Company Valuation: China Unicom (Hong Kong) Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 114,653 97,217 130,729 136,094 212,485 209,991 209,991 -
Change - -15.21% 34.47% 4.1% 56.13% -1.17% 0% -
Enterprise Value (EV) 1 94,216 57,769 97,616 66,529 163,002 166,993 134,380 113,202
Change - -38.68% 68.98% -31.85% 145.01% 2.45% -19.53% -15.76%
P/E ratio 9.14x 6.76x 7.77x 7.29x 10.4x 9.62x 9.42x 8.82x
PBR 0.35x 0.29x 0.38x 0.39x 0.59x 0.57x 0.55x 0.54x
PEG - 0.5x 0.5x 0.7x 1.06x 1.48x 4.4x 1.31x
Capitalization / Revenue 0.38x 0.3x 0.37x 0.37x 0.55x 0.53x 0.52x 0.5x
EV / Revenue 0.31x 0.18x 0.28x 0.18x 0.42x 0.42x 0.33x 0.27x
EV / EBITDA 1x 0.6x 0.98x 0.67x 1.64x 1.66x 1.34x 1.11x
EV / EBIT 8.47x 5.42x 7.91x 4.45x 10.2x 8.88x 6.83x 5.3x
EV / FCF 1.83x 1.39x 3.71x 2.33x 5.82x 4.59x 3.47x 2.75x
FCF Yield 54.7% 72.2% 27% 42.9% 17.2% 21.8% 28.8% 36.4%
Dividend per Share 2 0.164 0.216 0.274 0.3366 0.4043 0.4575 0.5053 0.5489
Rate of return 4.38% 6.8% 6.41% 7.57% 5.82% 6.67% 7.36% 8%
EPS 2 0.41 0.47 0.55 0.61 0.67 0.7136 0.7289 0.7782
Distribution rate 40% 46% 49.8% 55.2% 60.3% 64.1% 69.3% 70.5%
Net sales 1 303,838 327,854 354,944 372,597 389,589 397,874 407,099 418,142
EBITDA 1 94,139 96,320 99,169 99,810 99,420 100,312 100,066 101,570
EBIT 1 11,123 10,668 12,340 14,960 16,028 18,802 19,675 21,378
Net income 1 12,493 14,368 16,745 18,726 20,613 21,897 22,466 23,892
Net Debt 1 -20,437 -39,448 -33,113 -69,565 -49,483 -42,998 -75,611 -96,789
Reference price 2 3.747 3.177 4.272 4.448 6.944 6.863 6.863 6.863
Nbr of stocks (in thousands) 30,598,124 30,598,124 30,598,124 30,598,124 30,598,124 30,598,124 30,598,124 -
Announcement Date 3/11/21 3/11/22 3/8/23 3/19/24 3/18/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.62x0.42x1.66x6.67% 30.45B
20.59x3.42x8.67x1.9% 240B
12.08x2.61x6.98x4% 194B
6.59x4.71x25.03x0.31% 128B
13.61x2.21x7.18x3.06% 62.78B
15.61x1.33x4.71x3.83% 33.41B
20.97x5.47x10.09x4.47% 33.3B
20.5x4.01x8.92x5.62% 24.09B
14.02x1.98x5.29x5.01% 16.65B
19.12x4.57x7.59x3.41% 14.18B
Average 15.27x 3.07x 8.61x 3.83% 77.62B
Weighted average by Cap. 14.79x 3.22x 10.35x 2.85%

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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