Lenovo Group (0992) Fair Value & Analysis

Technology · HK · Market cap HK$306B

LG Lenovo Group 0992 · HK

PriceHK$33.60

Fair ValueHK$4.30

Upside-87.2%

Quality47/100

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Healthy Growth

Thin margins · 2.3% net margin

Moderate debt · generates free cash flow

0.22% dividend yield

Mixed vs. peers (8/15)

Moderate moat 51/100

Evidence: High Range HK$3.01 – HK$5.37 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from HK$3.07 to HK$4.30 (+40.1%) since Jul 15, 2026. Share price +40.8% over the past month.

Below-average quality, and screening another 87% overvalued on our models.

What matters now

The price sits above even our optimistic bull case (HK$5.37). The favourable scenario is already priced in.
Solid but not exceptional quality (47/100) 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 Aug 13, 2026.

How to read this chart

60‑month range HK$4.72 – HK$34.90 · fair‑value band HK$3.01 – HK$5.37 · the HK$33.60 price screens above the HK$4.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Lenovo Group (0992) currently trades at HK$33.60, while our model-based Fair Value estimate is HK$4.30, implying the stock looks roughly 87.2% overvalued today. The Quality Score stands at 47/100 (below-average 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 Aug 13, 2026

Our scenario range runs from HK$3.01 (bear case) to HK$5.37 (bull case); at HK$33.60, 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 near its 52-week high and 294% above its 52-week low. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at -87%, 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.

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

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$4.34 HK$8.25 HK$13.31 41

5Y P/E Exit HK$3.19 HK$5.79 HK$8.84 38

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

10Y EBITDA Exit HK$4.02 HK$7.56 HK$13.27 37

10Y P/E Exit HK$3.23 HK$5.68 HK$9.32 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$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 53

EV/EBITDA HK$5.06 HK$6.72 HK$8.38 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$2.59 HK$3.70 HK$4.81 68

Widest divergence: DCF Models (HK$5.68) versus Asset-Based (HK$0.4100). Highest evidence: Growth DCF (80).

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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 as of Jun 7, 2026

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 Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

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 28

Calm price path (market factor)

Momentum 100

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.

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) ⓘ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. 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. 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%

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

Character of growth · EPS growth decomposed (2015-2026) +5.8 % p.a.

Revenue per share +2.3 pp

of which total revenue +5.0 pp · buybacks/dilution −2.7 pp

EBIT margin +6.5 pp

Tax rate −1.1 pp

Residual (interest, one-offs) −1.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

0992 screens 87% overvalued. Compare with Dell Technologies Inc →

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Lenovo Group · Fair Value
HK$4.30 −87%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 · 224 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 −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) 22.8× · 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

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 59

PAST 100 · sector 23

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.

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Inspur Electronic Information Industry Co 000977	¥75.02	¥44.02	-41%
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Frequently asked questions

Is Lenovo Group (0992) overvalued or undervalued?

As of Aug 13, 2026, our model estimates a fair value of HK$4.30 versus a price of HK$33.60, about −87% (overvalued).

What is the fair value of 0992?

Our model-based fair value for Lenovo Group is HK$4.30 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$33.60.

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 13, 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 Aug 13, 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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