Financials Lenovo Group Limited

Equities

992 HK0992009065

Computer Hardware

Market Closed - Hong Kong S.E. Other stock markets 04:08:17 2024-05-17 am EDT			5-day change	1st Jan Change
10.22 ^HKD	-1.35%		+0.99%	-6.41%

May. 09	China stocks rise on trade growth, property support	RE
May. 09	China stocks rise on trade growth, property support	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,808	6,448	17,131	13,099	13,134	16,471	-	-
Enterprise Value (EV) ¹	12,455	7,691	18,001	12,497	12,767	14,897	13,726	13,421
P/E ratio	18.1 x	9.88 x	16 x	6.9 x	8.5 x	17.9 x	12.7 x	9.61 x
Yield	3.94%	6.68%	2.77%	4.45%	4.48%	3.05%	3.31%	3.68%
Capitalization / Revenue	0.21 x	0.13 x	0.28 x	0.18 x	0.21 x	0.29 x	0.27 x	0.24 x
EV / Revenue	0.24 x	0.15 x	0.3 x	0.17 x	0.21 x	0.26 x	0.22 x	0.2 x
EV / EBITDA	6.3 x	3.19 x	5.56 x	2.88 x	3.17 x	5.06 x	3.99 x	3.37 x
EV / FCF	13.3 x	4.98 x	6.09 x	4.47 x	10.4 x	6.19 x	10.4 x	8.13 x
FCF Yield	7.51%	20.1%	16.4%	22.3%	9.58%	16.1%	9.66%	12.3%
Price to Book	4.11 x	2.65 x	6.13 x	2.63 x	2.61 x	2.61 x	2.27 x	1.94 x
Nbr of stocks (in thousands)	12,014,792	12,014,792	12,041,706	12,041,706	12,128,130	12,404,659	-	-
Reference price ²	0.8996	0.5367	1.423	1.088	1.083	1.328	1.328	1.328
Announcement Date	5/23/19	5/19/20	5/27/21	5/26/22	5/24/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	51,038	50,716	60,742	71,618	61,947	56,309	61,317	67,314
EBITDA ¹	1,977	2,409	3,240	4,345	4,022	2,943	3,443	3,978
EBIT ¹	1,178	1,439	2,180	3,081	2,669	1,840	2,295	2,828
Operating Margin	2.31%	2.84%	3.59%	4.3%	4.31%	3.27%	3.74%	4.2%
Earnings before Tax (EBT) ¹	856	1,018	1,774	2,768	2,136	1,290	1,775	2,349
Net income ¹	597	665	1,178	2,030	1,608	929.1	1,308	1,744
Net margin	1.17%	1.31%	1.94%	2.83%	2.6%	1.65%	2.13%	2.59%
EPS ²	0.0496	0.0543	0.0891	0.1577	0.1274	0.0742	0.1047	0.1381
Free Cash Flow ¹	934.8	1,546	2,956	2,793	1,223	2,405	1,326	1,651
FCF margin	1.83%	3.05%	4.87%	3.9%	1.97%	4.27%	2.16%	2.45%
FCF Conversion (EBITDA)	47.3%	64.17%	91.23%	64.28%	30.42%	81.71%	38.5%	41.5%
FCF Conversion (Net income)	156.59%	232.44%	250.91%	137.59%	76.08%	258.85%	101.36%	94.68%
Dividend per Share ²	0.0354	0.0359	0.0394	0.0484	0.0485	0.0405	0.0440	0.0489
Announcement Date	5/23/19	5/19/20	5/27/21	5/26/22	5/24/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	17,869	20,127	16,694	16,956	17,090	15,267	12,635	12,900	14,410	15,721	13,201	14,443	16,072	17,419	14,718
EBITDA ¹	1,097	1,216	916	1,073	1,150	1,059	628.2	688.6	822.5	926.3	664	728.9	892.3	956.2	-
EBIT ¹	817	932	589	777	851	750	291	390	514	613	365.9	505.1	625.9	739.1	544.2
Operating Margin	4.57%	4.63%	3.53%	4.58%	4.98%	4.91%	2.3%	3.02%	3.57%	3.9%	2.77%	3.5%	3.89%	4.24%	3.7%
Earnings before Tax (EBT) ¹	742	855	520	691	710	605	130	228	358	471	231.4	387.7	494.6	605	434.9
Net income ¹	512	640	412	516	541	437	114	177	249	337	164.2	284.9	363.5	447	327.1
Net margin	2.87%	3.18%	2.47%	3.04%	3.17%	2.86%	0.9%	1.37%	1.73%	2.14%	1.24%	1.97%	2.26%	2.57%	2.22%
EPS ²	0.0396	0.0492	0.0320	0.0401	0.0423	0.0344	0.009300	0.0143	0.0199	0.0264	0.0141	0.0222	0.0284	0.0340	0.0222
Dividend per Share	0.0103	-	-	-	0.0102	-	-	-	0.0102	-	-	-	0.0382	0.0104	-
Announcement Date	11/4/21	2/23/22	5/26/22	8/9/22	11/3/22	2/17/23	5/24/23	8/17/23	11/16/23	2/22/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,647	1,243	870	-	-	-	-	-
Net Cash position ¹	-	-	-	602	366	1,573	2,745	3,049
Leverage (Debt/EBITDA)	0.8332 x	0.516 x	0.2685 x	-	-	-	-	-
Free Cash Flow ¹	935	1,546	2,956	2,793	1,223	2,405	1,326	1,651
ROE (net income / shareholders' equity)	20.1%	26.3%	45.1%	47.5%	33.9%	16.2%	20.4%	22.9%
ROA (Net income/ Total Assets)	2.04%	2.14%	3.36%	4.92%	3.85%	2.47%	3.35%	4.29%
Assets ¹	29,242	31,054	35,050	41,251	41,723	37,649	39,091	40,633
Book Value Per Share ²	0.2200	0.2000	0.2300	0.4100	0.4200	0.5100	0.5800	0.6900
Cash Flow per Share ²	0.1200	0.1700	0.2800	0.3100	0.2200	0.1700	0.2300	0.2800
Capex ¹	538	664	697	1,284	1,578	1,072	906	926
Capex / Sales	1.05%	1.31%	1.15%	1.79%	2.55%	1.9%	1.48%	1.38%
Announcement Date	5/23/19	5/19/20	5/27/21	5/26/22	5/24/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Lenovo Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.328 USD

Average target price

1.377 USD

Spread / Average Target

+3.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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