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 2,619,768 - -
Change - -5.17% 7.5% 44.09% 14.75% -0.34% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,619,768 2,619,768 2,619,768
Change - -5.17% 7.5% 44.09% 14.75% -0.34% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 5.96x 5.7x 5.38x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.53x 0.49x 0.46x
PEG - 1.74x 3.43x - 2.77x 1.94x 1.27x 0.91x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.08x 2.92x 2.71x
EV / Revenue 0x 0x 0x 0x 0x 3.08x 2.92x 2.71x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.4x 4.07x 3.83x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.3194 0.334 0.3535
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 5.2% 5.44% 5.76%
EPS 2 0.95 0.97 0.98 0.98 1 1.031 1.077 1.141
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 31% 31% 31%
Net sales 1 860,880 841,441 806,458 786,126 838,270 851,116 898,298 965,294
EBITDA - - - - - - - -
EBIT 1 624,653 600,557 567,760 543,971 558,971 595,940 643,569 683,743
Net income 1 338,731 360,483 363,993 365,863 368,562 370,651 385,555 404,911
Net Debt - - - - - - - -
Reference price 2 3.585 3.556 3.467 4.896 5.652 6.141 6.141 6.141
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.($)
13.53x - - 1.85% 907B
13.12x - - 1.94% 430B
12.39x - - 4.17% 344B
19.02x - - 2.24% 300B
5.44x - - 5.61% 286B
12.1x - - 2.18% 265B
5.81x - - 5.39% 264B
14.14x - - 2.8% 241B
18.52x - - 2.54% 204B
Average 12.67x 3.19% 360.08B
Weighted average by Cap. 12.76x 2.9%

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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