Stock 600050 CHINA UNITED NETWORK COMMUNICATIONS LIMITED
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Financials China United Network Communications Limited

Equities

600050

CNE000001CS2

Integrated Telecommunications Services

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
4.76 CNY +0.42% Intraday chart for China United Network Communications Limited -1.65% +8.68%
Apr. 22 China Unicom's Q1 Profit Jumps 10% as Revenue Rises 2% MT
Apr. 19 China Unicom Logs Nearly 269 Million 5G Subscribers in March MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 182,789 138,330 121,796 142,484 139,301 151,371 - -
Enterprise Value (EV) 1 167,840 122,327 93,305 87,641 96,295 99,827 74,261 49,261
P/E ratio 36.6 x 25.1 x 19.1 x 19.1 x 16.8 x 16.4 x 14.9 x 13.5 x
Yield 1.03% 1.48% 2.44% 0.95% 1.2% 3.34% 4.58% 5.31%
Capitalization / Revenue 0.63 x 0.46 x 0.37 x 0.4 x 0.37 x 0.38 x 0.36 x 0.35 x
EV / Revenue 0.58 x 0.4 x 0.28 x 0.25 x 0.26 x 0.25 x 0.18 x 0.11 x
EV / EBITDA 2 x 1.45 x 1.05 x 0.96 x 1.07 x 1.03 x 0.73 x 0.47 x
EV / FCF 4.49 x 2.43 x 2.21 x 2.83 x 3.65 x 2.23 x 1.54 x 0.91 x
FCF Yield 22.3% 41.1% 45.2% 35.3% 27.4% 44.9% 65% 110%
Price to Book 1.28 x 0.94 x 0.82 x 0.92 x 0.88 x 0.92 x 0.88 x 0.86 x
Nbr of stocks (in thousands) 31,033,706 31,015,595 30,991,393 31,804,436 31,803,992 31,800,581 - -
Reference price 2 5.890 4.460 3.930 4.480 4.380 4.760 4.760 4.760
Announcement Date 3/23/20 3/11/21 3/11/22 3/8/23 3/4/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 290,515 303,838 327,854 354,944 372,600 400,408 417,465 436,898
EBITDA 1 83,786 84,585 89,038 91,127 90,154 97,015 102,338 105,797
EBIT 1 13,443 15,590 17,696 20,401 22,800 25,732 28,716 31,797
Operating Margin 4.63% 5.13% 5.4% 5.75% 6.12% 6.43% 6.88% 7.28%
Earnings before Tax (EBT) 1 14,035 15,960 17,807 20,367 22,700 25,697 28,057 31,136
Net income 1 4,982 5,521 6,305 7,299 8,200 9,172 10,081 11,131
Net margin 1.71% 1.82% 1.92% 2.06% 2.2% 2.29% 2.41% 2.55%
EPS 2 0.1610 0.1780 0.2060 0.2340 0.2610 0.2900 0.3199 0.3538
Free Cash Flow 1 37,354 50,325 42,197 30,932 26,358 44,863 48,277 54,416
FCF margin 12.86% 16.56% 12.87% 8.71% 7.07% 11.2% 11.56% 12.45%
FCF Conversion (EBITDA) 44.58% 59.5% 47.39% 33.94% 29.24% 46.24% 47.17% 51.43%
FCF Conversion (Net income) 749.76% 911.48% 669.21% 423.76% 321.44% 489.12% 478.88% 488.86%
Dividend per Share 2 0.0604 0.0658 0.0960 0.0427 0.0524 0.1592 0.2179 0.2530
Announcement Date 3/23/20 3/11/21 3/11/22 3/8/23 3/4/24 - - -
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 Q2 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1 2025 Q2
Net sales 1 145,561 150,397 153,441 164,174 83,365 163,680 - 178,683 - - 191,833 89,860 90,904 180,764 99,496 100,906 197,296 95,838 96,952 192,327 110,601 107,630
EBITDA - - - - 18,117 - - - - - - - - - - - - - - - - -
EBIT - - - 11,206 - 6,489 - 7,181 - - 15,121 - - - - - - - - - - -
Operating Margin - - - 6.83% - 3.96% - 4.02% - - 7.88% - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - - - - - - - - - -
Net income - - - - - - 2,755 - - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - - - - - - - - - -
EPS 2 0.0600 0.1080 0.0700 0.1310 - 0.0800 0.0910 0.0700 0.0710 0.1000 0.1740 0.0700 0.0200 0.0900 0.0780 0.1200 0.2100 0.0800 0.0200 0.0900 - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 3/23/20 8/12/20 3/11/21 8/19/21 3/11/22 3/11/22 8/8/22 3/8/23 4/18/23 8/9/23 8/9/23 10/24/23 3/4/24 3/4/24 4/19/24 - - - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 14,948 16,002 28,492 54,843 43,006 51,543 77,110 102,110
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 37,354 50,325 42,197 30,932 26,358 44,863 48,277 54,416
ROE (net income / shareholders' equity) 3.45% 3.73% 4.17% 4.67% 5.08% 5.57% 5.93% 6.34%
ROA (Net income/ Total Assets) 0.9% 0.96% 1.1% 1.18% - 1.39% 1.46% 1.56%
Assets 1 552,950 573,345 574,572 618,968 - 659,866 690,373 712,464
Book Value Per Share 2 4.620 4.760 4.810 4.850 5.000 5.180 5.380 5.540
Cash Flow per Share 2 3.100 3.460 3.690 3.200 3.280 3.520 3.260 3.500
Capex 1 58,855 57,008 69,775 70,776 77,983 69,457 69,985 73,610
Capex / Sales 20.26% 18.76% 21.28% 19.94% 20.93% 17.35% 16.76% 16.85%
Announcement Date 3/23/20 3/11/21 3/11/22 3/8/23 3/4/24 - - -
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 United Network Communications Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
4.76 CNY
Average target price
4.914 CNY
Spread / Average Target
+3.24%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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