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 1 365,531 362,954 467,089 623,994 556,284 539,653 - -
Change - -0.7% 28.69% 33.59% -10.85% -2.99% - -
Enterprise Value (EV) 1 349,219 297,138 397,794 533,517 466,500 462,694 440,888 415,595
Change - -14.91% 33.88% 34.12% -12.56% -0.82% -4.71% -5.74%
P/E 6.83x 9.05x 10.3x 12.7x 13.5x 11.8x 11.2x 10.6x
PBR 0.42x 0.58x 0.7x 0.93x 0.96x 0.76x 0.75x 0.73x
PEG - -2.81x 1x 1.4x - -1.28x 2.04x 1.8x
Capitalization / Revenue 0.83x 0.75x 0.92x 1.18x 1.05x 1.03x 1.02x 1x
EV / Revenue 0.79x 0.62x 0.78x 1.01x 0.88x 0.89x 0.83x 0.77x
EV / EBITDA 2.82x 2.28x 2.8x 3.79x 3.24x 3.31x 3.11x 2.88x
EV / EBIT 11.3x 8.89x 9.34x 13.4x 11.8x 12.9x 11.6x 10.4x
EV / FCF 6.63x 6.36x 7.99x 10.4x 10.4x 10.9x 9.34x 8.06x
FCF Yield 15.1% 15.7% 12.5% 9.66% 9.58% 9.2% 10.7% 12.4%
Dividend per Share 2 0.17 0.196 0.2332 0.2598 0.272 0.2525 0.2762 0.3032
Rate of return 8.03% 7.22% 6.87% 5.68% 5.62% 6.53% 7.14% 7.84%
EPS 2 0.31 0.3 0.33 0.36 0.36 0.3269 0.3448 0.3652
Distribution rate 54.8% 65.3% 70.7% 72.2% 75.6% 77.2% 80.1% 83%
Net sales 1 439,552 481,448 507,843 529,417 529,559 522,615 530,475 538,963
EBITDA 1 123,912 130,359 142,072 140,847 143,872 139,843 141,627 144,485
EBIT 1 30,947 33,427 42,569 39,803 39,674 35,903 38,089 39,892
Net income 1 25,948 27,593 30,446 33,012 33,185 29,707 31,531 33,486
Net Debt 1 -16,312 -65,816 -69,295 -90,477 -89,784 -76,959 -98,765 -124,058
Reference price 2 2.118 2.716 3.395 4.576 4.844 3.869 3.869 3.869
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.08x1.31x4.16x7.01% 223B
10.98x2.58x6.82x5.67% 207B
14.03x2.22x5.13x3.91% 160B
13.92x1.87x8.14x3.02% 92.98B
11.84x0.88x3.32x6.53% 80.46B
11.82x1.81x4.56x2.77% 69.74B
15.35x2.69x8.4x5.04% 58.22B
23.81x5.38x19.64x4.58% 56.66B
15.19x2.81x6.29x4.33% 51.81B
Average 14.22x 2.39x 7.38x 4.76% 111.06B
Weighted average by Cap. 13.09x 2.16x 6.43x 5.14%

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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