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 2,673,674 - -
Change - -5.17% 7.5% 44.09% 14.75% 1.71% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,673,674 2,673,674 2,673,674
Change - -5.17% 7.5% 44.09% 14.75% 1.71% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 6.28x 5.92x 5.57x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.55x 0.51x 0.48x
PEG - 1.74x 3.43x - 2.77x 3.51x 1x 0.88x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.19x 2.97x 2.75x
EV / Revenue 0x 0x 0x 0x 0x 3.19x 2.97x 2.75x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.46x 4.17x 3.81x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.3204 0.3351 0.3544
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 5.01% 5.24% 5.55%
EPS 2 0.95 0.97 0.98 0.98 1 1.018 1.078 1.146
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 31.5% 31.1% 30.9%
Net sales 1 860,880 841,441 806,458 786,126 838,270 837,811 900,153 971,631
EBITDA - - - - - - - -
EBIT 1 624,653 600,557 567,760 543,971 558,971 599,102 640,886 702,631
Net income 1 338,731 360,483 363,993 365,863 368,562 372,075 389,705 409,008
Net Debt - - - - - - - -
Reference price 2 3.585 3.556 3.467 4.896 5.652 6.389 6.389 6.389
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.($)
14.15x - - 1.76% 951B
13.32x - - 1.91% 436B
6.28x - - 5.01% 397B
12.67x - - 4.12% 355B
5.98x - - 5.17% 314B
17.7x - - 2.39% 283B
6.28x - - 5.11% 279B
11.87x - - 2.2% 262B
14.73x - - 2.69% 257B
Average 11.44x 3.38% 392.74B
Weighted average by Cap. 11.82x 3.1%

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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