Lenovo Group (0992) Fair Value & Analysis

Technology · HK · Market cap HK$306B

LG Lenovo Group 0992 · HK

PriceHK$25.94

Fair ValueHK$3.07

Upside-88.2%

Quality57/100

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Healthy Growth

Thin margins · 2.3% net margin

Moderate debt · generates free cash flow

0.22% dividend yield

Ranks above peers (9/15)

Moderate moat 51/100

Evidence: High Range HK$2.30 – HK$4.00 Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 23 days ago

Share price +24.2% over the past month.

A solid business, but screening 88% overvalued on our models.

What matters now

The price sits above even our optimistic bull case (HK$4.00). The favourable scenario is already priced in.
Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range HK$4.72 – HK$26.58 · fair‑value band HK$2.30 – HK$4.00 · the HK$25.94 price screens above the HK$3.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Lenovo Group (0992) currently trades at HK$25.94, while our model-based Fair Value estimate is HK$3.07, implying the stock looks roughly 88.2% overvalued today. We read business quality at 57/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Lenovo Group generated revenue of HK$83.1B at a net margin of 2.3%. Revenue grew 27.1% year over year. It earns a return on equity of 28.6%. Net debt stands at HK$269M. Fundamentals as of Jul 15, 2026

Our scenario range runs from HK$2.30 (bear case) to HK$4.00 (bull case); at HK$25.94, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 204% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -64% fair-value upside, at -88%, 0992 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence

Highest evidence

Growth DCF HK$3.33 HK$6.18 HK$11.50 80

Residual Income HK$1.07 HK$1.44 HK$8.30 76

Rev-Margin DCF HK$2.70 HK$4.70 HK$7.37 74

All 26 models by family

DCF Models

FCF DCF HK$3.37 HK$6.52 HK$12.51 38

Owner Earnings HK$2.45 HK$4.71 HK$9.02 31

5Y Revenue Exit HK$2.70 HK$4.76 HK$7.59 39

5Y EBITDA Exit HK$3.43 HK$6.31 HK$10.02 41

5Y P/E Exit HK$2.58 HK$4.50 HK$6.73 38

10Y Revenue Exit HK$2.81 HK$4.90 HK$8.21 36

10Y EBITDA Exit HK$3.40 HK$6.08 HK$10.35 37

10Y P/E Exit HK$2.81 HK$4.70 HK$7.45 35

Earnings-Based

Graham-Dodd HK$1.04 HK$5.38 HK$7.44 54

Lynch FV HK$1.47 HK$2.10 HK$2.73 50

PEG = 1.0 HK$1.47 HK$2.10 HK$2.73 46

EPV HK$2.22 HK$2.60 HK$2.94 59

Dividend Discount

Gordon GGM HK$0.4700 HK$1.03 HK$1.74 70

DDM Multi-Stage HK$0.4700 HK$0.8500 HK$1.08 61

Multiples

P/E Multiple HK$2.30 HK$3.07 HK$3.84 63

P/S Multiple HK$1.96 HK$2.61 HK$3.26 58

P/B Multiple HK$1.39 HK$1.85 HK$2.31 55

EV/EBIT HK$3.53 HK$4.67 HK$5.82 53

EV/EBITDA HK$3.68 HK$4.88 HK$6.08 54

EV/Revenue HK$2.40 HK$3.40 HK$4.39 43

Asset-Based

NCAV (Graham) HK$0.3100 HK$0.4100 HK$0.6200 50

Growth DCF

Growth DCF HK$3.33 HK$6.18 HK$11.50 80

Rev-Margin DCF HK$2.70 HK$4.70 HK$7.37 74

Economic Profit

Residual Income HK$1.07 HK$1.44 HK$8.30 76

ROIC Compounder HK$2.50 HK$3.28 HK$4.26 72

Growth Earnings

Growth-Adj P/E HK$2.15 HK$3.08 HK$4.00 68

Widest divergence: DCF Models (HK$4.76) versus Asset-Based (HK$0.4100). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) HK$83.1B

Revenue growth (YoY) +27.1%

Net margin 2.3%

Return on equity 28.6%

Free cash flow HK$2.9B FY2026

P/E ratio 22.8

More key figures

Operating margin 4.1%

EPS (TTM) HK$0.1600

Dividend yield 0.2%

EPS growth (YoY) +421%

Net debt HK$269M FY2026

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 47 · Market factors (momentum, volatility) 79

Profitability 56

Margins and returns on capital today

Quality Growth 46

Are margins and returns improving?

