Chunghwa Telecom Co. Ltd. (CHT) intrinsic value & 10-year financials
Chunghwa Telecom Co. Ltd. (CHT) has a Graham intrinsic value of $23.75 per share. Over the last 10 fiscal years revenue shrank 0.1% a year to $230.0B, with an average return on invested capital of 10.7%.
- Graham intrinsic value
- $23.75
- Revenue (FY2024)
- $230.0B
- Revenue growth (10-yr CAGR)
- -0.1%
- ROIC (10-yr avg)
- 10.7%
- Free cash flow (FY2024)
- $50.5B
CHT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | $230.0B | $38.5B | $4.78 | $50.5B | 20.4% | 10.5% |
| FY2023 | $223.2B | $38.1B | $4.76 | $43.8B | 20.8% | 10.7% |
| FY2022 | $216.7B | $37.9B | $4.68 | $44.4B | 21.6% | 10.8% |
| FY2021 | $210.5B | $37.0B | $4.59 | $39.5B | 21.3% | 10.2% |
| FY2020 | $207.6B | $34.7B | $4.30 | $50.9B | 20.4% | 9.7% |
| FY2019 | $207.5B | $33.9B | $4.24 | $48.3B | 19.6% | 9.3% |
| FY2018 | $215.5B | $38.6B | $4.83 | $37.8B | 20.3% | 10.7% |
| FY2017 | $227.5B | $40.2B | $5.02 | $44.1B | 20.5% | 11.5% |
| FY2016 | $230.0B | $41.6B | $5.21 | $41.4B | 20.9% | 12.0% |
| FY2015 | $231.8B | $42.9B | $5.41 | $51.2B | 21.7% | 11.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CHUNGHWA TELECOM CO LTD is facing top-line stagnation, with revenue contracting over the decade.
CHUNGHWA TELECOM CO LTD returns on capital have been average, hovering around 10.6% ROIC over the decade.
CHUNGHWA TELECOM CO LTD has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CHUNGHWA TELECOM CO LTD is modeled at -1.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $23.75 per share.