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Lenovo Group (0992) Fair Value & Analysis

Technology · HK · Market cap HK$306B (≈ $39.1B) · ISIN HK0992009065

What is Lenovo Group really worth?

LG Lenovo Group 0992 · HK
PriceHK$32.40
Fair ValueHK$33.70
Upside+4.0%
Quality47/100

Below-average quality, currently priced close to our fair value of HK$33.70.

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Strengths

✓Healthy Growth (revenue 5y +6.4 %/yr)
✓Moderate debt · generates free cash flow
✓Ranks above peers (9/15)

Risks

!Thin margins · 2.3% net margin
!Moderate moat 51/100
!Weak on dividend: 3 out of 100

For context

·0.17% dividend yield
Evidence: High Range HK$23.64 – HK$42.13

Fair value as of: Aug 20, 2026

From 26 valuation models · updated 16 days ago

Fair value updated Aug 20, 2026, revised from HK$4.30 to HK$33.70 (+683.7%) since Aug 13, 2026. Share price +23.3% over the past month.

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 →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

HK$34.90 HK$4.72 Fair Value HK$33.70 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range HK$4.72 – HK$34.90 · fair‑value band HK$23.64 – HK$42.13 · the HK$32.40 price screens below the HK$33.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Lenovo Group (0992) currently trades at HK$32.40, while our model-based Fair Value estimate is HK$33.70, implying the stock looks roughly 3.9% fairly valued today. The Quality Score stands at 47/100 (below-average quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of HK$5.68 per share, and 0 of the 26 models we run sit above the HK$32.40 price. Bear case: the Multiples group reads lowest at HK$3.40, and 26 of the 26 models stay below the price. Evidence for this calculation is 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 Aug 20, 2026

Our scenario range runs from HK$23.64 (bear case) to HK$42.13 (bull case); at HK$32.40, the current price sits within 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 near its 52-week high and 280% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −53% fair-value upside, at 4%, 0992 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly HK$0.0459 per share, which is 0.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (HK$0.4100 to HK$8.25). Read the values as a conservative anchor, not as a price target.
Model 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
Highest evidence
FCF DCF HK$3.37 HK$6.52 HK$12.51 76
Growth DCF HK$3.33 HK$6.18 HK$11.50 75
EPV HK$2.22 HK$2.60 HK$2.94 74
All 26 models by family
DCF Models
FCF DCF HK$3.37 HK$6.52 HK$12.51 76
Owner Earnings HK$2.45 HK$4.71 HK$9.02 72
5Y Revenue Exit HK$2.70 HK$4.76 HK$7.59 71
5Y EBITDA Exit HK$4.34 HK$8.25 HK$13.31 73
5Y P/E Exit HK$3.19 HK$5.79 HK$8.84 69
10Y Revenue Exit HK$2.81 HK$4.90 HK$8.21 65
10Y EBITDA Exit HK$4.02 HK$7.56 HK$13.27 66
10Y P/E Exit HK$3.23 HK$5.68 HK$9.32 62
Earnings-Based
Graham-Dodd HK$1.04 HK$5.38 HK$7.44 64
Lynch FV HK$1.47 HK$2.10 HK$2.73 61
PEG = 1.0 HK$1.47 HK$2.10 HK$2.73 57
EPV HK$2.22 HK$2.60 HK$2.94 74
Dividend Discount
Gordon GGM HK$0.4700 HK$1.03 HK$1.74 65
DDM Multi-Stage HK$0.4700 HK$0.8500 HK$1.08 66
Multiples
P/E Multiple HK$3.22 HK$4.30 HK$5.37 63
P/S Multiple HK$1.96 HK$2.61 HK$3.26 58
P/B Multiple HK$1.96 HK$2.61 HK$3.26 55
EV/EBIT HK$4.67 HK$6.20 HK$7.74 66
EV/EBITDA HK$5.06 HK$6.72 HK$8.38 67
EV/Revenue HK$2.40 HK$3.40 HK$4.39 54
Asset-Based
NCAV (Graham) HK$0.3100 HK$0.4100 HK$0.6200 54
Growth DCF
Growth DCF HK$3.33 HK$6.18 HK$11.50 75
Rev-Margin DCF HK$2.70 HK$4.70 HK$7.37 71
Economic Profit
Residual Income HK$1.07 HK$1.44 HK$8.30 64
ROIC Compounder HK$2.50 HK$3.28 HK$4.26 72
Growth Earnings
Growth-Adj P/E HK$2.59 HK$3.70 HK$4.81 67

