China Tower Corporation Limited

0788.HK · Communication Services · Telecom Services · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

30.84B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

26.95B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

30.31B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

29.37B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

19.77B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.49×

the ratio the screener ranks by

Margin of Safety

+32.7%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 30.84B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)40.80B USD
−②Net Debt Today13.96B USD
+③Growth Value4.00B USD
=Value30.84B USD

EPV of the Operations (NOPAT over WACC)

40.80B USD

Net debt today

-13.96B USD

Growth Value

+4.00B USD

Value

30.84B USD

①EPV (earnings power value)

40.80B USD

②Net Debt Today

13.96B USD

③Growth Value

4.00B USD

Market value

Market Cap19.77B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+35.9%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 26.95B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE12.06B USD
+②Equity at Year 15, Today14.90B USD
=Value26.95B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

12.06B USD

②Equity at Year 15, Today

14.90B USD

Market value

Market Cap19.77B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+26.6%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 30.31B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 30.31B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap19.77B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+34.8%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 4.53%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.35×Market Risk Premium 6.00%= 6.62%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 534.26M USDPretax Income 2.20B USD= 24.30%

The tax the interest saves.

Interest Expense =EBIT 2,548.39M USD−Pretax Income 2,198.42M USD= 349.97M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 349.97M USDTotal Debt 14.94B USD×(1 − Tax Rate for WACC 24.30%)= 1.77%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 14.94B USDMarket Cap + Total Debt 19.77B USD + 14.94B USD= 43.04%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 56.96%×Cost of Equity 6.62%+Debt Weight 43.04%×Cost of Debt 1.77%= 4.53%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 51.75B USD − Total Liabilities 21.44B USD = Book Value Today 30.31B USD

Total Debt 14.94B USD − Cash and Short-Term Investments 980.58M USD = Net Debt Today 13.96B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-0.7%at most 5%passes17,481,199,602 / 17,600,847,102
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets12.3%at least -10.0%passes(8.03B USD − 1.66B USD) ÷ 51.75B USD
Price to bookMarket Cap ÷ Book Value Today0.65×at most 3×passes19.77B USD ÷ 30.31B USD
Operating marginOperating Income ÷ Revenue17.1%above 10.0%passes2.46B USD ÷ 14.37B USD
Revenue growthRevenue ÷ Revenue a Year Before − 17.1%above 10.0%does not pass14.37B USD / 13.41B USD
Net cash(Cash − Total Debt) ÷ Market Cap-70.6%above -30%does not pass(980.58M USD − 14.94B USD) ÷ 19.77B USD
Operating efficiencyOperating Income ÷ Gross Profit18.2%above 25.0%does not pass2.46B USD ÷ 13.49B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

8.87 HKD

Enterprise value

246.92B HKD

the provider's own figure

EV / EBITDA

4.85×

Price / book

0.64×

the provider's book

Price / earnings

10.07×

Return on equity

6.6%

the provider's figure, not this page's

Profit margin

13.4%

Revenue growth

-5.2%

Analyst target, mean

11.56 HKD

Analysts

10

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

13.25B13.24B13.41B14.37B

Gross profit

12.41B12.48B12.66B13.49B

Operating income

2.31B2.24B2.19B2.46B

EBITDA

operating income before depreciation and amortisation

9.21B9.11B9.19B9.48B

Pretax income

1.66B1.81B1.94B2.20B

Net income

1.26B1.37B1.47B1.66B

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

1.46B1.42B1.42B1.65B

R&D

————
Balance sheet, year end

Total assets

43.93B45.92B45.65B48.16B

Total liabilities

16.10B18.07B18.22B18.98B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

27.83B27.84B27.43B29.17B

Total debt

11.37B13.33B12.69B12.94B

Cash and equivalents

735.61M557.05M356.34M1.76B

Net PP&E

fixed assets after depreciation

36.26B34.35B32.47B32.43B

Working capital

current assets less current liabilities

-2.22B1.99B2.13B3.36B
Cash flow

Operating cash flow

9.36B4.63B6.78B8.03B

Capital expenditure

paid out, so below zero

-4.12B-4.72B-4.09B-4.37B

Depreciation and amortisation

7.12B6.91B6.89B6.93B

Free cash flow

operating cash flow plus capital expenditure

5.24B-89.86M2.70B3.66B