model estimate, not investment advice.
NetEase (9999.HK) insider trading
We have no recent SEC Form 4 insider filings on file for NetEase, Inc. (9999.HK). Form 4 covers US-listed companies only.
Other ways into the coverage
Not investment advice. TickerWorth Score is a model output.
Educational tool. Every output reflects the assumptions shown — not a prediction and not investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.