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 2,940,739 - -
Change - -5.17% 7.5% 44.09% 14.75% 11.87% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,940,739 2,940,739 2,940,739
Change - -5.17% 7.5% 44.09% 14.75% 11.87% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 6.39x 6.1x 5.7x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.56x 0.53x 0.49x
PEG - 1.74x 3.43x - 2.77x 1.91x 1.28x 0.81x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.37x 3.19x 2.95x
EV / Revenue 0x 0x 0x 0x 0x 3.37x 3.19x 2.95x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.8x 4.47x 4.14x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.3214 0.3376 0.3591
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 4.86% 5.11% 5.43%
EPS 2 0.95 0.97 0.98 0.98 1 1.033 1.083 1.159
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 31.1% 31.2% 31%
Net sales 1 860,880 841,441 806,458 786,126 838,270 871,376 921,616 995,316
EBITDA - - - - - - - -
EBIT 1 624,653 600,557 567,760 543,971 558,971 613,112 658,274 709,802
Net income 1 338,731 360,483 363,993 365,863 368,562 373,151 391,333 415,439
Net Debt - - - - - - - -
Reference price 2 3.585 3.556 3.467 4.896 5.652 6.608 6.608 6.608
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.62x - - 1.88% 901B
6.25x - - 4.97% 430B
6.82x - - 4.66% 382B
11.58x - - 2.35% 352B
6.3x - - 4.93% 341B
6.76x - - 4.73% 316B
10.75x - - 4.91% 295B
17.65x - - 2.39% 283B
11.4x - - 2.27% 251B
Average 10.12x 3.68% 394.62B
Weighted average by Cap. 10.40x 3.47%

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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