Intrinsic value of China Telecom ADR - CHA

Previous Close

$45.50

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$45.50

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of CHA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  51,740
  52,930
  54,290
  55,817
  57,509
  59,366
  61,388
  63,576
  65,934
  68,464
  71,171
  74,060
  77,135
  80,404
  83,872
  87,548
  91,439
  95,553
  99,901
  104,491
  109,334
  114,442
  119,826
  125,499
  131,473
  137,764
  144,385
  151,352
  158,682
  166,392
Variable operating expenses, $m
  24,513
  25,063
  25,692
  26,398
  27,180
  28,038
  28,973
  29,985
  31,075
  32,245
  32,904
  34,239
  35,661
  37,172
  38,775
  40,475
  42,273
  44,176
  46,185
  48,307
  50,547
  52,908
  55,397
  58,020
  60,782
  63,690
  66,751
  69,972
  73,361
  76,925
Fixed operating expenses, $m
  23,757
  24,280
  24,814
  25,360
  25,918
  26,488
  27,071
  27,667
  28,275
  28,897
  29,533
  30,183
  30,847
  31,525
  32,219
  32,928
  33,652
  34,393
  35,149
  35,922
  36,713
  37,520
  38,346
  39,190
  40,052
  40,933
  41,833
  42,754
  43,694
  44,656
Total operating expenses, $m
  48,270
  49,343
  50,506
  51,758
  53,098
  54,526
  56,044
  57,652
  59,350
  61,142
  62,437
  64,422
  66,508
  68,697
  70,994
  73,403
  75,925
  78,569
  81,334
  84,229
  87,260
  90,428
  93,743
  97,210
  100,834
  104,623
  108,584
  112,726
  117,055
  121,581
Operating income, $m
  3,469
  3,587
  3,784
  4,059
  4,411
  4,839
  5,344
  5,925
  6,584
  7,322
  8,735
  9,638
  10,628
  11,707
  12,878
  14,146
  15,513
  16,985
  18,566
  20,261
  22,075
  24,013
  26,083
  28,289
  30,640
  33,141
  35,801
  38,626
  41,627
  44,811
EBITDA, $m
  11,616
  11,907
  12,303
  12,801
  13,400
  14,099
  14,899
  15,800
  16,803
  17,911
  19,126
  20,451
  21,890
  23,446
  25,123
  26,928
  28,863
  30,936
  33,151
  35,516
  38,038
  40,722
  43,578
  46,612
  49,835
  53,254
  56,881
  60,724
  64,795
  69,105
Interest expense (income), $m
  540
  875
  929
  991
  1,061
  1,140
  1,228
  1,324
  1,428
  1,541
  1,663
  1,794
  1,934
  2,083
  2,242
  2,411
  2,591
  2,781
  2,982
  3,194
  3,419
  3,656
  3,907
  4,171
  4,449
  4,743
  5,051
  5,377
  5,719
  6,079
  6,458
Earnings before tax, $m
  2,594
  2,657
  2,793
  2,998
  3,271
  3,612
  4,020
  4,497
  5,043
  5,659
  6,941
  7,704
  8,545
  9,465
  10,467
  11,555
  12,733
  14,003
  15,372
  16,842
  18,418
  20,107
  21,912
  23,840
  25,897
  28,089
  30,424
  32,907
  35,548
  38,353
Tax expense, $m
  701
  717
  754
  809
  883
  975
  1,085
  1,214
  1,362
  1,528
  1,874
  2,080
  2,307
  2,555
  2,826
  3,120
  3,438
  3,781
  4,150
  4,547
  4,973
  5,429
  5,916
  6,437
  6,992
  7,584
  8,214
  8,885
  9,598
  10,355
Net income, $m
  1,894
  1,940
  2,039
  2,189
  2,388
  2,636
  2,935
  3,283
  3,681
  4,131
  5,067
  5,624
  6,238
  6,909
  7,641
  8,435
  9,295
  10,222
  11,221
  12,294
  13,445
  14,678
  15,996
  17,403
  18,905
  20,505
  22,209
  24,022
  25,950
  27,998

