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 26.7x 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 3.56x 1.5x 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 15.3x 17.4x 14x
EV / EBIT 18.3x 11.9x 9.09x 20.7x 30.1x 19.9x 21.8x 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 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 33.28 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.($)
26.69x1.15x15.29x2.22% 22.12B
26.82x5.96x15.44x1.56% 431B
51.1x18.08x36.28x-.--% 244B
22.44x0.9x16.11x2.06% 197B
28.96x9.2x22.24x0.44% 158B
41.57x12.31x27.92x-.--% 79.05B
33.96x6.59x18.81x0.99% 77.46B
43.89x2.32x15.13x1.64% 59.76B
27.66x6.24x20.84x1.49% 53.43B
17.75x2.76x11.86x4.14% 47.61B
Average 32.08x 6.55x 19.99x 1.46% 136.88B
Weighted average by Cap. 32.49x 7.84x 21.02x 1.2%

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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