Semiconductor Manufacturing International Corporation

0981.HK · Technology · Semiconductors · 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

19.23B USD

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

Profit

19.85B USD

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

FCFF

37.90B USD

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

Average Intrinsic Value

25.66B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

65.86B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.39×

the ratio the screener ranks by

Margin of Safety

-156.7%

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: 19.23B 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)17.31B USD
−②Net Debt Today1.23B USD
+③Growth Value3.14B USD
=Value19.23B USD

EPV of the Operations (NOPAT over WACC)

17.31B USD

Net debt today

-1.23B USD

Growth Value

+3.14B USD

Value

19.23B USD

①EPV (earnings power value)

17.31B USD

②Net Debt Today

1.23B USD

③Growth Value

3.14B USD

Market value

Market Cap65.86B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-242.5%

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): 19.85B 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 FCFE3.04B USD
+②Equity at Year 15, Today16.81B USD
=Value19.85B 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

3.04B USD

②Equity at Year 15, Today

16.81B USD

Market value

Market Cap65.86B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-231.7%

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): 37.90B 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, 37.90B 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 Cap65.86B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-73.8%

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: 5.92%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.36×Market Risk Premium 6.00%= 6.65%

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 84.40M USDPretax Income 1.07B USD= 7.86%

The tax the interest saves.

Interest Expense =EBIT 1,447.81M USD−Pretax Income 1,074.33M USD= 373.48M USD

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

Cost of Debt =Interest Expense 373.48M USDTotal Debt 14.03B USD×(1 − Tax Rate for WACC 7.86%)= 2.45%

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

Debt Weight =Total Debt 14.03B USDMarket Cap + Total Debt 65.86B USD + 14.03B USD= 17.57%

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

WACC =Equity Weight 82.43%×Cost of Equity 6.65%+Debt Weight 17.57%×Cost of Debt 2.45%= 5.92%

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 57.26B USD − Total Liabilities 19.36B USD = Book Value Today 37.90B USD

Total Debt 14.03B USD − Cash and Short-Term Investments 12.80B USD = Net Debt Today 1.23B 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 − 17.7%at most 5%does not pass8,560,805,995 / 7,946,555,760
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets4.4%at least -10.0%passes(3.20B USD − 685.82M USD) ÷ 57.26B USD
Price to bookMarket Cap ÷ Book Value Today1.74×at most 3×passes65.86B USD ÷ 37.90B USD
Operating marginOperating Income ÷ Revenue11.2%above 10.0%passes1.04B USD ÷ 9.34B USD
Revenue growthRevenue ÷ Revenue a Year Before − 116.2%above 10.0%passes9.34B USD / 8.04B USD
Net cash(Cash − Total Debt) ÷ Market Cap-8.8%above -30%passes(8.22B USD − 14.03B USD) ÷ 65.86B USD
Operating efficiencyOperating Income ÷ Gross Profit53.2%above 25.0%passes1.04B USD ÷ 1.96B USD

Market Data

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

Share price

60.31 HKD

Enterprise value

530.25B HKD

the provider's own figure

EV / EBITDA

100.29×

Price / book

2.61×

the provider's book

Price / earnings

59.65×

Return on equity

4.2%

the provider's figure, not this page's

Profit margin

10.0%

Revenue growth

36.1%

Analyst target, mean

96.09 HKD

Analysts

21

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

7.28B6.33B8.04B9.34B

Gross profit

2.76B1.22B1.45B1.96B

Operating income

1.79B356.85M474.48M1.04B

EBITDA

operating income before depreciation and amortisation

4.62B4.07B4.38B5.26B

Pretax income

2.22B1.19B860.42M1.07B

Net income

1.82B903.43M493.24M685.82M

Normalized income

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

1.76B647.87M410.23M695.83M

R&D

733.83M707.98M766.04M774.41M
Balance sheet, year end

Total assets

43.85B47.84B49.21B52.32B

Total liabilities

14.86B16.96B17.31B17.27B

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

19.17B20.14B20.63B21.46B

Total debt

8.70B10.22B11.61B12.61B

Cash and equivalents

6.94B6.22B6.37B5.88B

Net PP&E

fixed assets after depreciation

18.98B24.03B28.15B32.60B

Working capital

current assets less current liabilities

9.58B6.04B6.03B8.82B
Cash flow

Operating cash flow

5.35B3.36B3.18B3.20B

Capital expenditure

paid out, so below zero

-6.27B-7.64B-7.68B-8.41B

Depreciation and amortisation

2.27B2.67B3.23B3.81B

Free cash flow

operating cash flow plus capital expenditure

-913.54M-4.28B-4.50B-5.21B