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  95,814
  98,018
  100,537
  103,365
  106,498
  109,937
  113,681
  117,734
  122,100
  126,786
  131,799
  137,148
  142,843
  148,896
  155,319
  162,126
  169,331
  176,950
  185,001
  193,501
  202,471
  211,930
  221,900
  232,405
  243,469
  255,118
  267,380
  280,282
  293,856
  308,134
Adjusted assets (=assets-cash), $m
  95,814
  98,018
  100,537
  103,365
  106,498
  109,937
  113,681
  117,734
  122,100
  126,786
  131,799
  137,148
  142,843
  148,896
  155,319
  162,126
  169,331
  176,950
  185,001
  193,501
  202,471
  211,930
  221,900
  232,405
  243,469
  255,118
  267,380
  280,282
  293,856
  308,134
Revenue / Adjusted assets
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
Average production assets, $m
  75,540
  77,277
  79,263
  81,493
  83,963
  86,674
  89,626
  92,821
  96,264
  99,958
  103,910
  108,128
  112,618
  117,390
  122,454
  127,820
  133,501
  139,508
  145,855
  152,556
  159,628
  167,085
  174,946
  183,228
  191,951
  201,135
  210,802
  220,974
  231,676
  242,933
Working capital, $m
  -17,229
  -17,626
  -18,079
  -18,587
  -19,151
  -19,769
  -20,442
  -21,171
  -21,956
  -22,799
  -23,700
  -24,662
  -25,686
  -26,775
  -27,930
  -29,153
  -30,449
  -31,819
  -33,267
  -34,795
  -36,408
  -38,109
  -39,902
  -41,791
  -43,781
  -45,875
  -48,080
  -50,400
  -52,841
  -55,409
Total debt, $m
  17,208
  18,347
  19,650
  21,112
  22,732
  24,510
  26,445
  28,541
  30,798
  33,221
  35,812
  38,578
  41,522
  44,652
  47,972
  51,491
  55,216
  59,156
  63,318
  67,712
  72,350
  77,240
  82,395
  87,826
  93,546
  99,568
  105,907
  112,578
  119,596
  126,977
Total liabilities, $m
  49,536
  50,675
  51,977
  53,440
  55,060
  56,837
  58,773
  60,868
  63,126
  65,548
  68,140
  70,906
  73,850
  76,979
  80,300
  83,819
  87,544
  91,483
  95,646
  100,040
  104,677
  109,568
  114,722
  120,153
  125,874
  131,896
  138,235
  144,906
  151,924
  159,305
Total equity, $m
  46,278
  47,343
  48,559
  49,925
  51,439
  53,099
  54,908
  56,865
  58,974
  61,238
  63,659
  66,243
  68,993
  71,917
  75,019
  78,307
  81,787
  85,467
  89,356
  93,461
  97,793
  102,362
  107,178
  112,252
  117,596
  123,222
  129,144
  135,376
  141,933
  148,829
Total liabilities and equity, $m
  95,814
  98,018
  100,536
  103,365
  106,499
  109,936
  113,681
  117,733
  122,100
  126,786
  131,799
  137,149
  142,843
  148,896
  155,319
  162,126
  169,331
  176,950
  185,002
  193,501
  202,470
  211,930
  221,900
  232,405
  243,470
  255,118
  267,379
  280,282
  293,857
  308,134
Debt-to-equity ratio
  0.370
  0.390
  0.400
  0.420
  0.440
  0.460
  0.480
  0.500
  0.520
  0.540
  0.560
  0.580
  0.600
  0.620
  0.640
  0.660
  0.680
  0.690
  0.710
  0.720
  0.740
  0.750
  0.770
  0.780
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
Adjusted equity ratio
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,894
  1,940
  2,039
  2,189
  2,388
  2,636
  2,935
  3,283
  3,681
  4,131
  5,067
  5,624
  6,238
  6,909
  7,641
  8,435
  9,295
  10,222
  11,221
  12,294
  13,445
  14,678
  15,996
  17,403
  18,905
  20,505
  22,209
  24,022
  25,950
  27,998
Depreciation, amort., depletion, $m
  8,147
  8,321
  8,519
  8,742
  8,989
  9,260
  9,555
  9,875
  10,219
  10,589
  10,391
  10,813
  11,262
  11,739
  12,245
  12,782
  13,350
  13,951
  14,585
  15,256
  15,963
  16,709
  17,495
  18,323
  19,195
  20,114
  21,080
  22,097
  23,168
  24,293
Funds from operations, $m
  10,041
  10,260
  10,558
  10,931
  11,377
  11,897
  12,490
  13,157
  13,900
  14,720
  15,458
  16,437
  17,499
  18,648
  19,886
