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 2,533,599 - -
Change - -5.17% 7.5% 44.09% 14.75% -3.61% - -
Enterprise Value (EV) 1,559,423 1,478,751 1,589,701 2,290,644 2,628,615 2,533,599 2,533,599 2,533,599
Change - -5.17% 7.5% 44.09% 14.75% -3.61% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 5.72x 5.47x 5.17x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.51x 0.47x 0.44x
PEG - 1.74x 3.43x - 2.77x 1.86x 1.22x 0.87x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 2.98x 2.82x 2.62x
EV / Revenue 0x 0x 0x 0x 0x 2.98x 2.82x 2.62x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.23x 4.01x 3.71x
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% 5.42% 5.67% 6%
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 5.893 5.893 5.893
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.($)
13.69x - - 1.87% 911B
13.2x - - 1.96% 425B
12.26x - - 4.2% 342B
18.95x - - 2.25% 298B
5.36x - - 5.68% 282B
11.73x - - 2.22% 261B
5.8x - - 5.4% 261B
14.6x - - 2.71% 250B
18.46x - - 2.55% 203B
Average 12.67x 3.2% 359.37B
Weighted average by Cap. 12.81x 2.92%

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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