Company Valuation: ZTE Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 146,171 114,433 118,615 180,020 170,846 142,385 - -
Change - -21.71% 3.65% 51.77% -5.1% -16.66% - -
Enterprise Value (EV) 1 134,901 103,175 93,210 193,818 191,562 169,337 168,432 167,133
Change - -23.52% -9.66% 107.94% -1.16% -11.6% -0.53% -0.77%
P/E 22.8x 15.1x 13.5x 23x 32.6x 25.6x 22.2x 19.2x
PBR 3.08x 2.09x 1.86x 2.65x 2.4x 1.93x 1.83x 1.72x
PEG - 0.9x 0.9x -2.3x -1x 3.41x 1.4x 1.2x
Capitalization / Revenue 1.28x 0.93x 0.95x 1.48x 1.28x 0.94x 0.85x 0.77x
EV / Revenue 1.18x 0.84x 0.75x 1.6x 1.43x 1.11x 1x 0.9x
EV / EBITDA 9.31x 7.92x 6.29x 14x 17.6x 14.8x 16.8x 13.5x
EV / EBIT 18.3x 11.9x 9.09x 20.7x 30.1x 19.2x 21x 18.4x
EV / FCF 13.4x 39.3x 6.9x 24.2x 7,437x 38.5x 27.1x 24x
FCF Yield 7.44% 2.54% 14.5% 4.13% 0.01% 2.6% 3.69% 4.16%
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% 2.32% 1.82% 2.19%
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 31.95 31.95 31.95
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 A 3/10/23 A 3/8/24 A 2/28/25 A 3/6/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.8x1.12x14.85x2.3% 21.39B
27.54x6.12x15.85x1.52% 442B
52.63x18.66x37.44x-.--% 252B
21.17x0.86x15.49x2.14% 190B
29.96x9.53x23x0.41% 162B
43.73x12.89x29.14x-.--% 83.15B
33.83x6.56x18.74x1% 77.15B
45.69x2.42x15.79x1.58% 62.11B
28.22x6.38x21.29x1.46% 54.51B
60.69x7.81x34.55x-.--% 49.57B
Average 36.93x 7.23x 22.62x 1.04% 139.33B
Weighted average by Cap. 34.79x 8.32x 22.35x 1.04%

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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