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 1 121,796 142,484 139,301 168,861 159,761 132,874 - -
Change - 16.99% -2.23% 21.22% -5.39% -16.83% - -
Enterprise Value (EV) 1 93,305 87,641 96,295 131,134 130,872 75,145 57,244 34,558
Change - -6.07% 9.87% 36.18% -0.2% -42.58% -23.82% -39.63%
P/E 19.1x 19.1x 16.8x 18.2x 17.5x 16x 15.3x 14.5x
PBR 0.82x 0.92x 0.88x 1.02x 0.95x 0.78x 0.75x 0.74x
PEG - 1.4x 1.5x 1.5x 511x -1.8x 3.33x 2.88x
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 0.09x
EV / EBITDA 1.05x 0.96x 1.07x 1.36x 1.5x 0.83x 0.62x 0.37x
EV / EBIT 5.27x 4.3x 4.22x 5.78x 5.23x 3.35x 2.51x 1.47x
EV / FCF 2.21x 2.83x 3.65x 7.5x 5.13x 1.68x 1.5x 0.92x
FCF Yield 45.2% 35.3% 27.4% 13.3% 19.5% 59.7% 66.8% 109%
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% 3.75% 3.96% 4.24%
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 1 327,854 354,944 372,600 389,589 392,223 391,449 397,029 402,715
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 4.250 4.250 4.250
Nbr of stocks (in thousands) 30,991,393 31,804,436 31,803,992 31,800,581 31,264,425 31,264,425 - -
Announcement Date 11/3/22 8/3/23 4/3/24 18/3/25 19/3/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.97x0.19x0.83x3.75% 19.79B
11.32x1.33x4.22x6.97% 225B
11.04x2.59x6.85x5.63% 208B
13.81x2.21x5.68x3.97% 158B
13.6x1.84x7.89x3.1% 90.06B
12.17x0.92x3.46x6.36% 82.01B
11.55x1.77x4.48x2.83% 69.23B
15.42x2.69x8.42x5.03% 58.32B
24.35x5.48x20.04x4.48% 58.26B
15.51x2.74x6.13x4.47% 50.19B
Average 14.47x 2.18x 6.80x 4.66% 101.91B
Weighted average by Cap. 13.21x 2.13x 6.44x 5.12%

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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