Financials Lenovo Group Limited

Equities

992 HK0992009065

Computer Hardware

Market Closed - Hong Kong S.E. Other stock markets 09:08:20 26/04/2024 BST			5-day change	1st Jan Change
9.03 ^HKD	+2.38%		+10.12%	-17.31%

04-24	Huayi Tencent Entertainment Makes Various C-Level Changes	MT
04-24	Lenovo Group Limited Advances Hybrid AI Innovation to Meet the Demands of the Most Compute Intensive Workloads	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,808	6,448	17,131	13,099	13,134	14,309	-	-
Enterprise Value (EV) ¹	12,455	7,691	18,001	12,497	12,767	12,683	11,681	11,291
P/E ratio	18.1 x	9.88 x	16 x	6.9 x	8.5 x	15.6 x	11.1 x	8.36 x
Yield	3.94%	6.68%	2.77%	4.45%	4.48%	3.51%	3.72%	4.25%
Capitalization / Revenue	0.21 x	0.13 x	0.28 x	0.18 x	0.21 x	0.25 x	0.23 x	0.21 x
EV / Revenue	0.24 x	0.15 x	0.3 x	0.17 x	0.21 x	0.23 x	0.19 x	0.17 x
EV / EBITDA	6.3 x	3.19 x	5.56 x	2.88 x	3.17 x	4.27 x	3.32 x	2.8 x
EV / FCF	13.3 x	4.98 x	6.09 x	4.47 x	10.4 x	4.39 x	8.29 x	6.1 x
FCF Yield	7.51%	20.1%	16.4%	22.3%	9.58%	22.8%	12.1%	16.4%
Price to Book	4.11 x	2.65 x	6.13 x	2.63 x	2.61 x	2.26 x	1.96 x	1.66 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	1.154	1.154	1.154
Announcement Date	23/05/19	19/05/20	27/05/21	26/05/22	24/05/23	-	-	-

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	56,304	61,278	66,933
EBITDA ¹	1,977	2,409	3,240	4,345	4,022	2,970	3,520	4,033
EBIT ¹	1,178	1,439	2,180	3,081	2,669	1,849	2,342	2,857
Operating Margin	2.31%	2.84%	3.59%	4.3%	4.31%	3.28%	3.82%	4.27%
Earnings before Tax (EBT) ¹	856	1,018	1,774	2,768	2,136	1,281	1,808	2,375
Net income ¹	597	665	1,178	2,030	1,608	925.3	1,298	1,716
Net margin	1.17%	1.31%	1.94%	2.83%	2.6%	1.64%	2.12%	2.56%
EPS ²	0.0496	0.0543	0.0891	0.1577	0.1274	0.0742	0.1041	0.1380
Free Cash Flow ¹	934.8	1,546	2,956	2,793	1,223	2,891	1,410	1,852
FCF margin	1.83%	3.05%	4.87%	3.9%	1.97%	5.13%	2.3%	2.77%
FCF Conversion (EBITDA)	47.3%	64.17%	91.23%	64.28%	30.42%	97.34%	40.05%	45.92%
FCF Conversion (Net income)	156.59%	232.44%	250.91%	137.59%	76.08%	312.42%	108.6%	107.96%
Dividend per Share ²	0.0354	0.0359	0.0394	0.0484	0.0485	0.0405	0.0429	0.0490
Announcement Date	23/05/19	19/05/20	27/05/21	26/05/22	24/05/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	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	13,078	13,965	15,902	17,466	14,388
EBITDA ¹	1,097	1,216	916	1,073	1,150	1,059	628.2	688.6	822.5	926.3	663.3	728.9	892.3	956.2	-
EBIT ¹	817	932	589	777	851	750	291	390	514	613	378.7	504	633	762.4	530.4
Operating Margin	4.57%	4.63%	3.53%	4.58%	4.98%	4.91%	2.3%	3.02%	3.57%	3.9%	2.9%	3.61%	3.98%	4.36%	3.69%
Earnings before Tax (EBT) ¹	742	855	520	691	710	605	130	228	358	471	218.7	370.2	480.4	602.9	406.1
Net income ¹	512	640	412	516	541	437	114	177	249	337	152.9	270.6	351.3	443.8	303.3
Net margin	2.87%	3.18%	2.47%	3.04%	3.17%	2.86%	0.9%	1.37%	1.73%	2.14%	1.17%	1.94%	2.21%	2.54%	2.11%
EPS ²	0.0396	0.0492	0.0320	0.0401	0.0423	0.0344	0.009300	0.0143	0.0199	0.0264	0.0141	0.0220	0.0260	0.0339	0.0212
Dividend per Share	0.0103	-	-	-	0.0102	-	-	-	0.0102	-	-	-	0.0385	0.0103	-
Announcement Date	04/11/21	23/02/22	26/05/22	09/08/22	03/11/22	17/02/23	24/05/23	17/08/23	16/11/23	22/02/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,647	1,243	870	-	-	-	-	-
Net Cash position ¹	-	-	-	602	366	1,626	2,628	3,018
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	2,891	1,410	1,852
ROE (net income / shareholders' equity)	20.1%	26.3%	45.1%	47.5%	33.9%	16.3%	20.6%	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	37,497	38,791	39,982
Book Value Per Share ²	0.2200	0.2000	0.2300	0.4100	0.4200	0.5100	0.5900	0.6900
Cash Flow per Share ²	0.1200	0.1700	0.2800	0.3100	0.2200	0.1700	0.2500	0.3000
Capex ¹	538	664	697	1,284	1,578	1,118	910	975
Capex / Sales	1.05%	1.31%	1.15%	1.79%	2.55%	1.98%	1.48%	1.46%
Announcement Date	23/05/19	19/05/20	27/05/21	26/05/22	24/05/23	-	-	-

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

1.154 USD

Average target price

1.332 USD

Spread / Average Target

+15.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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