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 1 115,428 145,793 187,363 256,252 327,002 271,052 - -
Change - 26.31% 28.51% 36.77% 27.61% -17.11% - -
Enterprise Value (EV) 1 106,072 132,640 179,202 257,315 315,805 284,254 284,732 285,726
Change - 25.05% 35.1% 43.59% 22.73% -9.99% 0.17% 0.35%
P/E 5.16x 5.46x 7.62x 7.97x 8.1x 6.77x 6.24x 5.87x
PBR 0.57x 0.69x 0.81x 0.99x 1.14x 0.87x 0.81x 0.75x
PEG - 0.3x -0.95x 0.3x 0.3x -8.93x 0.74x 0.92x
Capitalization / Revenue 0.29x 0.34x - 0.48x 0.64x 0.5x 0.48x 0.46x
EV / Revenue 0.27x 0.31x - 0.48x 0.62x 0.52x 0.5x 0.48x
EV / EBITDA - - - - - - - -
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.461 0.478 0.489 0.54 0.68 0.6949 0.7383 0.7843
Rate of return 8.88% 7.29% 5.81% 4.69% 4.63% 5.7% 6.06% 6.44%
EPS 2 1.005 1.201 1.105 1.446 1.815 1.801 1.953 2.077
Distribution rate 45.9% 39.8% 44.3% 37.3% 37.5% 38.6% 37.8% 37.8%
Net sales 1 396,997 425,480 - 538,055 511,594 543,128 564,527 592,831
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 39,974 43,295 45,902
Net Debt 1 -9,356 -13,153 -8,161 1,063 -11,197 13,202 13,680 14,674
Reference price 2 5.19 6.55 8.42 11.52 14.70 12.19 12.19 12.19
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.($)
6.77x0.52x - 5.7% 39.9B
13.48x - - 3.82% 136B
15.13x2.32x17.9x4.64% 14.93B
20.49x2.39x - 5.66% 13.46B
9.46x - - 1.15% 6.12B
12.99x - - 4.98% 4.04B
10.61x1.08x3.94x5.85% 1.38B
761.99x - - - 1.26B
Average 106.36x 1.58x 10.92x 4.54% 27.1B
Weighted average by Cap. 17.01x 1.28x 16.72x 4.3%

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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