Company Valuation: Industrial and Commercial Bank of China Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,863,266 - -
Change - -5.17% 7.5% 44.09% 14.75% 8.93% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,863,266 2,863,266 2,863,266
Change - -5.17% 7.5% 44.09% 14.75% 8.93% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 6.35x 6.23x 5.86x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.58x 0.54x 0.51x
PEG - 1.74x 3.43x - 2.77x 0.96x 3.12x 0.93x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.26x 3.1x 2.87x
EV / Revenue 0x 0x 0x 0x 0x 3.26x 3.1x 2.87x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.67x 4.34x 4.03x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.326 0.3398 0.3615
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 4.81% 5.02% 5.34%
EPS 2 0.95 0.97 0.98 0.98 1 1.066 1.087 1.156
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 30.6% 31.3% 31.3%
Net sales 1 860,880 841,441 806,458 786,126 838,270 877,398 923,581 998,931
EBITDA - - - - - - - -
EBIT 1 624,653 600,557 567,760 543,971 558,971 612,738 659,825 711,176
Net income 1 338,731 360,483 363,993 365,863 368,562 381,916 391,169 417,504
Net Debt - - - - - - - -
Reference price 2 3.585 3.556 3.467 4.896 5.652 6.772 6.772 6.772
Nbr of stocks (in thousands) 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 - -
Announcement Date 3/30/22 3/30/23 3/27/24 3/28/25 3/27/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
6.35x - - 4.81% 429B
13.45x - - 1.9% 888B
7.1x - - 4.55% 375B
6.64x - - 4.73% 361B
11.32x - - 2.42% 341B
6.75x - - 4.75% 310B
10.82x - - 4.84% 298B
17.51x - - 2.41% 279B
11.43x - - 2.26% 252B
12.68x - - 3.09% 229B
Average 10.40x 3.58% 376.21B
Weighted average by Cap. 10.52x 3.42%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Industrial and Commercial Bank of China Limited

Historical PBR trend

Valuation ratios - PBR - Industrial and Commercial Bank of China Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Industrial and Commercial Bank of China Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Industrial and Commercial Bank of China Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - Industrial and Commercial Bank of China Limited
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