Financials China Mobile Limited

Equities

941 HK0941009539

Integrated Telecommunications Services

Delayed Hong Kong S.E. Other stock markets 09:22:10 29/04/2024 am IST			5-day change	1st Jan Change
69.95 ^HKD	-1.55%		+0.29%	+7.95%

26/04	China Mobile Limited Announces Appointment of He Biao as Executive Director	CI
26/04	China Mobile Limited Announces Appointment of He Biao as Chief Executive Officer	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,98,542	7,61,710	7,80,795	9,96,114	12,96,619	14,41,627	-	-
Enterprise Value (EV) ¹	9,14,478	4,38,599	5,62,911	8,59,927	11,53,022	13,19,627	11,63,872	11,10,318
P/E ratio	11.3 x	7.06 x	6.73 x	7.77 x	9.58 x	9.97 x	9.34 x	8.95 x
Yield	5.08%	8.84%	8.65%	-	-	7.17%	7.88%	8.43%
Capitalization / Revenue	1.61 x	0.99 x	0.92 x	1.06 x	1.28 x	1.33 x	1.26 x	1.19 x
EV / Revenue	1.23 x	0.57 x	0.66 x	0.92 x	1.14 x	1.22 x	1.02 x	0.92 x
EV / EBITDA	3.09 x	1.54 x	1.81 x	2.61 x	3.07 x	3.55 x	3.13 x	2.89 x
EV / FCF	11.2 x	3.45 x	4.29 x	8.88 x	9.41 x	10.7 x	7.34 x	6.74 x
FCF Yield	8.93%	29%	23.3%	11.3%	10.6%	9.33%	13.6%	14.8%
Price to Book	1.09 x	0.66 x	0.65 x	-	-	1.01 x	0.98 x	0.96 x
Nbr of stocks (in thousands)	2,04,75,483	2,04,75,483	2,04,75,483	2,13,62,827	2,13,90,880	2,13,99,477	-	-
Reference price ²	58.54	37.20	38.13	45.70	58.90	65.77	65.77	65.77
Announcement Date	19/03/20	25/03/21	23/03/22	23/03/23	21/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,45,917	7,68,070	8,48,258	9,37,259	10,09,309	10,83,794	11,42,787	12,06,927
EBITDA ¹	2,95,967	2,85,135	3,11,008	3,29,176	3,75,249	3,71,761	3,71,406	3,83,747
EBIT ¹	1,13,149	1,12,734	1,51,994	1,61,306	1,68,117	1,76,519	1,77,479	1,87,365
Operating Margin	15.17%	14.68%	17.92%	17.21%	16.66%	16.29%	15.53%	15.52%
Earnings before Tax (EBT) ¹	1,42,133	1,42,359	1,51,973	1,62,872	1,70,531	1,82,581	1,94,103	2,07,528
Net income ¹	1,06,641	1,07,843	1,15,937	1,25,459	1,31,766	1,41,152	1,49,905	1,60,276
Net margin	14.3%	14.04%	13.67%	13.39%	13.06%	13.02%	13.12%	13.28%
EPS ²	5.180	5.270	5.670	5.880	6.150	6.599	7.039	7.347
Free Cash Flow ¹	81,700	1,27,100	1,31,200	96,889	1,22,517	1,23,112	1,58,616	1,64,794
FCF margin	10.95%	16.55%	15.47%	10.34%	12.14%	11.36%	13.88%	13.65%
FCF Conversion (EBITDA)	27.6%	44.58%	42.19%	29.43%	32.65%	33.12%	42.71%	42.94%
FCF Conversion (Net income)	76.61%	117.86%	113.16%	77.23%	92.98%	87.22%	105.81%	102.82%
Dividend per Share ²	2.975	3.290	3.298	-	-	4.714	5.181	5.544
Announcement Date	19/03/20	25/03/21	23/03/22	23/03/23	21/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 S1	2024 S2
Net sales ¹	3,56,490	3,89,863	3,78,207	4,43,647	1,99,628	3,24,423	2,27,320	2,69,614	4,96,934	2,26,553	2,13,772	4,40,325	2,79,973	5,30,719	2,44,841	2,33,749	4,78,590	5,31,366	5,17,102
EBITDA ¹	1,44,820	1,45,710	1,39,425	1,61,988	73,508	1,49,020	76,100	97,812	1,73,912	77,600	77,643	1,55,264	1,03,557	1,83,457	85,043	72,978	1,58,021	-	-
EBIT	53,394	59,118	53,616	62,516	-	55,447	-	-	74,448	-	26,903	54,651	-	80,287	-	-	54,059	85,947	58,547
Operating Margin	14.98%	15.16%	14.18%	14.09%	-	17.09%	-	-	14.98%	-	12.58%	12.41%	-	15.13%	-	-	11.3%	16.17%	11.32%
Earnings before Tax (EBT) ¹	68,863	72,887	69,472	77,696	-	-	-	-	-	-	34,917	-	-	-	39,170	32,683	-	-	-
Net income ¹	50,578	55,765	52,078	59,118	29,186	57,030	25,600	44,651	70,275	28,257	26,927	54,522	48,106	76,173	29,333	26,260	55,593	-	-
Net margin	14.19%	14.3%	13.77%	13.33%	14.62%	17.58%	11.26%	16.56%	14.14%	12.47%	12.6%	12.38%	17.18%	14.35%	11.98%	11.23%	11.62%	-	-
EPS	2.440	2.720	2.550	2.890	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	1.357	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	19/03/20	13/08/20	25/03/21	12/08/21	23/03/22	23/03/22	21/04/22	11/08/22	11/08/22	20/10/22	23/03/23	23/03/23	10/08/23	10/08/23	20/10/23	21/03/24	21/03/24	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,84,064	3,23,111	2,17,884	1,36,187	1,43,597	1,22,000	2,77,755	3,31,309
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	81,700	1,27,100	1,31,200	96,889	1,22,517	1,23,112	1,58,616	1,64,794
ROE (net income / shareholders' equity)	9.89%	9.57%	9.4%	10%	10.3%	10.2%	10.5%	10.6%
ROA (Net income/ Total Assets)	6.74%	6.42%	6.51%	6.64%	6.83%	6.98%	7.13%	7.39%
Assets ¹	15,82,586	16,78,561	17,81,371	18,88,419	19,28,798	20,22,237	21,03,932	21,70,296
Book Value Per Share ²	53.90	56.10	58.90	-	-	64.80	67.30	68.70
Cash Flow per Share ²	12.10	15.00	15.40	-	-	13.50	15.30	15.40
Capex ¹	1,65,900	1,80,600	1,83,600	1,83,861	1,81,263	1,73,234	1,72,267	1,69,197
Capex / Sales	22.24%	23.51%	21.64%	19.62%	17.96%	15.98%	15.07%	14.02%
Announcement Date	19/03/20	25/03/21	23/03/22	23/03/23	21/03/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Mobile Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

65.77 CNY

Average target price

78.34 CNY

Spread / Average Target

+19.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+7.95%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+15.78%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-6.19%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
BCE INC.	-14.53%	29.72B
ORANGE	+0.88%	29.49B

Other Integrated Telecommunications Services