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 2,607,589 - -
Change - -5.17% 7.5% 44.09% 14.75% -0.8% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,607,589 2,607,589 2,607,589
Change - -5.17% 7.5% 44.09% 14.75% -0.8% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 6.06x 5.81x 5.48x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.54x 0.5x 0.47x
PEG - 1.74x 3.43x - 2.77x 1.96x 1.33x 0.91x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.07x 2.9x 2.68x
EV / Revenue 0x 0x 0x 0x 0x 3.07x 2.9x 2.68x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.38x 4.05x 3.78x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.3195 0.3337 0.3535
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 5.11% 5.34% 5.66%
EPS 2 0.95 0.97 0.98 0.98 1 1.031 1.076 1.141
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 31% 31% 31%
Net sales 1 860,880 841,441 806,458 786,126 838,270 849,661 899,225 971,552
EBITDA - - - - - - - -
EBIT 1 624,653 600,557 567,760 543,971 558,971 595,940 643,569 690,184
Net income 1 338,731 360,483 363,993 365,863 368,562 369,994 384,797 405,550
Net Debt - - - - - - - -
Reference price 2 3.585 3.556 3.467 4.896 5.652 6.249 6.249 6.249
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.($)
14.2x - - 1.76% 950B
13.44x - - 1.88% 440B
13.16x - - 3.99% 365B
5.8x - - 5.25% 304B
18.47x - - 2.31% 290B
6.1x - - 5.15% 263B
12.1x - - 2.16% 267B
14.07x - - 2.82% 248B
28.1x - - 2.78% 213B
Average 13.94x 3.12% 371.11B
Weighted average by Cap. 13.66x 2.83%

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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