  21,217
  22,645
  24,173
  25,807
  27,550
  29,408
  31,386
  33,490
  35,726
  38,100
  40,619
  43,290
  46,120
  49,118
  52,291
Change in working capital, $m
  -338
  -396
  -453
  -509
  -564
  -618
  -673
  -729
  -785
  -843
  -901
  -962
  -1,024
  -1,088
  -1,155
  -1,224
  -1,296
  -1,370
  -1,448
  -1,529
  -1,613
  -1,701
  -1,793
  -1,889
  -1,990
  -2,095
  -2,205
  -2,320
  -2,441
  -2,567
Cash from operations, $m
  10,379
  10,657
  11,011
  11,439
  11,940
  12,515
  13,163
  13,886
  14,685
  15,562
  16,359
  17,399
  18,524
  19,737
  21,041
  22,441
  23,940
  25,543
  27,254
  29,079
  31,021
  33,087
  35,283
  37,615
  40,090
  42,714
  45,494
  48,440
  51,558
  54,858
Maintenance CAPEX, $m
  -7,407
  -7,554
  -7,728
  -7,926
  -8,149
  -8,396
  -8,667
  -8,963
  -9,282
  -9,626
  -9,996
  -10,391
  -10,813
  -11,262
  -11,739
  -12,245
  -12,782
  -13,350
  -13,951
  -14,585
  -15,256
  -15,963
  -16,709
  -17,495
  -18,323
  -19,195
  -20,114
  -21,080
  -22,097
  -23,168
New CAPEX, $m
  -1,474
  -1,737
  -1,986
  -2,230
  -2,471
  -2,711
  -2,952
  -3,195
  -3,442
  -3,694
  -3,952
  -4,217
  -4,490
  -4,772
  -5,064
  -5,366
  -5,680
  -6,007
  -6,347
  -6,702
  -7,071
  -7,457
  -7,861
  -8,282
  -8,723
  -9,184
  -9,667
  -10,172
  -10,702
  -11,256
Cash from investing activities, $m
  -8,881
  -9,291
  -9,714
  -10,156
  -10,620
  -11,107
  -11,619
  -12,158
  -12,724
  -13,320
  -13,948
  -14,608
  -15,303
  -16,034
  -16,803
  -17,611
  -18,462
  -19,357
  -20,298
  -21,287
  -22,327
  -23,420
  -24,570
  -25,777
  -27,046
  -28,379
  -29,781
  -31,252
  -32,799
  -34,424
Free cash flow, $m
  1,498
  1,365
  1,297
  1,283
  1,321
  1,408
  1,544
  1,728
  1,961
  2,242
  2,411
  2,791
  3,221
  3,703
  4,238
  4,829
  5,478
  6,186
  6,956
  7,791
  8,694
  9,667
  10,714
  11,838
  13,044
  14,334
  15,714
  17,187
  18,759
  20,434
Issuance/(repayment) of debt, $m
  1,005
  1,139
  1,302
  1,462
  1,620
  1,778
  1,936
  2,095
  2,257
  2,423
  2,592
  2,766
  2,945
  3,129
  3,321
  3,519
  3,725
  3,939
  4,162
  4,395
  4,637
  4,890
  5,155
  5,431
  5,720
  6,023
  6,339
  6,671
  7,018
  7,382
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,005
  1,139
  1,302
  1,462
  1,620
  1,778
  1,936
  2,095
  2,257
  2,423
  2,592
  2,766
  2,945
  3,129
  3,321
  3,519
  3,725
  3,939
  4,162
  4,395
  4,637
  4,890
  5,155
  5,431
  5,720
  6,023
  6,339
  6,671
  7,018
  7,382
Total cash flow (excl. dividends), $m
  2,503
  2,505
  2,600
  2,745
  2,941
  3,185
  3,480
  3,824
  4,218
  4,664
  5,003
  5,556
  6,165
  6,832
  7,559
  8,348
  9,203
  10,125
  11,119
  12,186
  13,331
  14,557
  15,869
  17,269
  18,764
  20,357
  22,053
  23,858
  25,777
  27,816
Retained Cash Flow (-), $m
  -875
  -1,064
  -1,217
  -1,366
  -1,514
  -1,661
  -1,808
  -1,958
  -2,109
  -2,263
  -2,421
  -2,584
  -2,751
  -2,924
  -3,102
  -3,288
  -3,480
  -3,680
  -3,889
  -4,106
  -4,332
  -4,569
  -4,816
  -5,074
  -5,344
  -5,627
  -5,922
  -6,232
  -6,556
  -6,896
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,628
  1,440
  1,383
  1,379
  1,427
  1,525
  1,671
  1,866
  2,109
  2,401
  2,582
  2,972
  3,414
  3,908
  4,457
  5,061
  5,723
  6,445
  7,230
  8,080
  8,999
  9,989
  11,053
  12,196
  13,420
  14,730
  16,131
  17,626
  19,221
  20,920
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,561
  1,318
  1,204
  1,136
  1,106
  1,107
  1,129
  1,166
  1,212
  1,259
  1,226
  1,268
  1,298
  1,312
  1,308
  1,286
  1,245
  1,187
  1,113
  1,027
  931
  829
  724
  621
  522
  430
  346
  273
  210
  158
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

