Company Valuation: China Telecom Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 365,531 362,954 467,089 623,994 556,284 540,397 - -
Change - -0.7% 28.69% 33.59% -10.85% -2.86% - -
Enterprise Value (EV) 1 349,219 297,138 397,794 533,517 466,500 463,072 447,691 423,336
Change - -14.91% 33.88% 34.12% -12.56% -0.73% -3.32% -5.44%
P/E 6.83x 9.05x 10.3x 12.7x 13.5x 11.7x 11.1x 10.5x
PBR 0.42x 0.58x 0.7x 0.93x 0.96x 0.75x 0.74x 0.73x
PEG - -2.81x 1x 1.4x - -1.22x 2.19x 1.7x
Capitalization / Revenue 0.83x 0.75x 0.92x 1.18x 1.05x 1.04x 1.02x 1x
EV / Revenue 0.79x 0.62x 0.78x 1.01x 0.88x 0.89x 0.85x 0.78x
EV / EBITDA 2.82x 2.28x 2.8x 3.79x 3.24x 3.32x 3.18x 2.99x
EV / EBIT 11.3x 8.89x 9.34x 13.4x 11.8x 13x 12.1x 10.9x
EV / FCF 6.63x 6.36x 7.99x 10.4x 10.4x 12.6x 10.6x 9.09x
FCF Yield 15.1% 15.7% 12.5% 9.66% 9.58% 7.93% 9.43% 11%
Dividend per Share 2 0.17 0.196 0.2332 0.2598 0.272 0.2485 0.2637 0.2861
Rate of return 8.03% 7.22% 6.87% 5.68% 5.62% 6.52% 6.92% 7.51%
EPS 2 0.31 0.3 0.33 0.36 0.36 0.3254 0.3419 0.363
Distribution rate 54.8% 65.3% 70.7% 72.2% 75.6% 76.4% 77.1% 78.8%
Net sales 1 439,552 481,448 507,843 529,417 529,559 521,631 529,661 539,615
EBITDA 1 123,912 130,359 142,072 140,847 143,872 139,533 140,917 141,598
EBIT 1 30,947 33,427 42,569 39,803 39,674 35,648 37,021 38,999
Net income 1 25,948 27,593 30,446 33,012 33,185 29,134 30,549 32,226
Net Debt 1 -16,312 -65,816 -69,295 -90,477 -89,784 -77,325 -92,706 -117,061
Reference price 2 2.118 2.716 3.395 4.576 4.844 3.811 3.811 3.811
Nbr of stocks (in thousands) 91,507,139 91,507,139 91,507,139 91,507,139 91,507,139 91,507,139 - -
Announcement Date 3/17/22 3/22/23 3/4/24 3/25/25 3/24/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.71x0.9x3.37x6.52% 80.6B
11x1.3x4.14x7.03% 222B
10.13x2.47x6.52x6.15% 190B
12.91x2.14x5.52x4.2% 144B
13.31x1.84x8.01x3.15% 87.61B
11.93x1.82x4.59x2.74% 66.56B
14.95x2.66x8.3x5.12% 57.33B
22.97x5.3x19.35x4.76% 54.48B
14.51x2.7x6.02x4.47% 50.24B
10.52x1.7x5.27x5.61% 41.8B
Average 13.39x 2.28x 7.11x 4.98% 99.53B
Weighted average by Cap. 12.48x 2.08x 6.32x 5.36%

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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