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 2,572,755 - -
Change - -5.17% 7.5% 44.09% 14.75% -2.13% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,572,755 2,572,755 2,572,755
Change - -5.17% 7.5% 44.09% 14.75% -2.13% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 5.97x 5.72x 5.4x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.53x 0.5x 0.46x
PEG - 1.74x 3.43x - 2.77x 1.93x 1.31x 0.89x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.03x 2.86x 2.65x
EV / Revenue 0x 0x 0x 0x 0x 3.03x 2.86x 2.65x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.29x 4.01x 3.66x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.3195 0.3337 0.3535
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 5.19% 5.42% 5.74%
EPS 2 0.95 0.97 0.98 0.98 1 1.031 1.076 1.141
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 31% 31% 31%
Net sales 1 860,880 841,441 806,458 786,126 838,270 849,661 899,225 971,552
EBITDA - - - - - - - -
EBIT 1 624,653 600,557 567,760 543,971 558,971 599,102 640,886 702,631
Net income 1 338,731 360,483 363,993 365,863 368,562 369,994 384,797 405,550
Net Debt - - - - - - - -
Reference price 2 3.585 3.556 3.467 4.896 5.652 6.158 6.158 6.158
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.37x - - 1.74% 965B
13.7x - - 1.86% 448B
6.01x - - 5.16% 384B
12.68x - - 4.13% 353B
5.75x - - 5.3% 303B
18.85x - - 2.27% 299B
6.04x - - 5.21% 267B
12.06x - - 2.16% 266B
15.03x - - 2.64% 262B
Average 11.61x 3.38% 394.09B
Weighted average by Cap. 12.10x 3.07%

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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