Widest divergence: DCF Models (HK$5.68) versus Asset-Based (HK$0.4100). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 22.8 as of Jun 7, 2026
P/S ratio 0.53 P/E × margin
EPS (TTM) HK$0.1600 price ÷ EPS = P/E 22.8
Dividend yield 0.2% payout 33.8%
Net margin 2.3% FY2026
Return on equity 28.6% TTM
More key figures
Profitability
Return on assets (EBIT) 5.9% avg 5y
Operating margin 4.1% TTM
Growth
Revenue (TTM) HK$83.1B TTM
Revenue growth (YoY) +27.1% 3y avg +10.1%
EPS growth (YoY) +421%
Balance sheet & cash flow
Free cash flow HK$2.9B FY2026
Net debt HK$269M FY2026 · ≈ 0.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 47 · Market factors (momentum, volatility) 77

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 28
Calm price path (market factor)
Momentum 96
Price trend over the last 3–12 months (market factor)
52W Momentum 100
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

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 $82.7B in FY2026 versus $71.6B in FY2022, a compound +3.7%/yr. Reported net income was $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. revenue growth/yr (3Y) ⓘ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.
+10.1%
Avg. revenue growth/yr (5Y) ⓘ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.
+6.4%
Avg. revenue growth/yr (26Y) ⓘ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.
+14.9%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+5.3% (5.1 + 0.2)
Revenue +3.7%/yr
FY22 $71.6B
FY23 $61.9B
FY24 $56.9B
FY25 $69.1B
FY26 $82.7B
Net income −1.6%/yr
FY22 $2.0B
FY23 $1.6B
FY24 $1.0B
FY25 $1.4B
FY26 $1.9B
Character of growth · EPS growth decomposed (2015-2026) +5.8 % p.a.
Revenue per share +2.3 %

of which total revenue +5.0 % · buybacks/dilution −2.6 %

EBIT margin +6.5 %
Tax rate −1.1 %
Residual (interest, one-offs) −1.8 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Lenovo Group · Fair Value
HK$33.70 +4%Fair Value
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Cite: Fair Value Calculator (2026). "Lenovo Group Fair Value". https://www.fairvalue-calculator.com/stock/0992

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Computer Hardware · 222 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 47 · Below median
Fair Value upside +4% · Above median
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) 22.8× · 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

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE39 · sector 1
FUTURE100 · sector 59
PAST100 · sector 24
HEALTH75 · sector 97
DIVIDEND3 · sector 37

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 Computer Hardware stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Dell Technologies Inc DELL $456.24 $187.75 −59%
Arista Networks, Inc ANET $201.09 $57.72 −71%
Western Digital Corporation WDC $441.57 $47.49 −89%
Hygon Information Technology Co 688041 ¥246.21 ¥30.66 −88%
Hangzhou Hikvision Digital Technology Co 002415 ¥35.18 ¥40.44 +15%
Shenzhen Longsys Electronics Co 301308 ¥376.88 ¥91.67 −76%
Dawning Information Industry Co 603019 ¥83.19 ¥39.38 −53%
HP Inc HPQ $30.52 $48.62 +59%
Inspur Electronic Information Industry Co 000977 ¥73.79 ¥44.02 −40%
Super Micro Computer, Inc SMCI $38.46 $37.09 −4%

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Frequently asked questions

Is Lenovo Group (0992) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of HK$33.70 versus a price of HK$32.40, about +4% upside (fairly valued).
What is the fair value of 0992?
Our model-based fair value for Lenovo Group is HK$33.70 (as of Aug 20, 2026), built from audited fundamentals. The current price: HK$32.40.
What is the quality score of 0992?
Lenovo Group has a Quality Score of 47/100. 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 revenue of Lenovo Group (0992)?
Lenovo Group reported trailing-twelve-month revenue of about HK$83.1B (latest available figure, as of Aug 20, 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 0.17% relative to its recent price (as of Aug 20, 2026).
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