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 1,31,623 - -
Change - 16.99% -2.23% 21.22% -5.39% -17.61% - -
Enterprise Value (EV) 1 93,305 87,641 96,295 1,31,134 1,30,872 73,895 55,993 33,308
Change - -6.07% 9.87% 36.18% -0.2% -43.54% -24.23% -40.51%
P/E 19.1x 19.1x 16.8x 18.2x 17.5x 16x 15x 14.3x
PBR 0.82x 0.92x 0.88x 1.02x 0.95x 0.81x 0.78x 0.78x
PEG - 1.4x 1.5x 1.5x 511x -1.6x 2.28x 2.63x
Capitalization / Revenue 0.37x 0.4x 0.37x 0.43x 0.41x 0.34x 0.33x 0.33x
EV / Revenue 0.28x 0.25x 0.26x 0.34x 0.33x 0.19x 0.14x 0.08x
EV / EBITDA 1.05x 0.96x 1.07x 1.36x 1.5x 0.83x 0.61x 0.36x
EV / EBIT 5.27x 4.3x 4.22x 5.78x 5.23x 3.29x 2.46x 1.42x
EV / FCF 2.21x 2.83x 3.65x 7.5x 5.13x 1.65x 1.47x 0.89x
FCF Yield 45.2% 35.3% 27.4% 13.3% 19.5% 60.7% 68.3% 113%
Dividend per Share 2 0.096 0.0427 0.0524 0.0621 0.0523 0.1542 0.1677 0.1806
Rate of return 2.44% 0.95% 1.2% 1.17% 1.02% 3.66% 3.98% 4.29%
EPS 2 0.206 0.234 0.261 0.292 0.2921 0.2625 0.2798 0.295
Distribution rate 46.6% 18.2% 20.1% 21.3% 17.9% 58.7% 59.9% 61.2%
Net sales 1 3,27,854 3,54,944 3,72,600 3,89,589 3,92,223 3,89,952 3,97,372 4,03,464
EBITDA 1 89,038 91,127 90,154 96,422 87,011 89,173 91,784 93,633
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 7,851 8,450 8,949
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 4.210 4.210 4.210
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.($)
16.11x0.19x0.84x3.65% 1.97TCr
11.04x1.31x4.14x7.03% 22TCr
10.53x2.52x6.65x5.92% 20TCr
13.27x2.13x5.49x4.13% 15TCr
13.93x1.87x8.15x3.01% 9.17TCr
11.57x0.87x3.24x6.68% 7.92TCr
11.49x1.77x4.48x2.85% 6.75TCr
15.28x2.68x8.37x5.06% 5.8TCr
23.32x5.29x19.31x4.69% 5.54TCr
14.08x2.76x6.18x4.4% 5.1TCr
Average 14.06x 2.14x 6.68x 4.74% 9.93TCr
Weighted average by Cap. 12.80x 2.07x 6.30x 5.24%

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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-40%: Exceptional extension
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