Stock ACGBF AGRICULTURAL BANK OF CHINA LIMITED
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Financials Agricultural Bank of China Limited OTC Markets

Equities

ACGBF

CNE100000Q43

Banks

Market Closed - OTC Markets
Other stock markets
 10:03:46 2024-07-02 EDT 		5-day change 1st Jan Change
0.44 USD 0.00% Intraday chart for Agricultural Bank of China Limited 0.00% +22.22%
06-06 Agricultural Bank of China Limited Approves the Appointment of WANG Zhiheng as the President CI
06-05 AgBank Issues 60 Billion Yuan of Additional Tier-1 Capital Bonds MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,271,897 1,075,442 1,005,861 1,000,306 1,247,678 1,520,795 - -
Enterprise Value (EV) 1 1,271,897 1,075,442 1,005,861 1,000,306 1,247,678 1,520,795 1,520,795 1,520,795
P/E ratio 5.2 x 4.05 x 3.36 x 3.43 x 3.8 x 4.29 x 4.11 x 3.86 x
Yield 5.93% 7.74% 9.47% 9.39% 8.44% 7.33% 7.48% 7.88%
Capitalization / Revenue 2.03 x 1.63 x 1.39 x 1.38 x 1.79 x 2.2 x 2.07 x 1.92 x
EV / Revenue 2.03 x 1.63 x 1.39 x 1.38 x 1.79 x 2.2 x 2.07 x 1.92 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.55 x 0.38 x 0.32 x 0.37 x 0.4 x 0.41 x 0.38 x 0.35 x
Nbr of stocks (in thousands) 349,983,034 349,983,034 349,983,034 349,983,034 349,983,034 349,983,034 - -
Reference price 2 3.065 2.390 2.184 2.367 2.736 3.155 3.155 3.155
Announcement Date 3/30/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 627,268 657,961 721,746 725,499 695,468 692,299 735,047 791,380
EBITDA - - - - - - - -
EBIT 1 266,305 265,971 461,471 451,476 443,163 452,213 469,621 503,324
Operating Margin 42.45% 40.42% 63.94% 62.23% 63.72% 65.32% 63.89% 63.6%
Earnings before Tax (EBT) 1 266,576 265,050 295,880 306,216 307,419 308,004 324,974 343,669
Net income 1 212,098 215,925 241,183 259,140 269,356 261,627 273,273 289,282
Net margin 33.81% 32.82% 33.42% 35.72% 38.73% 37.79% 37.18% 36.55%
EPS 2 0.5900 0.5900 0.6500 0.6900 0.7200 0.7348 0.7679 0.8165
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.1819 0.1851 0.2068 0.2222 0.2309 0.2311 0.2361 0.2485
Announcement Date 3/30/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2021 S1 2021 Q4 2021 S2 2022 Q2 2022 S1 2022 Q4 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 S1 2025 S2
Net sales 1 304,883 339,774 366,254 175,865 - 181,802 387,659 160,099 176,429 - 167,854 161,820 - 186,147 159,743 - 168,363 158,195 - - -
EBITDA - - - - - - - - - - - - - - - - - - - - -
EBIT 185,940 231,731 249,563 - 211,908 123,336 261,688 73,234 118,672 - 108,727 - - 135,072 - - - - - - -
Operating Margin 60.99% 68.2% 68.14% - - 67.84% 67.5% 45.74% 67.26% - 64.77% - - 72.56% - - - - - - -
Earnings before Tax (EBT) 120,714 132,555 - - - - - 71,448 72,942 - 81,441 - - 79,439 - - - - - - -
Net income 86,053 108,834 122,278 - - 58,195 128,945 61,635 61,680 - 74,122 - - 70,386 - - - - - - -
Net margin 28.22% 32.03% 33.39% - - 32.01% 33.26% 38.5% 34.96% - 44.16% - - 37.81% - - - - - - -
EPS 0.2500 - - - - - - 0.1600 0.1700 0.3700 - - 0.3500 0.1900 - 0.3800 - - 0.3900 0.3900 0.4100
Dividend per Share - - - - - - - - - - - - - - - - - - - - -
Announcement Date 3/30/20 8/30/20 8/30/21 3/30/22 3/30/22 8/29/22 8/29/22 3/30/23 8/29/23 8/29/23 10/27/23 3/28/24 3/28/24 4/29/24 - - - - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 12.4% 11.4% 11.6% 11.3% 10.9% 10.2% 9.92% 9.59%
ROA (Net income/ Total Assets) 0.89% 0.83% 0.86% 0.82% 0.73% 0.63% 0.6% 0.55%
Assets 1 23,751,176 26,046,441 28,044,535 31,498,724 36,898,082 41,603,442 45,658,206 52,317,074
Book Value Per Share 2 5.570 6.300 6.900 6.370 6.880 7.720 8.290 8.910
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 3/30/20 3/30/21 3/30/22 3/30/23 3/28/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Agricultural Bank of China Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
19
Last Close Price
3.155 CNY
Average target price
3.7 CNY
Spread / Average Target
+17.30%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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