Company Valuation: ZTE Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 146,171 114,433 118,615 180,020 170,846 147,519 - -
Change - -21.71% 3.65% 51.77% -5.1% -13.65% - -
Enterprise Value (EV) 1 134,901 103,175 93,210 193,818 191,562 174,470 173,566 172,266
Change - -23.52% -9.66% 107.94% -1.16% -8.92% -0.52% -0.75%
P/E 22.8x 15.1x 13.5x 23x 32.6x 26.5x 23x 19.8x
PBR 3.08x 2.09x 1.86x 2.65x 2.4x 2x 1.89x 1.79x
PEG - 0.9x 0.9x -2.3x -1x 3.53x 1.5x 1.3x
Capitalization / Revenue 1.28x 0.93x 0.95x 1.48x 1.28x 0.97x 0.88x 0.79x
EV / Revenue 1.18x 0.84x 0.75x 1.6x 1.43x 1.15x 1.03x 0.93x
EV / EBITDA 9.31x 7.92x 6.29x 14x 17.6x 15.2x 17.3x 13.9x
EV / EBIT 18.3x 11.9x 9.09x 20.7x 30.1x 19.8x 21.7x 19x
EV / FCF 13.4x 39.3x 6.9x 24.2x 7,437x 39.6x 27.9x 24.7x
FCF Yield 7.44% 2.54% 14.5% 4.13% 0.01% 2.52% 3.58% 4.04%
Dividend per Share 2 0.3 0.4 0.683 0.617 0.411 0.74 0.5819 0.7009
Rate of return 0.9% 1.55% 2.58% 1.53% 1.09% 2.24% 1.76% 2.12%
EPS 2 1.47 1.71 1.96 1.76 1.16 1.247 1.441 1.668
Distribution rate 20.4% 23.4% 34.8% 35.1% 35.4% 59.3% 40.4% 42%
Net sales 1 114,522 122,954 124,251 121,299 133,895 152,012 168,092 185,922
EBITDA 1 14,494 13,019 14,827 13,880 10,893 11,478 10,044 12,349
EBIT 1 7,380 8,668 10,258 9,342 6,362 8,799 8,015 9,087
Net income 1 6,813 8,080 9,326 8,425 5,618 5,983 6,604 7,867
Net Debt 1 -11,270 -11,258 -25,405 13,798 20,715 26,951 26,047 24,747
Reference price 2 33.50 25.86 26.48 40.40 37.84 33.09 33.09 33.09
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.53x1.15x15.2x2.24% 21.98B
26.88x5.97x15.47x1.56% 431B
50.88x17.99x36.11x-.--% 243B
21.99x0.88x15.78x2.11% 193B
29.4x9.31x22.47x0.44% 159B
46.65x13.85x31.4x-.--% 88.71B
33.37x6.48x18.52x1.01% 76.11B
44.86x2.38x15.48x1.61% 61.05B
27.18x6.13x20.45x1.52% 52.49B
58.68x7.56x33.43x-.--% 47.93B
Average 36.64x 7.17x 22.43x 1.05% 137.52B
Weighted average by Cap. 34.28x 8.13x 21.99x 1.06%

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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