China Telecom Corporation Limited is an investment holding company principally engaged in telecommunications and related businesses. The Company provides integrated information services, including wireline and mobile telecommunications services, Internet access services, information services and other value-added telecommunications services. The Company mainly operates its business in domestic market.

FINANCIAL RATIOS  of  China Telecom ADR (CHA)

Valuation Ratios
P/E Ratio 1413.6
Price to Sales 72.3
Price to Book 80.7
Price to Tangible Book
Price to Cash Flow 251.7
Price to Free Cash Flow 5835.9
Growth Rates
Sales Growth Rate 6.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.1%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 3%
Total Debt to Equity 35.7%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 5.8%
Return On Equity - 3 Yr. Avg. 6.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 72.7%
Gross Margin - 3 Yr. Avg. 70.1%
EBITDA Margin 27.2%
EBITDA Margin - 3 Yr. Avg. 28.8%
Operating Margin 7.7%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 6.8%
Pre-Tax Margin - 3 Yr. Avg. 7.4%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate 24.8%
Eff/ Tax Rate - 3 Yr. Avg. 24.3%
Payout Ratio 0%

CHA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHA stock intrinsic value calculation we used $50725 million for the last fiscal year's total revenue generated by China Telecom ADR. The default revenue input number comes from 2016 income statement of China Telecom ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CHA stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CHA is calculated based on our internal credit rating of China Telecom ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of China Telecom ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CHA stock the variable cost ratio is equal to 47.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $23246 million in the base year in the intrinsic value calculation for CHA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for China Telecom ADR.

Corporate tax rate of 27% is the nominal tax rate for China Telecom ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CHA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CHA are equal to 146%.

Life of production assets of 10 years is the average useful life of capital assets used in China Telecom ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CHA is equal to -33.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $45403 million for China Telecom ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 0 million for China Telecom ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of China Telecom ADR at the current share price and the inputted number of shares is $0.0 billion.

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