Company Valuation: China Satellite Communications Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 72,560 57,560 48,242 73,124 86,177 150,937
Change - -20.67% -16.19% 51.58% 17.85% 75.15%
Enterprise Value (EV) 1 67,022 51,718 41,100 66,058 78,317 143,095
Change - -22.83% -20.53% 60.72% 18.56% 82.71%
P/E 148x 101x 50.1x 210x 190x 342x
PBR 6.26x 4.79x 3.19x 4.78x 5.48x 9.44x
PEG - 5.9x 0.8x -3.3x 6.3x -115x
Capitalization / Revenue 26.8x 21.9x 17.6x 28x 33.9x 57.1x
EV / Revenue 24.7x 19.6x 15x 25.3x 30.8x 54.1x
EV / EBITDA 33.5x 26x 20.6x 35.3x 48.5x 84.5x
EV / EBIT 97.8x 66x 53.2x 96.8x 207x 329x
EV / FCF 353x 73.9x -35.7x 1,301x -261x -10,781x
FCF Yield 0.28% 1.35% -2.8% 0.08% -0.38% -0.01%
Dividend per Share 2 0.036 0.029 0.0436 0.0248 0.0323 0.0314
Rate of return 0.2% 0.2% 0.38% 0.14% 0.16% 0.09%
EPS 2 0.1222 0.1431 0.2281 0.0826 0.1076 0.1044
Distribution rate 29.5% 20.3% 19.1% 30% 30% 30.1%
Net sales 1 2,710 2,634 2,733 2,616 2,541 2,645
EBITDA 1 1,999 1,987 1,996 1,869 1,616 1,693
EBIT 1 685.3 784.1 772.1 682.4 378.3 435.5
Net income 1 488.8 572.3 920.7 348.8 454.5 441.2
Net Debt 1 -5,538 -5,842 -7,142 -7,066 -7,861 -7,842
Reference price 2 18.14 14.39 11.42 17.31 20.40 35.73
Nbr of stocks (in thousands) 4,000,000 4,000,000 4,224,385 4,224,385 4,224,385 4,224,385
Announcement Date 4/26/21 4/28/22 4/27/23 4/1/24 4/1/25 3/31/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 15.77B
7.96x1.37x4.99x5.52% 85.03B
-129.21x3.3x21.15x-.--% 24.37B
-42.55x114.93x-73.41x-.--% 17.62B
-219.42x34.9x69.97x-.--% 10.74B
52.21x7.05x13.34x1.31% 5.02B
21.76x4.25x10.45x2.3% 3.74B
-7.03x3.34x6.36x-.--% 2.78B
-103.41x7.64x47.65x - 2.08B
Average -52.46x 22.10x 12.56x 1.3% 18.57B
Weighted average by Cap. -36.13x 17.66x 4.10x 3.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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