Company Valuation: Midea Group Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 506,827 355,169 377,351 564,900 584,982 622,774 - -
Change - -29.92% 6.25% 49.7% 3.55% 6.46% - -
Enterprise Value (EV) 1 489,014 366,158 368,311 508,919 559,493 581,955 566,641 548,765
Change - -25.12% 0.59% 38.18% 9.94% 4.01% -2.63% -3.15%
P/E 17.8x 12x 11.1x 13.9x 13.6x 13.5x 12.4x 11.4x
PBR 4.13x 2.54x 2.36x 2.66x 2.66x 2.65x 2.46x 2.31x
PEG - 2.61x 0.8x 1.4x 2.17x 2.17x 1.37x 1.31x
Capitalization / Revenue 1.49x 1.03x 1.01x 1.39x 1.28x 1.29x 1.21x 1.13x
EV / Revenue 1.43x 1.06x 0.99x 1.25x 1.23x 1.2x 1.1x 0.99x
EV / EBITDA 14.2x 9.83x 8.46x 11.1x 8.98x 10.2x 9.17x 8.3x
EV / EBIT 14.7x 10.5x 9.14x 11x 10.6x 11.5x 10.4x 9.21x
EV / FCF 17.1x 13.3x 7.09x 9.49x 13.1x 12x 9.74x 9.03x
FCF Yield 5.85% 7.52% 14.1% 10.5% 7.63% 8.33% 10.3% 11.1%
Dividend per Share 2 1.7 2.5 3 3.5 3.8 4.422 4.869 5.284
Rate of return 2.3% 4.83% 5.49% 4.65% 4.86% 5.35% 5.89% 6.39%
EPS 2 4.14 4.33 4.92 5.42 5.76 6.118 6.674 7.254
Distribution rate 41.1% 57.7% 61% 64.6% 66% 72.3% 73% 72.8%
Net sales 1 341,233 343,918 372,037 407,150 456,452 483,351 516,551 553,331
EBITDA 1 34,369 37,264 43,523 45,711 62,318 57,002 61,766 66,080
EBIT 1 33,281 34,763 40,317 46,394 52,979 50,444 54,717 59,594
Net income 1 28,574 29,554 33,720 38,537 43,945 46,740 50,491 54,755
Net Debt 1 -17,812 10,990 -9,040 -55,980 -25,489 -40,819 -56,133 -74,009
Reference price 2 73.81 51.80 54.63 75.22 78.15 82.71 82.71 82.71
Nbr of stocks (in thousands) 6,866,642 6,856,535 6,907,402 7,541,765 7,500,460 7,552,862 - -
Announcement Date 29/04/22 28/04/23 27/03/24 28/03/25 30/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.52x1.2x10.21x5.35% 91.88B
9.8x0.5x5.15x5.68% 27.21B
27.09x2.94x16.39x1.15% 21.87B
59x4.18x41.31x - 11.15B
16.95x1.27x7.81x2.49% 6.85B
15.67x1.4x11.84x6.03% 5.14B
33.03x2.48x16.23x1.23% 3.14B
13.7x0.59x5.19x5.54% 3.13B
14.01x0.68x5.11x2.92% 3.09B
10.3x0.93x7.07x5.72% 2.22B
Average 21.31x 1.62x 12.63x 4.01% 17.57B
Weighted average by Cap. 18.04x 1.51x 12.01x 4.63%

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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