Chunghwa Telecom ADR (CHT) is overvalued and Vodafone Group plc ADR (VOD) is overvalued.
Both trade above our estimate of their intrinsic value. CHT is the closer of the two: -74%, against -132% for VOD.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.4% (average of 3 methods) values the shares at $26.47; the price of $46.11 is 74% above that value, and 81% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
Discounting its cash flows at 6.2% (average of 2 methods) values the shares at $7.15; the price of $16.62 is 132% above that value, and 86% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | CHT | VOD |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $46.11 | $16.62 |
| Intrinsic value | $26.47 | $7.15 |
| Margin of safety | -74% | -132% |
| Leak Score | 59/100 (3/12) | 0/100 (2/12) |
| Market cap | $35.8B | $38.5B |
| Revenue growth, 5 years | 1.4% | -1.7% |
| Operating margin | 20.4% | 9.6% |
| Net margin | 16.1% | -1.0% |
| Return on equity | 10.6% | -0.6% |
| Debt to equity | 0.10 | 1.04 |
| P/E | 28.2x | — |
| Forward P/E | 27.8x | 11.1x |
| P/B | 3.1x | 0.7x |
| Dividend yield | 3.6% | 3.4% |