Company Valuation: Guangzhou Rural Commercial Bank Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 28,906 31,999 26,742 28,776 21,936 19,682
Change - 10.7% -16.43% 7.61% -23.77% -10.27%
Enterprise Value (EV) 1 -76,293 -22,759 -7,039 52,453 70,874 29,926
Change - 70.17% 69.07% 845.18% 35.12% -57.78%
P/E 6.55x 10.7x 9.31x 11.5x 15.5x 11x
PBR 0.48x 0.46x 0.38x 0.36x 0.26x 0.24x
PEG - -0.3x -2.48x -0.4x -0.4x 0.4x
Capitalization / Revenue 2.17x 2.92x 2.24x 2.95x 2.72x 2.43x
EV / Revenue -5.74x -2.08x -0.59x 5.38x 8.79x 3.69x
EV / EBITDA - - - - - -
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 0.2 0.105 0.105 0.04 0.045 0.046
Rate of return 6.79% 3.76% 4.5% 2% 2.96% 3.37%
EPS 2 0.4503 0.2606 0.2508 0.1733 0.0982 0.1241
Distribution rate 44.4% 40.3% 41.9% 23.1% 45.8% 37.1%
Net sales 1 13,290 10,940 11,919 9,746 8,063 8,114
EBITDA - - - - - -
EBIT - - - - - -
Net income 1 5,081 3,175 3,492 2,634 2,081 2,122
Net Debt 1 -105,199 -54,758 -33,781 23,678 48,938 10,244
Reference price 2 2.947 2.794 2.335 1.997 1.522 1.366
Nbr of stocks (in thousands) 9,808,269 11,451,269 11,451,269 14,409,789 14,409,789 14,409,789
Announcement Date 3/29/21 4/21/22 3/31/23 3/28/24 3/28/25 3/27/26
1CNY in Million2CNY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
6.14x - - 5.11% 337B
17.72x - - 0.95% 107B
14.87x - - 4.57% 76.84B
8.1x - - 6.25% 63.73B
5.06x - - 5.95% 57.29B
18.93x - - 2.84% 52.05B
12.86x - - 5.42% 42.9B
9.27x - - 4.67% 41.24B
10.63x - - 3.78% 34.59B
Average 11.51x 4.39% 90.27B
Weighted average by Cap. 10.09x 4.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  5. Valuation Guangzhou Rural Commercial Bank Co., Ltd.