Company Valuation: PCCW Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 30,511 27,199 32,155 34,964 41,819 41,041 - -
Change - -10.86% 18.22% 8.74% 19.61% -1.86% - -
Enterprise Value (EV) 1 72,770 73,711 81,574 84,595 98,149 104,462 111,220 117,699
Change - 1.29% 10.67% 3.7% 16.02% 6.43% 6.47% 5.83%
P/E 29.4x 173x -68.2x -116x -165x 48.2x 37.9x 35.3x
PBR 3.6x 2.38x 3.84x 4.67x 11.5x -7.57x -4.69x -3.38x
PEG - -2x 0x 3.2x 10.5x -0x 1.4x 4.94x
Capitalization / Revenue 0.79x 0.75x 0.88x 0.93x 1.04x 0.99x 0.97x 0.95x
EV / Revenue 1.88x 2.04x 2.24x 2.25x 2.44x 2.52x 2.63x 2.72x
EV / EBITDA 5.91x 5.95x 6.36x 6.58x 7.39x 7.36x 7.45x 7.58x
EV / EBIT 15.5x 15.8x 16.4x 15.7x 17.7x 16.7x 16.2x 15.9x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.3705 0.3804 0.3825 0.3825 0.3825 0.4 0.41 0.42
Rate of return 9.38% 10.8% 9.19% 8.46% 7.08% 7.55% 7.74% 7.92%
EPS 2 0.1344 0.0204 -0.061 -0.0388 -0.0327 0.11 0.14 0.15
Distribution rate 276% 1,865% -627% -986% -1,170% 364% 293% 280%
Net sales 1 38,654 36,065 36,347 37,557 40,252 41,386 42,312 43,211
EBITDA 1 12,309 12,388 12,831 12,849 13,290 14,189 14,922 15,526
EBIT 1 4,683 4,655 4,968 5,378 5,560 6,272 6,877 7,396
Net income 1 1,039 158 -471 -300 -253 861.3 1,055 1,178
Net Debt 1 42,259 46,512 49,419 49,631 56,330 63,421 70,180 76,659
Reference price 2 3.950 3.520 4.160 4.520 5.400 5.300 5.300 5.300
Nbr of stocks (in thousands) 7,724,279 7,726,853 7,729,502 7,735,365 7,744,238 7,743,520 - -
Announcement Date 24/02/22 24/02/23 23/02/24 21/02/25 10/02/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.03x1.31x4.14x7.04% 222B
10.61x2.53x6.69x5.87% 200B
13.18x2.12x4.91x4.16% 149B
13.93x1.87x8.15x3.01% 91.97B
11.64x0.87x3.26x6.65% 79.55B
11.52x1.78x4.48x2.84% 67.46B
15.29x2.68x8.37x5.06% 58B
23.43x5.3x19.36x4.66% 55.58B
14.98x2.77x6.2x4.39% 51.14B
Average 13.96x 2.36x 7.28x 4.85% 108.34B
Weighted average by Cap. 12.80x 2.12x 6.33x 5.26%

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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