Chunghwa Telecom Co., Ltd.

TWSE:2412 Stock Report

Market Cap: NT$973.6b

Chunghwa Telecom Valuation

Is 2412 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2412 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2412 (NT$126) is trading below our estimate of fair value (NT$170.98)

Significantly Below Fair Value: 2412 is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2412?

Other financial metrics that can be useful for relative valuation.

2412 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue4.3x
Enterprise Value/EBITDA11.8x
PEG Ratio7.7x

Price to Earnings Ratio vs Peers

How does 2412's PE Ratio compare to its peers?

The above table shows the PE ratio for 2412 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.9x
6170 Welldone
19.7xn/aNT$5.7b
4904 Far EasTone Telecommunications
27x10.1%NT$303.6b
3045 Taiwan Mobile
25.8x7.0%NT$320.6b
BCE BCE
23.2x13.4%CA$40.7b
2412 Chunghwa Telecom
26.6x3.4%NT$973.6b

Price-To-Earnings vs Peers: 2412 is expensive based on its Price-To-Earnings Ratio (26.6x) compared to the peer average (23.9x).


Price to Earnings Ratio vs Industry

How does 2412's PE Ratio compare vs other companies in the Asian Telecom Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a10.4%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a10.4%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: 2412 is expensive based on its Price-To-Earnings Ratio (26.6x) compared to the Asian Telecom industry average (15.8x).


Price to Earnings Ratio vs Fair Ratio

What is 2412's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2412 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio26.6x
Fair PE Ratio26.7x

Price-To-Earnings vs Fair Ratio: 2412 is good value based on its Price-To-Earnings Ratio (26.6x) compared to the estimated Fair Price-To-Earnings Ratio (26.7x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2412 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$126.00
NT$120.60
-4.3%
8.7%NT$138.00NT$105.00n/a5
Jun ’25NT$128.00
NT$120.60
-5.8%
8.7%NT$138.00NT$105.00n/a5
May ’25NT$124.00
NT$120.60
-2.7%
8.7%NT$138.00NT$105.00n/a5
Apr ’25NT$126.50
NT$121.05
-4.3%
8.0%NT$138.00NT$105.00n/a6
Mar ’25NT$121.00
NT$121.05
+0.04%
8.0%NT$138.00NT$105.00n/a6
Feb ’25NT$120.00
NT$118.76
-1.0%
8.9%NT$138.00NT$105.00n/a7
Jan ’25NT$120.00
NT$118.00
-1.7%
10.9%NT$140.00NT$105.00n/a5
Dec ’24NT$120.00
NT$118.00
-1.7%
10.9%NT$140.00NT$105.00n/a5
Nov ’24NT$117.00
NT$116.80
-0.2%
13.4%NT$140.00NT$95.00n/a5
Oct ’24NT$116.00
NT$116.80
+0.7%
13.4%NT$140.00NT$95.00n/a5
Sep ’24NT$116.50
NT$116.80
+0.3%
13.4%NT$140.00NT$95.00n/a5
Aug ’24NT$116.50
NT$119.50
+2.6%
12.5%NT$140.00NT$95.00n/a6
Jul ’24NT$116.50
NT$119.50
+2.6%
12.5%NT$140.00NT$95.00n/a6
Jun ’24NT$125.00
NT$119.57
-4.3%
11.6%NT$140.00NT$95.00NT$128.007
May ’24NT$127.00
NT$116.86
-8.0%
10.0%NT$132.00NT$95.00NT$124.007
Apr ’24NT$119.50
NT$115.86
-3.0%
9.1%NT$130.00NT$95.00NT$126.507
Mar ’24NT$115.00
NT$115.86
+0.7%
9.1%NT$130.00NT$95.00NT$121.007
Feb ’24NT$112.50
NT$116.14
+3.2%
9.3%NT$130.00NT$95.00NT$120.007
Jan ’24NT$113.00
NT$115.43
+2.1%
8.7%NT$127.00NT$95.00NT$120.007
Dec ’23NT$111.50
NT$115.43
+3.5%
8.7%NT$127.00NT$95.00NT$120.007
Nov ’23NT$109.50
NT$117.57
+7.4%
11.1%NT$140.00NT$95.00NT$117.007
Oct ’23NT$114.00
NT$123.29
+8.1%
9.1%NT$140.00NT$105.00NT$116.007
Sep ’23NT$121.00
NT$123.29
+1.9%
9.1%NT$140.00NT$105.00NT$116.507
Aug ’23NT$122.00
NT$123.29
+1.1%
9.1%NT$140.00NT$105.00NT$116.507
Jul ’23NT$124.00
NT$121.71
-1.8%
8.5%NT$137.00NT$105.00NT$116.507
Jun ’23NT$125.00
NT$120.86
-3.3%
8.1%NT$137.00NT$105.00NT$125.007

Analyst Forecast: Target price is lower than the current share price.


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