Company Valuation: ZTE Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 146,171 114,433 118,615 180,020 170,846 156,424 - -
Change - -21.71% 3.65% 51.77% -5.1% -8.44% - -
Enterprise Value (EV) 1 134,901 103,175 93,210 193,818 191,562 183,426 183,695 182,391
Change - -23.52% -9.66% 107.94% -1.16% -4.25% 0.15% -0.71%
P/E 22.8x 15.1x 13.5x 23x 32.6x 25.9x 21.7x 20.9x
PBR 3.08x 2.09x 1.86x 2.65x 2.4x 2.12x 1.99x 1.89x
PEG - 0.9x 0.9x -2.3x -1x 1.6x 1.1x 5.45x
Capitalization / Revenue 1.28x 0.93x 0.95x 1.48x 1.28x 1.04x 0.95x 0.86x
EV / Revenue 1.18x 0.84x 0.75x 1.6x 1.43x 1.22x 1.11x 1.01x
EV / EBITDA 9.31x 7.92x 6.29x 14x 17.6x 15.3x 16.2x 14.4x
EV / EBIT 18.3x 11.9x 9.09x 20.7x 30.1x 21.1x 22x 19.6x
EV / FCF 13.4x 39.3x 6.9x 24.2x 7,437x 41.7x 29.5x 26.2x
FCF Yield 7.44% 2.54% 14.5% 4.13% 0.01% 2.4% 3.39% 3.82%
Dividend per Share 2 0.3 0.4 0.683 0.617 0.411 0.74 0.6774 0.72
Rate of return 0.9% 1.55% 2.58% 1.53% 1.09% 2.11% 1.93% 2.05%
EPS 2 1.47 1.71 1.96 1.76 1.16 1.352 1.616 1.678
Distribution rate 20.4% 23.4% 34.8% 35.1% 35.4% 54.7% 41.9% 42.9%
Net sales 1 114,522 122,954 124,251 121,299 133,895 150,743 165,232 181,238
EBITDA 1 14,494 13,019 14,827 13,880 10,893 11,989 11,342 12,693
EBIT 1 7,380 8,668 10,258 9,342 6,362 8,674 8,366 9,320
Net income 1 6,813 8,080 9,326 8,425 5,618 6,765 8,374 9,298
Net Debt 1 -11,270 -11,258 -25,405 13,798 20,715 27,002 27,271 25,967
Reference price 2 33.50 25.86 26.48 40.40 37.84 35.05 35.05 35.05
Nbr of stocks (in thousands) 4,726,548 4,736,113 4,783,252 4,783,535 4,783,535 4,754,875 - -
Announcement Date 3/8/22 3/10/23 3/8/24 2/28/25 3/6/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
25.92x1.22x15.3x2.11% 23.19B
34.36x7.19x18.58x1.48% 440B
52.36x18.58x37.29x-.--% 251B
22.31x0.9x16.02x2.08% 195B
33.16x10.45x25.73x0.34% 164B
187.5x27.47x80.54x-.--% 82.06B
33.83x6.55x18.7x1% 77.2B
82.38x9.6x44.3x-.--% 60.69B
44.12x2.34x15.21x1.63% 59.83B
30.99x7.03x23.53x1.33% 59.82B
Average 54.69x 9.13x 29.52x 1% 141.26B
Weighted average by Cap. 46.82x 9.66x 27.10x 1%

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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