Company Valuation: Midea Group Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 506,827 355,169 377,351 564,900 584,982 595,146 - -
Change - -29.92% 6.25% 49.7% 3.55% 1.74% - -
Enterprise Value (EV) 1 489,014 366,158 368,311 508,919 559,493 553,882 530,031 523,658
Change - -25.12% 0.59% 38.18% 9.94% -1% -4.31% -1.2%
P/E 17.8x 12x 11.1x 13.9x 13.6x 12.9x 11.8x 10.9x
PBR 4.13x 2.54x 2.36x 2.66x 2.66x 2.53x 2.35x 2.21x
PEG - 2.61x 0.8x 1.4x 2.17x 2.03x 1.31x 1.32x
Capitalization / Revenue 1.49x 1.03x 1.01x 1.39x 1.28x 1.23x 1.15x 1.08x
EV / Revenue 1.43x 1.06x 0.99x 1.25x 1.23x 1.15x 1.03x 0.95x
EV / EBITDA 14.2x 9.83x 8.46x 11.1x 8.98x 9.93x 8.7x 7.97x
EV / EBIT 14.7x 10.5x 9.14x 11x 10.6x 11x 9.72x 8.83x
EV / FCF 17.1x 13.3x 7.09x 9.49x 13.1x 11.4x 9.64x 8.72x
FCF Yield 5.85% 7.52% 14.1% 10.5% 7.63% 8.75% 10.4% 11.5%
Dividend per Share 2 1.7 2.5 3 3.5 3.8 4.424 4.872 5.288
Rate of return 2.3% 4.83% 5.49% 4.65% 4.86% 5.6% 6.17% 6.69%
EPS 2 4.14 4.33 4.92 5.42 5.76 6.127 6.678 7.229
Distribution rate 41.1% 57.7% 61% 64.6% 66% 72.2% 73% 73.2%
Net sales 1 341,233 343,918 372,037 407,150 456,452 482,549 515,974 551,066
EBITDA 1 34,369 37,264 43,523 45,711 62,318 55,762 60,899 65,700
EBIT 1 33,281 34,763 40,317 46,394 52,979 50,364 54,527 59,275
Net income 1 28,574 29,554 33,720 38,537 43,945 46,821 50,559 54,549
Net Debt 1 -17,812 10,990 -9,040 -55,980 -25,489 -41,264 -65,115 -71,488
Reference price 2 73.81 51.80 54.63 75.22 78.15 78.99 78.99 78.99
Nbr of stocks (in thousands) 6,866,642 6,856,535 6,907,402 7,541,765 7,500,460 7,552,862 - -
Announcement Date 4/29/22 4/28/23 3/27/24 3/28/25 3/30/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.94x1.15x9.96x5.58% 87.92B
9.35x0.48x4.85x6.03% 25.83B
26.14x2.83x15.79x1.2% 21.06B
58.33x4.13x40.82x - 11.12B
15.93x1.17x7.23x2.74% 6.42B
15.3x1.37x11.55x6.17% 5.01B
34.11x2.56x16.75x1.19% 3.22B
13.83x0.67x5.03x2.96% 3.05B
12.8x0.57x4.99x5.93% 2.92B
Average 22.08x 1.66x 13.00x 3.98% 18.51B
Weighted average by Cap. 17.69x 1.47x 11.87x 4.83%

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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