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 1,38,189 - -
Change - 16.99% -2.23% 21.22% -5.39% -13.5% - -
Enterprise Value (EV) 1 93,305 87,641 96,295 1,31,134 1,30,872 80,460 62,559 39,873
Change - -6.07% 9.87% 36.18% -0.2% -38.52% -22.25% -36.26%
P/E 19.1x 19.1x 16.8x 18.2x 17.5x 16.1x 15.2x 15.1x
PBR 0.82x 0.92x 0.88x 1.02x 0.95x 0.81x 0.78x 0.77x
PEG - 1.4x 1.5x 1.5x 511x -2.55x 2.5x 24.22x
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 0.21x 0.16x 0.1x
EV / EBITDA 1.05x 0.96x 1.07x 1.36x 1.5x 0.88x 0.67x 0.43x
EV / EBIT 5.27x 4.3x 4.22x 5.78x 5.23x 3.58x 2.75x 1.7x
EV / FCF 2.21x 2.83x 3.65x 7.5x 5.13x 1.79x 1.64x 1.06x
FCF Yield 45.2% 35.3% 27.4% 13.3% 19.5% 55.7% 61.1% 94.2%
Dividend per Share 2 0.096 0.0427 0.0524 0.0621 0.0523 0.1664 0.177 0.1829
Rate of return 2.44% 0.95% 1.2% 1.17% 1.02% 3.76% 4% 4.14%
EPS 2 0.206 0.234 0.261 0.292 0.2921 0.2737 0.2903 0.2921
Distribution rate 46.6% 18.2% 20.1% 21.3% 17.9% 60.8% 61% 62.6%
Net sales 1 3,27,854 3,54,944 3,72,600 3,89,589 3,92,223 3,90,655 4,01,893 4,03,173
EBITDA 1 89,038 91,127 90,154 96,422 87,011 91,601 93,846 92,066
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 8,355 8,813 8,805
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 4.420 4.420 4.420
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.15x0.21x0.88x3.76% 2.04TCr
11.47x1.35x4.31x6.89% 23TCr
9.91x2.49x6.58x6.09% 19TCr
13.1x2.11x5.48x4.28% 14TCr
13.13x2.03x5.15x2.41% 7.84TCr
11.96x0.84x3.16x6.65% 7.88TCr
12.08x1.75x7.5x3.56% 7.53TCr
15.43x2.68x8.41x5.09% 5.75TCr
23.63x5.33x19.45x4.53% 5.55TCr
15.75x1.78x5.56x4.87% 4.89TCr
Average 14.26x 2.06x 6.65x 4.81% 9.82TCr
Weighted average by Cap. 12.85x 2.03x 6.24x 5.31%

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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