Cashflow 54

Earnings quality: real cash, not paper profit

Fin. Strength 46

Balance sheet, leverage, solvency risk

Investment 59

Disciplined investing over empire-building

Low Volatility 32

Calm price path (market factor)

Momentum 100

Price trend over the last 3–12 months (market factor)

52W Momentum 96

Distance to the 52-week high (market factor)

Net Issuance 19

Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Full company description

Lenovo Group Limited, an investment holding company, develops, manufactures, and markets technology products and services. It operates through Intelligent Devices Group, Infrastructure Solutions Group, and Solutions and Services Group segments. The company offers commercial and consumer personal computers, servers and workstations, and smartphones, as well as laptops, desktops, tablets, monitors, and accessories and software. It also provides consulting, deployment, managed, support, and security services. In addition, the company manufactures and distributes IT products, computers, computer hardware, and peripheral equipment; and offers IT, business planning, management, supply chain, finance and accounting, administration support, procurement agency, data management, intellectual property, and investment management services. Further, it is involved in the retail and service business for consumer electronic products and related digital services; development, ownership, licensing, and sale of communications hardware and software; and develops software and applications. It operates in China, the Asia Pacific, Europe, the Middle East, Africa, and the Americas. Lenovo Group Limited has a strategic alliance with Giralda Holding Conexion, S.L.U. to develop a joint end-to-end digital workplace offering that aims to challenge traditional IT outsourcing models. The company was founded in 1984 and is headquartered in Quarry Bay, Hong Kong.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Lenovo Group reported revenue of HK$82.7B in FY2026 versus HK$71.6B in FY2022, a compound +3.7%/yr. Reported net income was HK$1.9B in FY2026, compounding −1.6%/yr from FY2022.

Growth Quality 72/100

Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Latest Revenue (FY 2026)

HK$82.7B

Latest YoY

+19.8%

Avg. growth/yr (3Y)

+10.1%

Avg. growth/yr (5Y)

+6.4%

Avg. growth/yr (26Y)

+14.9%

Revenue +3.7%/yr

FY22 HK$71.6B

FY23 HK$61.9B

FY24 HK$56.9B

FY25 HK$69.1B

FY26 HK$82.7B

Net income −1.6%/yr

FY22 HK$2.0B

FY23 HK$1.6B

FY24 HK$1.0B

FY25 HK$1.4B

FY26 HK$1.9B

0992 screens 88% overvalued. Compare with Compal Electronics, Inc →

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Lenovo Group · Fair Value
HK$3.07 −88%Fair Value
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Cite: Fair Value Calculator (2026). "Lenovo Group Fair Value". https://www.fairvalue-calculator.com/stock/0992

Peer Group

Computer Hardware · 217 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 57 · Above median

Fair Value upside −88% · Bottom 25%

Return on equity (TTM) 29% · Top 25%

Return on assets 4% · Above median

Net margin (TTM) 2% · Below median

Operating margin (TTM) 6% · Above median

Revenue growth 27% · Above median

Dividend yield (TTM) 0.2% · Bottom 25%

Debt / equity 0.51× · Higher than 75% of peers

Valuation Multiples vs Computer Hardware median · lower = cheaper

P/E (TTM) 22.7× · Cheaper than median

P/B 5.11× · Pricier than 75% of peers

P/S (TTM) 0.47× · Cheaper than median

P/FCF 13.6× · Pricier than 75% of peers

EV/EBITDA 8.2× · Cheaper than median

PEG 0.83× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0

FUTURE 100 · sector 55

PAST 100 · sector 26

HEALTH 75 · sector 97

DIVIDEND 4 · sector 42

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Computer Hardware stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock	Price	Fair Value	vs Fair Value
Compal Electronics, Inc CEIR	$0.0310	$0.0276	-11%
Dell Technologies Inc DELL	$434.97	$163.87	-62%
Arista Networks, Inc ANET	$168.56	$43.74	-74%
Western Digital Corporation WDC	$513.84	$74.05	-86%
Wiwynn Corporation 6669	4,685 TWD	1,559 TWD	-67%
Hangzhou Hikvision Digital Technology Co 002415	¥34.12	¥30.11	-12%
Quanta Computer Inc 2382	373.50 TWD	297.22 TWD	-20%
Shenzhen Longsys Electronics Co 301308	¥587.60	¥60.86	-90%
Dawning Information Industry Co 603019	¥106.13	¥28.88	-73%
Inspur Electronic Information Industry Co 000977	¥89.52	¥31.81	-64%

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Frequently asked questions

Is Lenovo Group (0992) overvalued or undervalued?

As of Jul 15, 2026, our model estimates a fair value of HK$3.07 versus a price of HK$25.94, about −88% (overvalued).

What is the fair value of 0992?

Our model-based fair value for Lenovo Group is HK$3.07 (as of Jul 15, 2026), built from audited fundamentals. The current price is HK$25.94.

What is the quality score of 0992?

Lenovo Group has a Quality Score of 57/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.

What is the revenue of Lenovo Group (0992)?

Lenovo Group reported trailing-twelve-month revenue of about HK$83.1B (latest available figure, as of Jul 15, 2026).

What is the net profit margin of 0992?

The net profit margin of Lenovo Group is about 2.3%, meaning it keeps roughly 2.3% of revenue as net income. Based on the latest reported figures.

Does Lenovo Group pay a dividend?

Lenovo Group currently shows a dividend yield of about 0.22% relative to its recent price (as of Jul 15, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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