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China Mobile Limited (600941) fair value: what the stock is really worth
We calculate from audited financials what China Mobile Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Broad data
Sep 13, 2026
China Mobile Limited
600941 · SHGNeutralThe stock looks roughly fairly valued with average quality.
·Fair value ¥102.17 · Fairly valued (+6%)
!Quality 57/100
✓Healthy Growth (revenue 5y +6.5 %/yr)
✓Solidly profitable · 12.9% net margin (TTM)
✓Low debt · generates free cash flow
·4.93% dividend yield
!Moderate moat 45/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
57‑month range ¥46.49 – ¥111.44 · fair‑value band ¥70.92 – ¥137.28 · the ¥96.01 price screens below the ¥102.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Company profile
China Mobile Limited provides communication, computing, and AI services in Mainland China and Hong Kong.
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China Mobile Limited provides communication, computing, and AI services in Mainland China and Hong Kong. It offers communications services, including mobile communications, broadband networks, cellular IoT, and satellite Internet; computing services comprising data centers, cloud computing services, and cloud computing applications; and AI services, such as data algorithms, embodied intelligence, digital intelligence culture, digital intelligence e-commerce, and industry digital intelligence services. The company was formerly known as China Mobile (Hong Kong) Limited and changed its name to China Mobile Limited in May 2006. The company was incorporated in 1997 and is based in Central, Hong Kong. China Mobile Limited operates as a subsidiary of China Mobile Hong Kong (BVI) Limited.
Stock analysis
China Mobile Limited (600941) currently trades at ¥96.01, while our model-based Fair Value estimate is ¥102.17, implying the stock looks roughly 6.0% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥120.67 per share, and 15 of the 26 models we run sit above the ¥96.01 price.
Bear case: the Asset-Based group reads lowest at ¥44.00, and 11 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ¥70.92 (bear) to ¥137.28 (bull), the price of ¥96.01 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
China Mobile Limited reported revenue of 1.1T CNY in FY2025 versus 848B CNY in FY2021, a compound +5.5%/yr. Reported net income was 137B CNY in FY2025, compounding +4.3%/yr from FY2021.
Key figures
Market cap 2.1T CNY (≈ $312B) · P/E ratio 14.3 · P/S ratio 1.86 · EPS (TTM) ¥6.30 · Dividend yield 4.9% · Net margin 13.1% · Return on equity 9.6% · Return on assets (EBIT) 8.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 29% fair-value upside, at 6%, 600941 screens richer than that median.
Fair Value models
Bear ¥70.92
Fair Value ¥102.17
Bull ¥137.28
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥1.14 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
¥47.61
¥77.04
¥126.21
79
Growth DCF
¥48.18
¥77.59
¥127.43
77
Residual Income
¥58.43
¥64.63
¥92.88
76
All 26 models by family
DCF Models
FCF DCF
¥47.61
¥77.04
¥126.21
79
Owner Earnings
¥101.64
¥167.56
¥277.67
75
5Y Revenue Exit
¥58.84
¥98.69
¥151.07
71
5Y EBITDA Exit
¥103.54
¥185.02
¥283.52
74
5Y P/E Exit
¥81.47
¥142.40
¥208.67
70
10Y Revenue Exit
¥52.60
¥89.08
¥141.10
65
10Y EBITDA Exit
¥84.18
¥151.48
¥247.68
66
10Y P/E Exit
¥69.61
¥120.67
¥187.45
62
Earnings-Based
Graham-Dodd
¥42.86
¥154.31
¥208.00
64
Lynch FV
¥36.49
¥52.12
¥67.76
61
PEG = 1.0
¥36.49
¥52.12
¥67.76
57
EPV
¥54.90
¥63.88
¥71.86
74
Dividend Discount
Gordon GGM
¥45.73
¥99.84
¥167.98
65
DDM Multi-Stage
¥45.73
¥81.78
¥104.04
66
Multiples
P/E Multiple
¥103.99
¥138.66
¥173.32
63
P/S Multiple
¥80.36
¥107.15
¥133.93
58
P/B Multiple
¥80.36
¥107.15
¥133.93
55
EV/EBIT
¥86.23
¥113.63
¥141.03
66
EV/EBITDA
¥144.29
¥191.05
¥237.80
67
EV/Revenue
¥66.36
¥93.08
¥119.80
54
Asset-Based
NCAV (Graham)
¥32.84
¥44.00
¥65.67
54
Growth DCF
Growth DCF
¥48.18
¥77.59
¥127.43
77
Rev-Margin DCF
¥58.84
¥97.93
¥144.53
72
Economic Profit
Residual Income
¥58.43
¥64.63
¥92.88
76
ROIC Compounder
¥54.90
¥63.88
¥81.14
72
Growth Earnings
Growth-Adj P/E
¥71.52
¥102.17
¥132.82
67
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Set up alert →Quality Score breakdown
Overall quality
57/100
Of which business quality 57 · Market factors (momentum, volatility) 57
Profitability
40
Margins and returns on capital today
Quality Growth
35
Are margins and returns improving?
