Company Valuation: ZTE Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 146,171 114,433 118,615 180,020 170,846 149,787 - -
Change - -21.71% 3.65% 51.77% -5.1% -12.33% - -
Enterprise Value (EV) 1 134,901 103,175 93,210 193,818 191,562 176,738 175,834 174,534
Change - -23.52% -9.66% 107.94% -1.16% -7.74% -0.51% -0.74%
P/E 22.8x 15.1x 13.5x 23x 32.6x 26.5x 23x 20.2x
PBR 3.08x 2.09x 1.86x 2.65x 2.4x 2.04x 1.92x 1.82x
PEG - 0.9x 0.9x -2.3x -1x 2.83x 1.5x 1.4x
Capitalization / Revenue 1.28x 0.93x 0.95x 1.48x 1.28x 0.99x 0.89x 0.81x
EV / Revenue 1.18x 0.84x 0.75x 1.6x 1.43x 1.16x 1.05x 0.94x
EV / EBITDA 9.31x 7.92x 6.29x 14x 17.6x 19.6x 17.5x 14.1x
EV / EBIT 18.3x 11.9x 9.09x 20.7x 30.1x 20.1x 22.2x 19.6x
EV / FCF 13.4x 39.3x 6.9x 24.2x 7,437x 40.2x 28.3x 25.1x
FCF Yield 7.44% 2.54% 14.5% 4.13% 0.01% 2.49% 3.54% 3.99%
Dividend per Share 2 0.3 0.4 0.683 0.617 0.411 0.4603 0.6035 0.7009
Rate of return 0.9% 1.55% 2.58% 1.53% 1.09% 1.37% 1.79% 2.08%
EPS 2 1.47 1.71 1.96 1.76 1.16 1.269 1.461 1.668
Distribution rate 20.4% 23.4% 34.8% 35.1% 35.4% 36.3% 41.3% 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 9,012 10,044 12,349
EBIT 1 7,380 8,668 10,258 9,342 6,362 8,799 7,905 8,886
Net income 1 6,813 8,080 9,326 8,425 5,618 6,843 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 33.63 33.63 33.63
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.($)
33.82x7.08x18.3x1.51% 433B
51.45x18.24x36.6x-.--% 246B
21.59x0.87x15.49x2.15% 189B
27.71x9.13x22.08x0.48% 150B
35.27x6.81x19.47x0.96% 80.43B
42.37x12.52x28.28x-.--% 80.28B
43.31x2.29x14.91x1.66% 58.86B
28.49x6.44x21.54x1.45% 55B
72.52x8.46x38.98x-.--% 53.57B
Average 39.61x 7.98x 23.96x 0.91% 149.58B
Weighted average by Cap. 36.99x 8.61x 23.15x 1.03%

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