Company Valuation: ZTE Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 146,171 114,433 118,615 180,020 170,846 155,999 - -
Change - -21.71% 3.65% 51.77% -5.1% -8.69% - -
Enterprise Value (EV) 1 134,901 103,175 93,210 193,818 191,562 183,000 181,993 180,712
Change - -23.52% -9.66% 107.94% -1.16% -4.47% -0.55% -0.7%
P/E 22.8x 15.1x 13.5x 23x 32.6x 26.3x 21.8x 20.5x
PBR 3.08x 2.09x 1.86x 2.65x 2.4x 2.11x 1.99x 1.87x
PEG - 0.9x 0.9x -2.3x -1x 1.8x 1.1x 3.15x
Capitalization / Revenue 1.28x 0.93x 0.95x 1.48x 1.28x 1.04x 0.94x 0.85x
EV / Revenue 1.18x 0.84x 0.75x 1.6x 1.43x 1.22x 1.1x 0.99x
EV / EBITDA 9.31x 7.92x 6.29x 14x 17.6x 15.3x 14.3x 14x
EV / EBIT 18.3x 11.9x 9.09x 20.7x 30.1x 24.5x 22.8x 19.3x
EV / FCF 13.4x 39.3x 6.9x 24.2x 7,437x 41.6x 29.3x 26x
FCF Yield 7.44% 2.54% 14.5% 4.13% 0.01% 2.4% 3.42% 3.85%
Dividend per Share 2 0.3 0.4 0.683 0.617 0.411 0.74 0.6544 0.7014
Rate of return 0.9% 1.55% 2.58% 1.53% 1.09% 2.11% 1.87% 2%
EPS 2 1.47 1.71 1.96 1.76 1.16 1.331 1.602 1.707
Distribution rate 20.4% 23.4% 34.8% 35.1% 35.4% 55.6% 40.8% 41.1%
Net sales 1 114,522 122,954 124,251 121,299 133,895 150,495 165,857 182,664
EBITDA 1 14,494 13,019 14,827 13,880 10,893 11,989 12,756 12,933
EBIT 1 7,380 8,668 10,258 9,342 6,362 7,467 7,992 9,350
Net income 1 6,813 8,080 9,326 8,425 5,618 6,646 7,837 9,220
Net Debt 1 -11,270 -11,258 -25,405 13,798 20,715 27,002 25,995 24,713
Reference price 2 33.50 25.86 26.48 40.40 37.84 35.00 35.00 35.00
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.($)
26.3x1.22x15.26x1.73% 23.04B
35.11x7.35x18.98x1.45% 450B
51.58x17.55x36.63x-.--% 219B
36.99x11.84x29.45x0.28% 181B
19.64x0.81x14.24x2.28% 177B
31.5x6x17.55x1.14% 69.36B
154.47x19.89x58.31x-.--% 59.36B
75.11x8.75x40.39x-.--% 55.34B
39.68x2.06x13.44x1.83% 52.41B
20.2x2.84x13.44x3.02% 48.04B
Average 49.06x 7.83x 25.77x 1.17% 133.4B
Weighted average by Cap. 42.30x 8.84x 24.75x 1.1%

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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