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 2,383,370 - -
Change - -5.17% 7.5% 44.09% 14.75% -9.33% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,383,370 2,383,370 2,383,370
Change - -5.17% 7.5% 44.09% 14.75% -9.33% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 5.4x 5.17x 4.88x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.48x 0.45x 0.42x
PEG - 1.74x 3.43x - 2.77x 1.74x 1.14x 0.82x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 2.81x 2.66x 2.47x
EV / Revenue 0x 0x 0x 0x 0x 2.81x 2.66x 2.47x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4x 3.78x 3.49x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.3195 0.3338 0.3516
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 5.74% 5.99% 6.31%
EPS 2 0.95 0.97 0.98 0.98 1 1.031 1.078 1.142
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 31% 31% 30.8%
Net sales 1 860,880 841,441 806,458 786,126 838,270 848,938 897,019 964,350
EBITDA - - - - - - - -
EBIT 1 624,653 600,557 567,760 543,971 558,971 596,333 630,664 682,233
Net income 1 338,731 360,483 363,993 365,863 368,562 370,286 384,947 404,049
Net Debt - - - - - - - -
Reference price 2 3.585 3.556 3.467 4.896 5.652 5.570 5.570 5.570
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.($)
14.77x - - 1.89% 895B
13.02x - - 2.02% 414B
11.76x - - 4.38% 328B
18.49x - - 2.31% 287B
5.31x - - 5.74% 277B
5.71x - - 5.45% 252B
12.27x - - 2.19% 263B
16.59x - - 2.33% 225B
18.42x - - 2.55% 201B
Average 12.93x 3.21% 349.12B
Weighted average by Cap. 13.16x 2.93%

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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