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Key Info

Lenovo Group Ltd Web - www.lenovo.com

Tel - 86-10-5886-8888

Next Reporting Date - 20.02.2020

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Lenovo Group Ltd

Technology Hardware & Equipmen

CHINA


DCF Model Assumptions

Risk Free Rate

2.36%

Country Equity Risk Premium

6.00%

Cost of Debt

4.81%

Cost of Debt

4.81%

Long Term Growth

2.00%

Beta Assumption

0.94

Current Market Cap mln$

8,276.25

Net Debt mln$

2,567.25

WACC Estimate

7.24%

Ordinary Current Price $

0.69

DCF Model

CHINA Comparables

tickercompanycountry Market Cap
2019
PE RATIO
2019
PE RATIO
2020
EV/EBITDA
2019
EV/EBITDA
2020
P/S
2019
DIVIDEND YIELD
2019
EBITDA Margin
2019
P/B
2019
ROE
2019
6 month return
2019
763 HKZTE CorpCHINA 26863.2724.1222.8521.6119.282.050.9810.773.8115.814.85
992 HKLenovo Group LtdCHINA 8276.2517.9511.116.334.680.133.944.093.1817.25-15.52

International Comparables

tickercompanycountry Market Cap
2019
PE RATIO
2019
PE RATIO
2020
EV/EBITDA
2019
EV/EBITDA
2020
P/S
2019
DIVIDEND YIELD
2019
EBITDA Margin
2019
P/B
2019
ROE
2019
6 month return
2019
AAPL USApple IncUNITED STATES 1421812.2318.423.5611.4316.034.211.3729.3910.7455.9220.79
005930 KSSamsung Electronics Co LtdSOUTH KOREA 310295.5117.6213.75-4.290.95----3.26
SMSN LISamsung Electronics Co LtdSOUTH KOREA 309473.53#N/A Field Not Applicable13.71-0#N/A Field Not Applicable#N/A Field Not Applicable-#N/A Field Not Applicable-8.5
CSCO USCisco Systems IncUNITED STATES 199259.0720.614.4514.369.984.172.4131.057.1630.27-4.97
6981 JPMurata Manufacturing Co LtdJAPAN 38936.0517.0422.28.9610.772.261.6924.842.2813.52-3.35
2317 TTHon Hai Precision Industry Co LtdTAIWAN 38736.5910.089.256.455.540.224.743.420.889.0313.08
HHPD LIHon Hai Precision Industry Co LtdTAIWAN 38677.74------#????!--13.76
005935 KSSamsung Electronics Co LtdSOUTH KOREA 36512.47#N/A Field Not Applicable11.88-0#N/A Field Not Applicable#N/A Field Not Applicable-#N/A Field Not Applicable-9.11
SMSD LISamsung Electronics Co LtdSOUTH KOREA 36404.51#N/A Field Not Applicable---#N/A Field Not Applicable#N/A Field Not Applicable-#N/A Field Not Applicable-12.47
6501 JPHitachi LtdJAPAN 36236.714.9415.895.15.50.42.519.351.066.8128.3
7751 JPCanon IncJAPAN 34081.5625.5418.098.448.590.825.3611.471.184.53-2.97
HPQ USHP IncUNITED STATES 32507.87.749.895.616.850.673.687.86---4.41
MSI USMotorola Solutions IncUNITED STATES 31456.4921.6421.0615.3214.982.541.4626.68--18.96
TEL USTE Connectivity LtdSWITZERLAND 31175.4616.7217.9912.7812.142.21.9419.842.9417.2317.1
APH USAmphenol CorpUNITED STATES 31023.3928.0527.217.3517.062.980.8924.677.1227.03-1.06
ERICB SSTelefonaktiebolaget LM EricssonSWEDEN 30671.9121.7318.0312.268.491.221.848.83.272.62-15.36
6971 JPKyocera CorpJAPAN 25612.2122.8121.4511.6312.081.42.159.771.044.511.41
4901 JPFUJIFILM Holdings CorpJAPAN 25143.4515.413.655.88.380.761.5913.971.016.71-2.61
PANW USPalo Alto Networks IncUNITED STATES 24219.98-49.85206.1828.99803.4413.82-5.92-12.71
GLW USCorning IncUNITED STATES 21785.5816.5617.9210.649.142.182.7524.422.097.8-11.13
HEXAB SSHexagon ABSWEDEN 21728.2926.1523.2616.3315.523.821.2332.13.0412.36-2.01
3008 TTLargan Precision Co LtdTAIWAN 21644.8822.8418.2214.2411.7410.71.5965.375.124.17-12.41
WDC USWestern Digital CorpUNITED STATES 20701.01475.8121.811.118.061.114.2111.461.41-7.0137.51
006400 KSSamsung SDI Co LtdSOUTH KOREA 19643.6945.5226.18-13.921.56----5.23
STX USSeagate Technology PLCUNITED STATES 14089.0210.3110.597.258.251.455.3519.525.86105.1521.31
6645 JPOmron CorpJAPAN 12633.3719.8620.788.9214.51.551.6212.462.1110.7619.22
2308 TTDelta Electronics IncTAIWAN 12500.6716.5217.813.1810.551.383.5911.642.6915.80.76
NTAP USNetApp IncUNITED STATES 12378.9917.6312.910.688.443.052.2323.0715.8369.46-16.09
6701 JPNEC CorpJAPAN 11379.5524.216.489.156.940.271.075.411.134.6223.4
TRMB USTrimble IncUNITED STATES 11300.721.8922.0720.8417.542.57017.863.3317.75-2.21

EV, Debt, Cash

Fields2018
EV10843.5
Cash2664.47
Debt4379.81
Debt/Equity107.42
Pref Equity993.67
Shares Out12014.79
minorities-293.06

Last Price

Fields2018
Last Price0.69
Next DVD Ex Date09.07.2020
DVD Announcement Date07.11.2019
Last Ex Date27.11.2019

CashflowSummary

Fields201520162017201820192020
Revenue55787.64344912.09743034.73145349.94351037.94351523.5
Operating Profit1720.11163.651782.995442.1721289.3461472.8
PTP1398.167-276.851489.927153.202856.6641079.286
Net Income994.091693.958439.084-189597732.583
EPS0.0840.0630.04-0.01670.05010.061
DPS0.0360.0341460.0340430.0338090.0354350.032
EBITDA2592.364804.2521525.1011180.6942087.9662297.385
BPS0.430.2700777070.2901882430.2928573470.2826892970.347
Capex-602.111-779.917-639.128-514.204-537.727-650.364
FCF932.091-454.3081547.163-1238.066962.4751668.779
EV TO T12M EBIT10.25155.7310.6720.6310.2510.25
EV/EBITDA4.212.325.487.736.334.68
CUR RATIO0.820.820.810.80.820.82

Ratios

Fields201520162017201820192020
Market Cap8276.258276.258276.258276.258276.258276.25
PE RATIO8.2-13.56-17.9511.11
EV/EBITDA4.212.325.487.736.334.68
P/S0.160.190.170.210.130.16
DIVIDEND YIELD5.234.385.176.623.944.65
EBITDA Margin4.641.793.542.64.094.49
P/B0.152.882.271.743.181.98
ROE21.34-3.6217.19-5.6217.2519.24
6 month return-15.52-15.52-15.52-15.52-15.52-15.52