VNET forward revenue valuation

Sources

1. October 26 scoped review: Investigated October26 daily move 5.79% using company-specific filing/transcript/release discovery and web research. No newly verified quantified issuer disclosure supports changing the existing intrinsic assumptions; exact daily-move attribution remains unconfirmed. Preserve current methodology, capital anchors and scenario assumptions; update only current-price/market-relative outputs. — modeledge.ai (accessed 2026-10-26)
2. October 26 Model Edge regular-session reference $3.93, retrieved 2026-10-26T15:03:23.417241-06:00. Retrieval time is not a trade timestamp or an asserted official closing print. Financial anchors retain their disclosed reporting dates. (accessed 2026-10-26)
3. October 22: investigated -8.45% daily move through indexed issuer activity, release discovery and web searches. No newly verified quantified issuer change supports altering the existing operating assumptions. Preserve methodology and financial anchors; update regular-session reference price and market-relative outputs. Exact company-specific price attribution remains unconfirmed. (accessed 2026-10-22)
4. Regular-session reference $3.79 retrieved 2026-10-22T15:22:03.643355-06:00. Quote updates alone do not change operating assumptions. (accessed 2026-10-22)
5. October 20 Model Edge regular-session reference $4.1, refreshed 2026-10-20T15:09:47.690617-06:00. Retrieval time is not trade time or an asserted official closing print; financial anchors retain their stated dates. — modeledge.ai (accessed 2026-10-20)
6. October 20 price rose 5.67%. Company filings/transcripts and issuer news plus web search did not establish a new quantified operating catalyst. Preserve the $1,690M revenue/1.5x equity-sales model and 284.82846M ADS-equivalent issued-share floor. CATL's secondary transaction is not issuer cash. Full dilution remains unresolved. — ir.vnet.com (accessed 2026-10-20)
7. October 16 Model Edge regular-session VNET reference $3.92, refreshed 2026-10-16T15:05:08.20312-06:00. Retrieval time is not trade time. Scope and separate financial-anchor changes are described in refresh context. (accessed 2026-10-16)
8. October 14 Model Edge regular-session reference VNET price $4.49, refreshed 2026-10-14T14:58:23.675774-06:00. Price refresh changes market-relative outputs; separate evidence/relative-method changes are described below. — modeledge.ai (accessed 2026-10-14)
9. October 9 Model Edge reference VNET price $5.53, refreshed 2026-10-09T15:02:42.555097-06:00. Market-relative outputs use this quote; operating-assumption decisions are separately explained. (accessed 2026-10-09)
10. October 9 +6.96% investigated; no fresh quantified operating guidance or verified same-day issuer catalyst. September 21 CATL strategic investment closing is a purchase of existing shares from sellers, not new issuer cash. Preserve $1.690B forward revenue, 1.5x price/sales and 284.82846M ADS-equivalent reported-share floor. Refresh current price to $5.53 without treating the rally as an operating upgrade. — ir.vnet.com (accessed 2026-10-09)
11. October 5 Model Edge reference VNET price $5.445, refreshed 2026-10-05T15:03:37.039703-06:00. Price-only inputs refresh market-relative outputs; BRUN also refreshes its established peer-relative multiple. (accessed 2026-10-05)
12. October 5: reference price rose 6.14% to $5.445. No new verified operating guidance or issuer financing explains the move. Current reports repeat the already-reviewed September 21 CATL-related purchase of existing shares; this is not fresh issuer cash or newly issued shares. Preserve $1.690B revenue, 1.5x equity sales and 284.82846M ADS-equivalent basic floor, while retaining the open fully diluted bridge. — ir.vnet.com (accessed 2026-10-05)
13. October 2 Model Edge reference VNET quote $5.13, refreshed 2026-10-02T17:10:08.084675-06:00. Price alone is not evidence to change operating forecasts; BRUN separately refreshes the existing peer-relative valuation. (accessed 2026-10-02)
14. October 2: reference ADS price fell 7.57% to $5.13. Company-specific filings, transcript discovery, primary news and web checks did not establish a new company-specific catalyst. The September 21 CATL secondary share-transfer closing was already reviewed and does not create issuer cash or new shares. Retain the $1.690B revenue, 1.5x equity-sales model and 284.82846M ADS-equivalent floor; awards/converts and capital reconciliation remain unresolved. — vnet.com (accessed 2026-10-02)
15. September 28 Modeledge reference VNET stock price $5.98, retrieved 2026-09-28T16:46:38.899851-06:00; a post-session reference snapshot, not an asserted official close. Operating assumptions are unchanged except separately documented updates. (accessed 2026-09-28)
16. September 28: investigated the 9.94% decline. No new quantified issuer guidance or capital event was established. September 21 CATL secondary ownership changes were previously reviewed and are not issuer proceeds. Broad equity/AI weakness is context, not a proven company-specific cause. Preserve $1,690M revenue, 1.5x equity sales and the existing ADS basis. — streetinsider.com (accessed 2026-09-28)
17. September 21 CATL-affiliate transaction closed as a purchase of 650,424,192 existing Class A shares from sellers, not an issuer cash raise or new share issuance. September 23 ownership filing confirms June 30 total ordinary shares 1,708,970,760 excluding treasury and reserved award ADSs; six ordinary shares per ADS gives 284.82846M ADS-equivalent issued shares. Correct the old 267.1M denominator to this reported issued-share floor, explicitly not a fully diluted or live September register. Additional awards, converts and post-June issuance remain unresolved. Keep the established $1,690M revenue forecast and 1.5x equity P/S method; Q2 reaffirmed RMB11.5-11.8B FY2026 revenue. Historical review incomplete. — sec.gov (accessed 2026-09-23)
18. September 23 reference VNET price $6.92; quote timestamp 2026-09-23T15:03:26.128875-06:00. Market price alone does not change operating value. (accessed 2026-09-23)
19. VNET guided full-year 2026 revenue to RMB11.5-11.8 billion and adjusted EBITDA to RMB3.55-3.75 billion after Q1 revenue grew 19.8%. — sec.gov (accessed 2026-07-18)
20. October 27, 2026 scoped review: October 27 release confirms repurchase of $75.3M principal of 2% 2027 converts for $80M cash including accrued interest. Debt and cash both fall; no $75.3M free equity uplift. Preserve established equity P/S method and ADS-share floor; complete conversion/award and liquidity reconciliation before replacing diluted shares or methodology. — sec.gov (accessed 2026-10-27)