Company Valuation: China Telecom Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 365,531 362,954 467,089 623,994 556,284 538,454 - -
Change - -0.7% 28.69% 33.59% -10.85% -3.21% - -
Enterprise Value (EV) 1 349,219 297,138 397,794 533,517 466,500 462,921 442,008 417,239
Change - -14.91% 33.88% 34.12% -12.56% -0.77% -4.52% -5.6%
P/E 6.83x 9.05x 10.3x 12.7x 13.5x 11.8x 11.2x 10.6x
PBR 0.42x 0.58x 0.7x 0.93x 0.96x 0.75x 0.74x 0.73x
PEG - -2.81x 1x 1.4x - -1.23x 2.21x 1.72x
Capitalization / Revenue 0.83x 0.75x 0.92x 1.18x 1.05x 1.03x 1.01x 0.99x
EV / Revenue 0.79x 0.62x 0.78x 1.01x 0.88x 0.89x 0.83x 0.77x
EV / EBITDA 2.82x 2.28x 2.8x 3.79x 3.24x 3.33x 3.13x 2.91x
EV / EBIT 11.3x 8.89x 9.34x 13.4x 11.8x 13x 11.7x 10.5x
EV / FCF 6.63x 6.36x 7.99x 10.4x 10.4x 10.9x 9.36x 8.09x
FCF Yield 15.1% 15.7% 12.5% 9.66% 9.58% 9.19% 10.7% 12.4%
Dividend per Share 2 0.17 0.196 0.2332 0.2598 0.272 0.2514 0.2745 0.3001
Rate of return 8.03% 7.22% 6.87% 5.68% 5.62% 6.55% 7.15% 7.82%
EPS 2 0.31 0.3 0.33 0.36 0.36 0.3254 0.3419 0.363
Distribution rate 54.8% 65.3% 70.7% 72.2% 75.6% 77.2% 80.3% 82.7%
Net sales 1 439,552 481,448 507,843 529,417 529,559 522,349 532,949 543,635
EBITDA 1 123,912 130,359 142,072 140,847 143,872 139,200 141,004 143,393
EBIT 1 30,947 33,427 42,569 39,803 39,674 35,651 37,774 39,622
Net income 1 25,948 27,593 30,446 33,012 33,185 29,134 30,549 32,226
Net Debt 1 -16,312 -65,816 -69,295 -90,477 -89,784 -75,533 -96,445 -121,215
Reference price 2 2.118 2.716 3.395 4.576 4.844 3.838 3.838 3.838
Nbr of stocks (in thousands) 91,507,139 91,507,139 91,507,139 91,507,139 91,507,139 91,507,139 - -
Announcement Date 17/03/22 22/03/23 04/03/24 25/03/25 24/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.54x0.88x3.29x6.69% 79B
10.96x1.29x4.1x7.08% 221B
10.41x2.5x6.6x5.99% 196B
13x2.12x5.47x4.18% 148B
13.84x1.86x8.12x3.03% 91.12B
11.58x1.78x4.5x2.82% 66.07B
15x2.67x8.33x5.09% 57.66B
23.05x5.24x19.11x4.74% 54.68B
14.87x2.75x6.11x4.38% 51.37B
10.84x1.69x5.17x5.56% 42.89B
Average 13.51x 2.28x 7.08x 4.96% 100.7B
Weighted average by Cap. 12.58x 2.08x 6.32x 5.32%

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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