Cashflow
50
Earnings quality: real cash, not paper profit
Fin. Strength
82
Balance sheet, leverage, solvency risk
Investment
65
Disciplined investing over empire-building
Low Volatility
100
Calm price path (market factor)
Momentum
42
Price trend over the last 3–12 months (market factor)
52W Momentum
35
Distance to the 52-week high (market factor)
Net Issuance
74
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+0.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.5%
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+8.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.7%
Dividend (yield on the price)4.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4% vs 2%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 14%
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.0%
Yearly sales growth analysts expect, extended to five years.
Forecast 2026 (sales)+0.8%
Forecast 2027 (sales)+4.0%
Projected 2028 (sales)+3.7%
Projected 2029 (sales)+3.5%
Projected 2030 (sales)+3.2%
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Context: sector, industry, market
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
Similar stocks
10 more Telecom Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| T-Mobile US, Inc TMUS | $180.47 | $270.48 | +50% |
| Verizon Communications Inc VZ | $51.45 | $64.43 | +25% |
| AT&T Inc T | $26.72 | $43.97 | +65% |
| Bharti Airtel Limited BHARTIARTL | ₹1,832 | ₹1,883 | +3% |
| China Telecom Corporation 601728 | ¥6.26 | ¥8.36 | +34% |
| América Móvil, S.A. AMX | $22.98 | $39.05 | +70% |
| Singapore Telecommunications Limited Z77 | 4.50 SGD | 1.91 SGD | −58% |
| Swisscom AG SCMN | CHF 673.00 | CHF 463.92 | −31% |
| Telstra Group TLS | A$4.87 | A$3.31 | −32% |
| Chunghwa Telecom Co CHT | $45.37 | $58.36 | +29% |
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Frequently asked questions
Is China Mobile Limited (600941) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of ¥102.17 versus a price of ¥96.01, about +6% upside (fairly valued).
What is the fair value of 600941?
Our model-based fair value for China Mobile Limited is ¥102.17 (as of Sep 13, 2026), built from audited fundamentals. The current price: ¥96.01.
What is the quality score of 600941?
China Mobile Limited has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for China Mobile Limited (600941)?
Our model-based price target is the fair value of ¥102.17 (as of Sep 13, 2026) from 26 valuation models. Cautious scenario ¥70.92, optimistic scenario ¥137.28. It is a calculation from audited fundamentals, not an analyst target.
What is the China Mobile Limited stock forecast for 2026?
Our models put fair value at ¥102.17, about +6% upside versus a price of ¥96.01 (fairly valued). Cautious scenario ¥70.92, optimistic scenario ¥137.28. The calculation is refreshed regularly with new filings.
What is the revenue of China Mobile Limited (600941)?
China Mobile Limited reported trailing-twelve-month revenue of about 1.1T CNY (latest available figure, as of Sep 13, 2026).
Does China Mobile Limited pay a dividend?
China Mobile Limited currently shows a dividend yield of about 4.93% relative to its recent price (as of Sep 13, 2026).
What growth is priced into China Mobile Limited (600941)?
For today's price to be fair in a discounted-cash-flow model, China Mobile Limited would have to grow free cash flow by +8.5 % per year for five years (discount rate 8.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.5 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of 600941 use?
