Company Valuation: China United Network Communications Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 121,796 142,484 139,301 168,861 159,761 131,623 - -
Change - 16.99% -2.23% 21.22% -5.39% -17.61% - -
Enterprise Value (EV) 1 93,305 87,641 96,295 131,134 130,872 73,895 55,993 33,308
Change - -6.07% 9.87% 36.18% -0.2% -43.54% -24.23% -40.51%
P/E 19.1x 19.1x 16.8x 18.2x 17.5x 16x 15x 14.3x
PBR 0.82x 0.92x 0.88x 1.02x 0.95x 0.81x 0.78x 0.78x
PEG - 1.4x 1.5x 1.5x 511x -1.6x 2.28x 2.63x
Capitalization / Revenue 0.37x 0.4x 0.37x 0.43x 0.41x 0.34x 0.33x 0.33x
EV / Revenue 0.28x 0.25x 0.26x 0.34x 0.33x 0.19x 0.14x 0.08x
EV / EBITDA 1.05x 0.96x 1.07x 1.36x 1.5x 0.83x 0.61x 0.36x
EV / EBIT 5.27x 4.3x 4.22x 5.78x 5.23x 3.29x 2.46x 1.42x
EV / FCF 2.21x 2.83x 3.65x 7.5x 5.13x 1.65x 1.47x 0.89x
FCF Yield 45.2% 35.3% 27.4% 13.3% 19.5% 60.7% 68.3% 113%
Dividend per Share 2 0.096 0.0427 0.0524 0.0621 0.0523 0.1542 0.1677 0.1806
Rate of return 2.44% 0.95% 1.2% 1.17% 1.02% 3.66% 3.98% 4.29%
EPS 2 0.206 0.234 0.261 0.292 0.2921 0.2625 0.2798 0.295
Distribution rate 46.6% 18.2% 20.1% 21.3% 17.9% 58.7% 59.9% 61.2%
Net sales 1 327,854 354,944 372,600 389,589 392,223 389,952 397,372 403,464
EBITDA 1 89,038 91,127 90,154 96,422 87,011 89,173 91,784 93,633
EBIT 1 17,696 20,401 22,800 22,700 25,036 22,452 22,781 23,445
Net income 1 6,305 7,299 8,200 9,030 9,127 7,851 8,450 8,949
Net Debt 1 -28,492 -54,843 -43,006 -37,727 -28,889 -57,729 -75,630 -98,316
Reference price 2 3.930 4.480 4.380 5.310 5.110 4.210 4.210 4.210
Nbr of stocks (in thousands) 30,991,393 31,804,436 31,803,992 31,800,581 31,264,425 31,264,425 - -
Announcement Date 11/3/22 8/3/23 4/3/24 18/3/25 19/3/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.04x0.19x0.83x3.66% 19.62B
11.02x1.31x4.14x7.04% 222B
11.14x2.6x6.88x5.58% 210B
13.9x2.18x5.62x3.94% 159B
13.81x1.86x8.11x3.04% 93.15B
11.83x0.89x3.34x6.53% 80.78B
11.48x1.77x4.47x2.85% 68.4B
15.37x2.7x8.42x5.03% 58.31B
24.24x5.47x19.96x4.5% 57.98B
15.13x2.8x6.27x4.35% 51.61B
Average 14.40x 2.18x 6.80x 4.65% 102.16B
Weighted average by Cap. 13.15x 2.13x 6.44x 5.11%

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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