Company Valuation: Industrial and Commercial Bank of China Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 1,712,977 1,559,423 1,478,751 1,589,701 2,290,644 2,468,915 2,468,915 -
Change - -8.96% -5.17% 7.5% 44.09% 7.78% 0% -
Enterprise Value (EV) 1,712,977 1,559,423 1,478,751 1,589,701 2,290,644 2,468,915 2,468,915 2,468,915
Change - -8.96% -5.17% 7.5% 44.09% 7.78% 0% 0%
P/E ratio 4.92x 3.77x 3.67x 3.54x 5x 5.82x 5.71x 5.52x
PBR 0.57x 0.44x 0.4x 0.36x 0.48x 0.52x 0.49x 0.46x
PEG - 0.4x 1.74x 3.43x - 3.35x 3.13x 1.61x
Capitalization / Revenue 1.94x 1.81x 1.76x 1.97x 2.91x 3.05x 2.97x 2.86x
EV / Revenue 0x 0x 0x 0x 0x 3.05x 2.97x 2.86x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.51x 4.35x 4.1x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2628 0.2933 0.3035 0.3064 0.308 0.3102 0.3152 0.3255
Rate of return 6.2% 8.18% 8.54% 8.84% 6.29% 5.35% 5.43% 5.61%
EPS 2 0.86 0.95 0.97 0.98 0.98 0.997 1.015 1.05
Distribution rate 30.6% 30.9% 31.3% 31.3% 31.4% 31.1% 31.1% 31%
Net sales 1 882,665 860,880 841,441 806,458 786,126 808,869 832,686 863,041
EBITDA - - - - - - - -
EBIT 1 391,382 624,653 600,557 567,760 543,971 547,766 567,283 601,974
Net income 1 315,906 338,731 360,483 363,993 365,863 359,917 371,033 382,718
Net Debt - - - - - - - -
Reference price 2 4.235 3.585 3.556 3.467 4.896 5.800 5.800 5.800
Nbr of stocks (in thousands) 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 356,406,257 -
Announcement Date 3/26/21 3/30/22 3/30/23 3/27/24 3/28/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.68x - - 1.82% 858B
14.55x - - 1.96% 399B
15.1x - - 4.01% 306B
14.55x - - 1.85% 284B
5.57x - - 5.35% 277B
15.42x - - 2.84% 246B
5.7x - - 5.29% 237B
15.67x - - 2.47% 223B
25.31x - - 3.14% 188B
Average 14.17x 3.19% 335.41B
Weighted average by Cap. 14.23x 2.87%

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

  1. Stock Market
  2. Equities
  3. 1398 Stock
  4. 601398 Stock
  5. Valuation Industrial and Commercial Bank of China Limited