Company Valuation: China Netcom Technology Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 140.6 159.3 135.9 107.8 84.35 107.8
Change - 13.33% -14.71% -20.69% -21.74% 27.78%
Enterprise Value (EV) 1 83.23 113.1 101.5 88.59 69.83 93.6
Change - 35.91% -10.3% -12.69% -21.17% 34.04%
P/E -8.1x -8.3x -13.9x -10.7x -11.1x -21.7x
PBR 2.49x 4.12x 4.96x 5.86x 7.83x 18.5x
PEG - -0.8x 0.3x -2.88x 0.4x 0.6x
Capitalization / Revenue 4.06x 4.39x 4.98x 4.9x 3.13x 2.93x
EV / Revenue 2.4x 3.11x 3.72x 4.02x 2.59x 2.55x
EV / EBITDA -455x -5.95x -10x -8.53x -5.81x -22.6x
EV / EBIT -45x -5.93x -9.99x -8.51x -5.81x -22.5x
EV / FCF -18.2x -15.4x -16.1x -9.32x -12.1x 54.4x
FCF Yield -5.49% -6.49% -6.22% -10.7% -8.24% 1.84%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.1851 -0.2048 -0.104 -0.1079 -0.0811 -0.0529
Distribution rate - - - - - -
Net sales 1 34.63 36.33 27.28 22.01 26.92 36.73
EBITDA 1 -0.183 -19.02 -10.14 -10.39 -12.02 -4.148
EBIT 1 -1.848 -19.08 -10.16 -10.41 -12.03 -4.168
Net income 1 -17.32 -19.2 -9.746 -10.11 -7.598 -4.956
Net Debt 1 -57.35 -46.2 -34.43 -19.19 -14.52 -14.18
Reference price 2 1.5000 1.7000 1.4500 1.1500 0.9000 1.1500
Nbr of stocks (in thousands) 93,721 93,721 93,721 93,721 93,721 93,721
Announcement Date 23/3/21 30/3/22 21/3/23 21/3/24 28/3/25 31/3/26
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 8.6M
23.41x3.77x13.18x2.86% 220B
-111.07x17.66x101.98x-.--% 110B
12.64x1.4x7.33x3.8% 105B
15.63x2.86x10.8x5.26% 90.13B
21.26x5.54x13.6x2.68% 61.17B
15.38x2.25x9.53x5.08% 49.53B
20.66x1.52x9.63x0.92% 39.27B
18.39x2.36x11.32x4.73% 37.92B
19.65x1.6x9.8x1.49% 39.19B
Average 3.99x 4.33x 20.80x 2.98% 75.21B
Weighted average by Cap. -0.03x 5.11x 24.43x 2.91%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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