Company Valuation: ZTE Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 146,171 114,433 118,615 180,020 170,846 148,493 - -
Change - -21.71% 3.65% 51.77% -5.1% -13.08% - -
Enterprise Value (EV) 1 134,901 103,175 93,210 193,818 191,562 175,445 174,541 173,241
Change - -23.52% -9.66% 107.94% -1.16% -8.41% -0.52% -0.74%
P/E 22.8x 15.1x 13.5x 23x 32.6x 11.5x 23.1x 20x
PBR 3.08x 2.09x 1.86x 2.65x 2.4x 2.01x 1.9x 1.8x
PEG - 0.9x 0.9x -2.3x -1x 0x -0.5x 1.3x
Capitalization / Revenue 1.28x 0.93x 0.95x 1.48x 1.28x 0.98x 0.88x 0.8x
EV / Revenue 1.18x 0.84x 0.75x 1.6x 1.43x 1.15x 1.04x 0.93x
EV / EBITDA 9.31x 7.92x 6.29x 14x 17.6x 19.5x 17.4x 14x
EV / EBIT 18.3x 11.9x 9.09x 20.7x 30.1x 19.9x 22.1x 19.1x
EV / FCF 13.4x 39.3x 6.9x 24.2x 7,437x 39.9x 28.1x 24.9x
FCF Yield 7.44% 2.54% 14.5% 4.13% 0.01% 2.51% 3.56% 4.02%
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% 2.22% 1.75% 2.11%
EPS 2 1.47 1.71 1.96 1.76 1.16 2.89 1.441 1.668
Distribution rate 20.4% 23.4% 34.8% 35.1% 35.4% 25.6% 40.4% 42%
Net sales 1 114,522 122,954 124,251 121,299 133,895 152,012 167,836 185,922
EBITDA 1 14,494 13,019 14,827 13,880 10,893 9,012 10,044 12,349
EBIT 1 7,380 8,668 10,258 9,342 6,362 8,799 7,905 9,087
Net income 1 6,813 8,080 9,326 8,425 5,618 5,983 6,910 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 33.28 33.28 33.28
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.($)
26.52x1.15x15.19x2.24% 21.95B
26.82x5.96x15.44x1.56% 431B
51.1x18.08x36.28x-.--% 244B
21.47x0.86x15.4x2.16% 188B
26x8.5x20.52x0.5% 142B
41.57x12.31x27.92x-.--% 79.05B
33.96x6.59x18.81x0.99% 77.46B
41.38x2.18x14.21x1.74% 56.32B
27.66x6.24x20.84x1.49% 53.43B
17.75x2.76x11.86x4.14% 47.6B
Average 31.42x 6.46x 19.65x 1.48% 134.12B
Weighted average by Cap. 32.01x 7.79x 20.73x 1.23%

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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