Company Valuation: China United Network Communications Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,21,796 1,42,484 1,39,301 1,68,861 1,59,761 1,35,062 - -
Change - 16.99% -2.23% 21.22% -5.39% -15.46% - -
Enterprise Value (EV) 1 93,305 87,641 96,295 1,31,134 1,30,872 77,334 59,432 36,747
Change - -6.07% 9.87% 36.18% -0.2% -40.91% -23.15% -38.17%
P/E 19.1x 19.1x 16.8x 18.2x 17.5x 16.2x 15.5x 14.8x
PBR 0.82x 0.92x 0.88x 1.02x 0.95x 0.79x 0.76x 0.75x
PEG - 1.4x 1.5x 1.5x 511x -1.82x 3.37x 2.94x
Capitalization / Revenue 0.37x 0.4x 0.37x 0.43x 0.41x 0.35x 0.34x 0.34x
EV / Revenue 0.28x 0.25x 0.26x 0.34x 0.33x 0.2x 0.15x 0.09x
EV / EBITDA 1.05x 0.96x 1.07x 1.36x 1.5x 0.85x 0.65x 0.39x
EV / EBIT 5.27x 4.3x 4.22x 5.78x 5.23x 3.44x 2.61x 1.57x
EV / FCF 2.21x 2.83x 3.65x 7.5x 5.13x 1.72x 1.56x 0.98x
FCF Yield 45.2% 35.3% 27.4% 13.3% 19.5% 58% 64.3% 102%
Dividend per Share 2 0.096 0.0427 0.0524 0.0621 0.0523 0.1595 0.1683 0.1804
Rate of return 2.44% 0.95% 1.2% 1.17% 1.02% 3.69% 3.89% 4.18%
EPS 2 0.206 0.234 0.261 0.292 0.2921 0.2661 0.2784 0.2924
Distribution rate 46.6% 18.2% 20.1% 21.3% 17.9% 59.9% 60.4% 61.7%
Net sales 1 3,27,854 3,54,944 3,72,600 3,89,589 3,92,223 3,91,449 3,97,029 4,02,715
EBITDA 1 89,038 91,127 90,154 96,422 87,011 90,538 91,705 93,500
EBIT 1 17,696 20,401 22,800 22,700 25,036 22,452 22,781 23,445
Net income 1 6,305 7,299 8,200 9,030 9,127 7,828 8,407 8,868
Net Debt 1 -28,492 -54,843 -43,006 -37,727 -28,889 -57,729 -75,630 -98,316
Reference price 2 3.930 4.480 4.380 5.310 5.110 4.320 4.320 4.320
Nbr of stocks (in thousands) 3,09,91,393 3,18,04,436 3,18,03,992 3,18,00,581 3,12,64,425 3,12,64,425 - -
Announcement Date 11/03/22 08/03/23 04/03/24 18/03/25 19/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.16x0.2x0.85x3.71% 2TCr
11.28x1.32x4.18x7% 22TCr
11.01x2.58x6.84x5.64% 21TCr
13.8x2.21x5.68x3.97% 16TCr
13.64x1.85x7.92x3.1% 8.79TCr
12.83x0.93x3.47x6.03% 8.22TCr
11.64x1.78x4.51x2.81% 6.91TCr
15.72x2.75x8.58x4.94% 5.95TCr
24.46x5.5x20.12x4.4% 5.83TCr
15.66x2.76x6.18x4.43% 5.07TCr
Average 14.62x 2.19x 6.83x 4.6% 10.17TCr
Weighted average by Cap. 13.30x 2.14x 6.45x 5.09%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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