Financials China Mobile Limited

Equities

941 HK0941009539

Integrated Telecommunications Services

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
71.05 ^HKD	+0.35%		+2.97%	+9.65%

Apr. 26	China Mobile Limited Announces Appointment of He Biao as Executive Director	CI
Apr. 26	China Mobile Limited Announces Appointment of He Biao as Chief Executive Officer	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,198,542	761,710	780,795	996,114	1,296,619	1,441,627	-	-
Enterprise Value (EV) ¹	914,478	438,599	562,911	859,927	1,153,022	1,319,627	1,163,872	1,110,318
P/E ratio	11.3 x	7.06 x	6.73 x	7.77 x	9.58 x	9.97 x	9.34 x	8.95 x
Yield	5.08%	8.84%	8.65%	-	-	7.17%	7.88%	8.43%
Capitalization / Revenue	1.61 x	0.99 x	0.92 x	1.06 x	1.28 x	1.33 x	1.26 x	1.19 x
EV / Revenue	1.23 x	0.57 x	0.66 x	0.92 x	1.14 x	1.22 x	1.02 x	0.92 x
EV / EBITDA	3.09 x	1.54 x	1.81 x	2.61 x	3.07 x	3.55 x	3.13 x	2.89 x
EV / FCF	11.2 x	3.45 x	4.29 x	8.88 x	9.41 x	10.7 x	7.34 x	6.74 x
FCF Yield	8.93%	29%	23.3%	11.3%	10.6%	9.33%	13.6%	14.8%
Price to Book	1.09 x	0.66 x	0.65 x	-	-	1.01 x	0.98 x	0.96 x
Nbr of stocks (in thousands)	20,475,483	20,475,483	20,475,483	21,362,827	21,390,880	21,399,477	-	-
Reference price ²	58.54	37.20	38.13	45.70	58.90	65.77	65.77	65.77
Announcement Date	3/19/20	3/25/21	3/23/22	3/23/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	745,917	768,070	848,258	937,259	1,009,309	1,083,794	1,142,787	1,206,927
EBITDA ¹	295,967	285,135	311,008	329,176	375,249	371,761	371,406	383,747
EBIT ¹	113,149	112,734	151,994	161,306	168,117	176,519	177,479	187,365
Operating Margin	15.17%	14.68%	17.92%	17.21%	16.66%	16.29%	15.53%	15.52%
Earnings before Tax (EBT) ¹	142,133	142,359	151,973	162,872	170,531	182,581	194,103	207,528
Net income ¹	106,641	107,843	115,937	125,459	131,766	141,152	149,905	160,276
Net margin	14.3%	14.04%	13.67%	13.39%	13.06%	13.02%	13.12%	13.28%
EPS ²	5.180	5.270	5.670	5.880	6.150	6.599	7.039	7.347
Free Cash Flow ¹	81,700	127,100	131,200	96,889	122,517	123,112	158,616	164,794
FCF margin	10.95%	16.55%	15.47%	10.34%	12.14%	11.36%	13.88%	13.65%
FCF Conversion (EBITDA)	27.6%	44.58%	42.19%	29.43%	32.65%	33.12%	42.71%	42.94%
FCF Conversion (Net income)	76.61%	117.86%	113.16%	77.23%	92.98%	87.22%	105.81%	102.82%
Dividend per Share ²	2.975	3.290	3.298	-	-	4.714	5.181	5.544
Announcement Date	3/19/20	3/25/21	3/23/22	3/23/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 S1	2024 S2
Net sales ¹	356,490	389,863	378,207	443,647	199,628	324,423	227,320	269,614	496,934	226,553	213,772	440,325	279,973	530,719	244,841	233,749	478,590	531,366	517,102
EBITDA ¹	144,820	145,710	139,425	161,988	73,508	149,020	76,100	97,812	173,912	77,600	77,643	155,264	103,557	183,457	85,043	72,978	158,021	-	-
EBIT	53,394	59,118	53,616	62,516	-	55,447	-	-	74,448	-	26,903	54,651	-	80,287	-	-	54,059	85,947	58,547
Operating Margin	14.98%	15.16%	14.18%	14.09%	-	17.09%	-	-	14.98%	-	12.58%	12.41%	-	15.13%	-	-	11.3%	16.17%	11.32%
Earnings before Tax (EBT) ¹	68,863	72,887	69,472	77,696	-	-	-	-	-	-	34,917	-	-	-	39,170	32,683	-	-	-
Net income ¹	50,578	55,765	52,078	59,118	29,186	57,030	25,600	44,651	70,275	28,257	26,927	54,522	48,106	76,173	29,333	26,260	55,593	-	-
Net margin	14.19%	14.3%	13.77%	13.33%	14.62%	17.58%	11.26%	16.56%	14.14%	12.47%	12.6%	12.38%	17.18%	14.35%	11.98%	11.23%	11.62%	-	-
EPS	2.440	2.720	2.550	2.890	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	1.357	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/19/20	8/13/20	3/25/21	8/12/21	3/23/22	3/23/22	4/21/22	8/11/22	8/11/22	10/20/22	3/23/23	3/23/23	8/10/23	8/10/23	10/20/23	3/21/24	3/21/24	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	284,064	323,111	217,884	136,187	143,597	122,000	277,755	331,309
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	81,700	127,100	131,200	96,889	122,517	123,112	158,616	164,794
ROE (net income / shareholders' equity)	9.89%	9.57%	9.4%	10%	10.3%	10.2%	10.5%	10.6%
ROA (Net income/ Total Assets)	6.74%	6.42%	6.51%	6.64%	6.83%	6.98%	7.13%	7.39%
Assets ¹	1,582,586	1,678,561	1,781,371	1,888,419	1,928,798	2,022,237	2,103,932	2,170,296
Book Value Per Share ²	53.90	56.10	58.90	-	-	64.80	67.30	68.70
Cash Flow per Share ²	12.10	15.00	15.40	-	-	13.50	15.30	15.40
Capex ¹	165,900	180,600	183,600	183,861	181,263	173,234	172,267	169,197
Capex / Sales	22.24%	23.51%	21.64%	19.62%	17.96%	15.98%	15.07%	14.02%
Announcement Date	3/19/20	3/25/21	3/23/22	3/23/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Mobile Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

65.77 CNY

Average target price

78.34 CNY

Spread / Average Target

+19.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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