Company Valuation: Bank of China Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 856,824 834,257 876,091 1,067,151 1,473,279 1,621,199 1,621,199 -
Change - -2.63% 5.01% 21.81% 38.06% 10.04% 0% -
Enterprise Value (EV) 856,824 834,257 876,091 1,067,151 1,473,279 1,621,199 1,621,199 1,621,199
Change - -2.63% 5.01% 21.81% 38.06% 10.04% 0% 0%
P/E ratio 3.66x 3.27x 3.44x 3.66x 4.97x 5.47x 5.44x 5.34x
PBR 0.37x 0.35x 0.36x 0.36x 0.46x 0.49x 0.46x 0.44x
PEG - 0.2x 0.8x 2.67x 3.68x -2.32x 7.83x 2.85x
Capitalization / Revenue 1.51x 1.38x 1.42x 1.71x 2.33x 2.55x 2.44x 2.32x
EV / Revenue 0x 0x 0x 0x 0x 2.55x 2.44x 2.32x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.06x 3.89x 3.64x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.197 0.221 0.232 0.2364 0.2424 0.2224 0.2293 0.2331
Rate of return 8.83% 9.65% 9.24% 8.74% 6.5% 5.55% 5.72% 5.82%
EPS 2 0.61 0.7 0.73 0.74 0.75 0.7323 0.7374 0.7512
Distribution rate 32.3% 31.6% 31.8% 31.9% 32.3% 30.4% 31.1% 31%
Net sales 1 567,647 605,717 619,139 624,138 632,771 636,795 663,091 699,463
EBITDA - - - - - - - -
EBIT 1 365,236 379,362 387,943 401,205 397,001 399,239 416,535 445,375
Net income 1 192,870 216,559 227,439 231,904 237,841 232,613 238,361 243,316
Net Debt - - - - - - - -
Reference price 2 2.231 2.289 2.512 2.705 3.731 4.008 4.008 4.008
Nbr of stocks (in thousands) 294,385,451 294,384,261 294,387,791 294,387,791 294,387,791 322,212,412 322,212,412 -
Announcement Date 3/30/21 3/29/22 3/30/23 3/28/24 3/26/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
5.47x - - 5.55% 235B
13.03x - - 2.25% 764B
5.59x - - 5.56% 352B
10.77x - - 2.57% 335B
5.41x - - 5.52% 271B
10x - - 5.23% 268B
10.6x - - 2.53% 229B
14.17x - - 3.03% 225B
26.69x - - 2.91% 203B
13.56x - - 2.83% 188B
Average 11.53x 3.8% 307.04B
Weighted average by Cap. 11.25x 3.62%

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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