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 2,785,232 - -
Change - -5.17% 7.5% 44.09% 14.75% 5.96% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,785,232 2,785,232 2,785,232
Change - -5.17% 7.5% 44.09% 14.75% 5.96% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 6.17x 5.89x 5.52x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.54x 0.51x 0.47x
PEG - 1.74x 3.43x - 2.77x 1.87x 1.25x 0.82x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.23x 3.06x 2.83x
EV / Revenue 0x 0x 0x 0x 0x 3.23x 3.06x 2.83x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.57x 4.32x 3.94x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.3204 0.3346 0.3547
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 5.03% 5.25% 5.57%
EPS 2 0.95 0.97 0.98 0.98 1 1.033 1.082 1.155
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 31% 30.9% 30.7%
Net sales 1 860,880 841,441 806,458 786,126 838,270 863,169 911,206 984,040
EBITDA - - - - - - - -
EBIT 1 624,653 600,557 567,760 543,971 558,971 609,023 644,902 706,320
Net income 1 338,731 360,483 363,993 365,863 368,562 371,166 387,106 410,661
Net Debt - - - - - - - -
Reference price 2 3.585 3.556 3.467 4.896 5.652 6.370 6.370 6.370
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 A 3/30/23 A 3/27/24 A 3/28/25 A 3/27/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.12x - - 1.91% 884B
6.17x - - 5.03% 415B
11.76x - - 2.21% 378B
6.61x - - 4.79% 357B
6.11x - - 5.05% 326B
11.79x - - 4.41% 330B
6.7x - - 4.75% 303B
17.1x - - 2.46% 270B
14.21x - - 2.78% 258B
Average 10.40x 3.71% 391.14B
Weighted average by Cap. 10.55x 3.48%

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. Stocks
  3. 1398 Stock
  4. ICBC19 Stock
  5. Valuation Industrial and Commercial Bank of China Limited