Financials PCCW Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
3.94 ^HKD	+0.25%		+2.34%	-5.29%

Feb. 26	Vivendi: Canal+ increases its stake in Viu	CF
Feb. 23	Transcript : PCCW Limited, 2023 Earnings Call, Feb 23, 2024

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	35,573	36,048	30,511	27,199	32,155	30,449	-	-
Enterprise Value (EV) ¹	85,270	88,656	72,770	73,711	81,574	82,616	85,198	87,553
P/E ratio	52.2 x	-35.3 x	29.4 x	173 x	-68.2 x	165 x	63.3 x	40.8 x
Yield	6.98%	6.89%	9.38%	10.8%	9.19%	9.58%	9.7%	9.84%
Capitalization / Revenue	0.95 x	0.95 x	0.79 x	0.75 x	0.88 x	0.81 x	0.79 x	0.78 x
EV / Revenue	2.27 x	2.33 x	1.88 x	2.04 x	2.24 x	2.19 x	2.21 x	2.23 x
EV / EBITDA	6.91 x	7.4 x	5.91 x	5.95 x	6.36 x	6.02 x	5.99 x	5.98 x
EV / FCF	13.8 x	-	-	9.21 x	-	8.8 x	7.89 x	7.73 x
FCF Yield	7.24%	-	-	10.9%	-	11.4%	12.7%	12.9%
Price to Book	2.29 x	3.63 x	3.6 x	2.38 x	3.84 x	7.52 x	-19 x	-5.89 x
Nbr of stocks (in thousands)	7,716,457	7,719,019	7,724,279	7,726,853	7,729,502	7,728,091	-	-
Reference price ²	4.610	4.670	3.950	3.520	4.160	3.940	3.940	3.940
Announcement Date	2/13/20	2/5/21	2/24/22	2/24/23	2/23/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	37,521	38,046	38,654	36,065	36,347	37,667	38,601	39,286
EBITDA ¹	12,339	11,978	12,309	12,388	12,831	13,720	14,217	14,631
EBIT ¹	5,117	4,095	4,683	4,655	4,968	5,731	6,162	6,492
Operating Margin	13.64%	10.76%	12.12%	12.91%	13.67%	15.21%	15.96%	16.53%
Earnings before Tax (EBT) ¹	3,811	1,408	3,911	2,599	2,499	3,582	4,038	4,584
Net income ¹	681	-1,020	1,039	158	-471	193.7	485.1	751.3
Net margin	1.81%	-2.68%	2.69%	0.44%	-1.3%	0.51%	1.26%	1.91%
EPS ²	0.0883	-0.1322	0.1344	0.0204	-0.0610	0.0238	0.0622	0.0965
Free Cash Flow ¹	6,177	-	-	8,007	-	9,385	10,804	11,320
FCF margin	16.46%	-	-	22.2%	-	24.92%	27.99%	28.81%
FCF Conversion (EBITDA)	50.06%	-	-	64.64%	-	68.4%	75.99%	77.37%
FCF Conversion (Net income)	907.05%	-	-	5,067.72%	-	4,844.96%	2,227.39%	1,506.79%
Dividend per Share ²	0.3218	0.3218	0.3705	0.3804	0.3825	0.3775	0.3821	0.3878
Announcement Date	2/13/20	2/5/21	2/24/22	2/24/23	2/23/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	49,697	52,608	42,259	46,512	49,419	52,167	54,749	57,105
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.028 x	4.392 x	3.433 x	3.755 x	3.852 x	3.802 x	3.851 x	3.903 x
Free Cash Flow ¹	6,177	-	-	8,007	-	9,385	10,804	11,320
ROE (net income / shareholders' equity)	4.17%	-8.01%	11.3%	1.22%	-4.76%	0.54%	6.13%	28.4%
ROA (Net income/ Total Assets)	0.71%	-	-	0.17%	-0.5%	0.03%	0.1%	0.16%
Assets ¹	96,555	-	-	94,667	94,807	624,859	470,925	472,494
Book Value Per Share ²	2.010	1.290	1.100	1.480	1.080	0.5200	-0.2100	-0.6700
Cash Flow per Share ²	1.440	1.640	1.020	1.340	1.730	1.380	1.460	1.470
Capex ¹	9,422	7,126	3,591	2,332	2,187	3,816	3,936	3,999
Capex / Sales	25.11%	18.73%	9.29%	6.47%	6.02%	10.13%	10.2%	10.18%
Announcement Date	2/13/20	2/5/21	2/24/22	2/24/23	2/23/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.94 HKD

Average target price

4.025 HKD

Spread / Average Target

+2.16%

	1st Jan change	Capi.
PCCW LIMITED	-5.29%	3.89B
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B