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 2,745,120 - -
Change - -5.17% 7.5% 44.09% 14.75% 4.43% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,745,120 2,745,120 2,745,120
Change - -5.17% 7.5% 44.09% 14.75% 4.43% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 6.26x 5.98x 5.6x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.56x 0.52x 0.48x
PEG - 1.74x 3.43x - 2.77x 1.91x 1.29x 0.83x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.22x 3.03x 2.79x
EV / Revenue 0x 0x 0x 0x 0x 3.22x 3.03x 2.79x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.4x 4.24x 3.89x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.3204 0.3358 0.3556
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 4.95% 5.19% 5.5%
EPS 2 0.95 0.97 0.98 0.98 1 1.033 1.081 1.154
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 31% 31.1% 30.8%
Net sales 1 860,880 841,441 806,458 786,126 838,270 851,539 905,118 985,468
EBITDA - - - - - - - -
EBIT 1 624,653 600,557 567,760 543,971 558,971 624,122 647,172 706,332
Net income 1 338,731 360,483 363,993 365,863 368,562 371,166 387,106 410,661
Net Debt - - - - - - - -
Reference price 2 3.585 3.556 3.467 4.896 5.652 6.467 6.467 6.467
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.($)
14.09x - - 1.77% 947B
13.38x - - 1.9% 438B
6.38x - - 4.86% 415B
12.76x - - 4.09% 358B
6.25x - - 4.93% 332B
6.69x - - 4.72% 301B
17.85x - - 2.38% 288B
12.22x - - 2.14% 270B
14.77x - - 2.68% 261B
Average 11.60x 3.27% 401.02B
Weighted average by Cap. 11.86x 3.05%

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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