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 2,559,479 - -
Change - -5.17% 7.5% 44.09% 14.75% -2.63% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,559,479 2,559,479 2,559,479
Change - -5.17% 7.5% 44.09% 14.75% -2.63% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 5.8x 5.55x 5.24x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.51x 0.48x 0.45x
PEG - 1.74x 3.43x - 2.77x 1.88x 1.24x 0.89x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.01x 2.85x 2.65x
EV / Revenue 0x 0x 0x 0x 0x 3.01x 2.85x 2.65x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.27x 4.05x 3.74x
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% 5.35% 5.59% 5.92%
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 1 624,653 600,557 567,760 543,971 558,971 599,102 631,987 683,743
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 5.974 5.974 5.974
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 30/03/22 30/03/23 27/03/24 28/03/25 27/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) 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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