Our models discount China Mobile Limited at 8.2 %: a base by market capitalisation (mega), damped by beta 0.26, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For China Mobile Limited that is +8.5 % per year a year over ten years, using the same discount rate (8.2 %) and the same formula as our fair value.
How much growth has China Mobile Limited (600941) delivered so far?
Over the past 5 years revenue at China Mobile Limited grew +6.5 % a year. The price currently implies +8.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of China Mobile Limited (600941) growing?
The median revenue growth in the sector is +2.1 % a year. That is the yardstick for the growth priced into China Mobile Limited (+8.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of China Mobile Limited (600941)?
The free-cash-flow yield on the price is 3.61 %: that much free cash flow China Mobile Limited produces per unit of market value. When it exceeds the discount rate of our models (8.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of China Mobile Limited (600941)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Mobile Limited it is ¥102.17 per share (as of Sep 13, 2026), against a price of ¥96.01. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is China Mobile Limited stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 600941 trades below its calculated fair value: price ¥96.01, fair value ¥102.17, a gap of about +6% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 600941?
No. The price is what the market pays today (¥96.01); the fair value is what the company's own numbers justify (¥102.17). For China Mobile Limited the two are ¥6.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Mobile Limited worth?
The market values China Mobile Limited at about 2.1T CNY (market capitalisation, as of Sep 13, 2026). Per share that is ¥96.01; our models calculate a fair value of ¥102.17 per share.
What do the bullish and bearish scenarios say about 600941?
Our models span a range for China Mobile Limited: cautious scenario ¥70.92, base ¥102.17, optimistic ¥137.28 per share (as of Sep 13, 2026, price ¥96.01). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 600941 from its 52-week high?
China Mobile Limited trades at ¥96.01, about 14% below its 52-week high of ¥111.89 and 7% above the low of ¥89.50 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of ¥102.17 is for.
Which stocks are comparable to China Mobile Limited?
From the same area (Communication Services) we also value T-Mobile US, Inc, Verizon Communications Inc, AT&T Inc, Bharti Airtel Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is China Mobile Limited stock attractive at the current price?
The data as of Sep 13, 2026: price ¥96.01, calculated fair value ¥102.17 (+6%), Quality Score 57/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 600941 calculated?
We run China Mobile Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥102.17, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. China Mobile Limited currently trades 6 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of China Mobile Limited (600941)?
The closing price on Sep 21, 2026 was ¥96.01. Our model-based fair value is ¥102.17, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Mobile Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (¥70.92 to ¥137.28) leaves room in how you read the outcome.
Where does the earnings growth of China Mobile Limited (600941) come from?
Earnings per share at China Mobile Limited grew +1.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.2 %, EBIT margin −0.5 %, tax rate +0.3 %, residual (interest, one-offs) −2.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of China Mobile Limited
How large is the market capitalisation of China Mobile Limited (600941)?
The market capitalisation of China Mobile Limited is 2.1T CNY (≈ $312B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of China Mobile Limited (600941)?
The price-to-earnings ratio of China Mobile Limited is 14.3 (as of Jul 12, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of China Mobile Limited (600941)?
The price-to-sales ratio of China Mobile Limited is 1.86 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of China Mobile Limited (600941)?
Earnings per share at China Mobile Limited are ¥6.30 (price ÷ EPS = P/E 14.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Mobile Limited (600941)?
The dividend yield of China Mobile Limited is 4.9% (payout 75.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of China Mobile Limited (600941)?
The net margin of China Mobile Limited is 13.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of China Mobile Limited (600941)?
The return on equity (ROE) of China Mobile Limited is 9.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of China Mobile Limited (600941)?
On an EBIT basis the return on assets of China Mobile Limited is 8.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of China Mobile Limited (600941)?
The operating margin of China Mobile Limited is 11.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Mobile Limited (600941)?
Revenue at China Mobile Limited is growing +1.0% versus a year earlier (3y avg +3.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at China Mobile Limited (600941)?
Earnings per share at China Mobile Limited are growing −4.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does China Mobile Limited (600941) hold?
China Mobile Limited holds more cash than debt, 5.8B CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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