Company Valuation: Agricultural Bank of China Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,005,690 1,001,871 1,246,034 1,832,725 2,611,454 2,180,898 - -
Change - -0.38% 24.37% 47.08% 42.49% -16.49% - -
Enterprise Value (EV) 1,005,690 1,001,871 1,246,034 1,832,725 2,611,454 2,180,898 2,180,898 2,180,898
Change - -0.38% 24.37% 47.08% 42.49% -16.49% 0% 0%
P/E 3.36x 3.44x 3.79x 5.55x 6.66x 5.79x 5.54x 5.24x
PBR 0.32x 0.37x 0.4x 0.56x 0.66x 0.56x 0.51x 0.48x
PEG - 0.56x 0.87x 1.33x 1.67x 0.95x 1.22x 0.92x
Capitalization / Revenue 1.39x 1.38x 1.79x 2.58x 3.6x 2.78x 2.61x 2.43x
EV / Revenue 0x 0x 0x 0x 0x 2.78x 2.61x 2.43x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.41x 4.1x 3.88x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2068 0.2222 0.2309 0.2419 0.13 0.2593 0.2703 0.2874
Rate of return 9.47% 9.37% 8.45% 5.81% 2.5% 5.41% 5.64% 6%
EPS 2 0.65 0.69 0.72 0.75 0.78 0.8274 0.8649 0.914
Distribution rate 31.8% 32.2% 32.1% 32.3% 16.7% 31.3% 31.2% 31.4%
Net sales 1 721,746 725,499 695,468 710,555 725,131 783,884 835,417 896,656
EBITDA - - - - - - - -
EBIT 1 461,471 451,476 443,163 449,375 449,760 494,145 531,862 562,162
Net income 1 241,183 259,140 269,356 282,083 291,041 295,149 306,631 319,371
Net Debt - - - - - - - -
Reference price 2 2.183 2.371 2.732 4.163 5.194 4.792 4.792 4.792
Nbr of stocks (in thousands) 349,983,034 349,983,034 349,983,034 349,983,034 349,983,034 349,983,034 - -
Announcement Date 3/30/22 3/30/23 3/28/24 3/28/25 3/30/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
5.74x - - 5.46% 315B
20.12x - - 0.87% 105B
14.7x - - 4.62% 75.54B
7.68x - - 6.67% 60.48B
4.79x - - 6.28% 54.09B
18.59x - - 2.85% 51.72B
9.72x - - 4.48% 43.04B
12.64x - - 5.53% 42.02B
10.26x - - 3.92% 33.82B
9.88x - - 5.78% 32.3B
Average 11.41x 4.65% 81.32B
Weighted average by Cap. 10.25x 4.67%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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