Company Valuation: Ping An Insurance (Group) Company of China, Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 879,307 841,286 668,575 883,532 1,165,170 1,010,371 - -
Change - -4.32% -20.53% 32.15% 31.88% -13.29% - -
Enterprise Value (EV) 1 879,307 841,286 668,575 1,679,531 1,165,170 2,968,641 2,968,641 2,968,641
Change - -4.32% -20.53% 151.21% -30.63% 154.78% 0% 0%
P/E ratio 8.81x 9.94x 8.5x 7.53x 9.19x 7.13x 6.61x 6.36x
PBR 1.13x 1x 0.82x 1.03x 1.24x 0.96x 0.87x 0.81x
PEG - -0.6x 40.21x 0.2x 1.43x 0.77x 0.84x 1.64x
Capitalization / Revenue 1.19x 1.13x 0.65x 1.6x 2.08x 1.73x 1.61x 1.51x
EV / Revenue 1.19x 1.13x 0.65x 3.05x 2.08x 5.1x 4.72x 4.45x
EV / EBITDA - - - - - - - -
EV / EBIT 5.24x 3.72x 5.63x 8.84x 5.62x 16.2x 13.5x 10.1x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 2.38 2.42 1.5 1.62 1.75 2.878 3.07 3.19
Rate of return 4.72% 5.15% 3.72% 3.08% 2.56% 4.97% 5.3% 5.51%
EPS 2 5.72 4.73 4.74 6.99 7.44 8.127 8.767 9.107
Distribution rate 41.6% 51.2% 31.6% 23.2% 23.5% 35.4% 35% 35%
Net sales 1 739,933 742,418 1,031,863 551,186 559,502 582,351 629,310 667,486
EBITDA - - - - - - - -
EBIT 1 167,662 226,391 118,683 189,900 207,199 183,151 219,978 294,200
Net income 1 101,618 83,774 85,665 126,607 134,778 145,483 157,454 174,435
Net Debt 1 - - - 795,999 - 1,958,270 1,958,270 1,958,270
Reference price 2 50.41 47.00 40.30 52.65 68.40 57.92 57.92 57.92
Nbr of stocks (in thousands) 18,132,470 18,107,642 18,107,642 18,107,642 18,107,642 18,107,642 - -
Announcement Date 3/17/22 3/15/23 3/21/24 3/19/25 3/26/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.13x5.07x - 4.97% 148B
10.27x0.91x - 5.84% 103B
12.3x0.94x - 4.75% 66.46B
12.1x - - 3.61% 65.07B
16.03x3.06x - 2.14% 59B
8.71x - - 3% 50.91B
7.4x1.04x - 3.3% 49.17B
13.43x - - 3.79% 46.44B
13.15x - - 3.96% 39.03B
12.72x - - 2.01% 38.48B
Average 11.32x 2.20x 3.74% 66.62B
Weighted average by Cap. 10.66x 2.67x 4.11%

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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