Company Valuation: PICC Property and Casualty Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 115,428 145,793 187,363 256,252 327,002 331,026 - -
Change - 26.31% 28.51% 36.77% 27.61% 1.23% - -
Enterprise Value (EV) 1 106,072 132,640 179,202 257,315 315,805 339,260 342,542 343,107
Change - 25.05% 35.1% 43.59% 22.73% 7.43% 0.97% 0.17%
P/E 5.16x 5.46x 7.62x 7.97x 8.1x 7.75x 7.53x 7.07x
PBR 0.57x 0.69x 0.81x 0.99x 1.14x 1.06x 1.01x 0.95x
PEG - 0.3x -0.95x 0.3x 0.3x 1.35x 2.51x 1.1x
Capitalization / Revenue 0.29x 0.34x - 0.48x 0.64x 0.6x 0.59x 0.57x
EV / Revenue 0.27x 0.31x - 0.48x 0.62x 0.62x 0.61x 0.59x
EV / EBITDA - - - - - - - -
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.461 0.478 0.489 0.54 0.68 0.7283 0.7657 0.8191
Rate of return 8.88% 7.29% 5.81% 4.69% 4.63% 4.89% 5.14% 5.5%
EPS 2 1.005 1.201 1.105 1.446 1.815 1.919 1.977 2.104
Distribution rate 45.9% 39.8% 44.3% 37.3% 37.5% 37.9% 38.7% 38.9%
Net sales 1 396,997 425,480 - 538,055 511,594 549,415 564,969 585,322
EBITDA - - - - - - - -
EBIT 27,561 31,924 29,186 39,208 48,677 - - -
Net income 1 22,360 26,708 24,585 32,173 40,370 42,569 43,630 46,384
Net Debt 1 -9,356 -13,153 -8,161 1,063 -11,197 8,233 11,515 12,081
Reference price 2 5.19 6.55 8.42 11.52 14.70 14.88 14.88 14.88
Nbr of stocks (in thousands) 22,242,765 22,242,765 22,242,765 22,242,765 22,242,765 22,242,765 - -
Announcement Date 3/25/22 A 3/24/23 A 3/26/24 A 3/27/25 A 3/26/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.82x0.61x - 4.76% 48.35B
11.81x - - 4.04% 127B
16.67x2.59x17.45x4% 16.64B
20.27x2.49x - 5.58% 14.27B
6.95x - - 1.25% 5.65B
11.04x - - 5.73% 3.55B
72.55x - - - 1.36B
10.23x1.08x3.8x6.27% 1.36B
Average 19.67x 1.69x 10.62x 4.52% 27.24B
Weighted average by Cap. 12.08x 1.36x 16.42x 4.27%

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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