Company Valuation: SmarTone Telecommunications Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 4,657 5,111 4,577 5,355 4,001 4,855
Change - 9.73% -10.43% 17% -25.29% 21.34%
Enterprise Value (EV) 1 4,916 5,348 4,719 4,938 3,201 3,614
Change - 8.79% -11.77% 4.64% -35.17% 12.91%
P/E 12.3x 11.5x 10.8x 19.9x 8.52x 10.1x
PBR 0.93x 1x 0.89x 1.05x 0.77x 0.92x
PEG - 0.6x -2.5x -0.5x 0.1x 4.88x
Capitalization / Revenue 0.67x 0.76x 0.66x 0.79x 0.64x 0.78x
EV / Revenue 0.7x 0.8x 0.68x 0.73x 0.51x 0.58x
EV / EBITDA 3.13x 3.22x 2.6x 2.89x 1.88x 2.07x
EV / EBIT 8.13x 7.9x 6.33x 7.04x 4.58x 4.81x
EV / FCF 3.06x 4.41x 4.2x 3.73x 2.26x 2.77x
FCF Yield 32.7% 22.7% 23.8% 26.8% 44.3% 36.1%
Dividend per Share 2 0.295 0.3 0.3 0.32 0.32 0.32
Rate of return 7.11% 6.52% 7.25% 6.61% 8.82% 7.26%
EPS 2 0.3379 0.3989 0.3816 0.243 0.4259 0.4347
Distribution rate 87.3% 75.2% 78.6% 132% 75.1% 73.6%
Net sales 1 6,986 6,720 6,957 6,763 6,221 6,253
EBITDA 1 1,573 1,663 1,817 1,708 1,699 1,750
EBIT 1 604.4 677.3 745.5 701.8 699.2 751
Net income 1 379 444.6 423.2 268.8 470.1 478.9
Net Debt 1 258.5 237.4 141.4 -417.5 -800.2 -1,241
Reference price 2 4.150 4.600 4.140 4.840 3.630 4.410
Nbr of stocks (in thousands) 1,122,275 1,110,989 1,105,624 1,106,465 1,102,259 1,100,952
Announcement Date 9/29/20 9/28/21 9/28/22 9/26/23 10/7/24 10/9/25
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 684M
-212.98x38.07x87.63x - 1,535B
16.72x2.95x7.46x2.28% 196B
30.16x6.02x27.24x0.22% 177B
10.52x2.43x6.53x4.5% 169B
15.2x2.41x8.03x2.81% 69.61B
14.68x1.44x4.91x3.36% 37.75B
21.1x5.65x10.35x4.46% 33.13B
9.42x0.35x1.4x7.19% 26.5B
12.95x3.18x7.14x7.24% 19.03B
Average -9.14x 6.94x 17.86x 4.01% 226.34B
Weighted average by Cap. -138.61x 26.94x 63.26x 2.81%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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