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 1 506,827 355,169 377,351 564,900 584,982 629,897 - -
Change - -29.92% 6.25% 49.7% 3.55% 7.68% - -
Enterprise Value (EV) 1 489,014 366,158 368,311 508,919 559,493 589,313 573,909 559,005
Change - -25.12% 0.59% 38.18% 9.94% 5.33% -2.61% -2.6%
P/E 17.8x 12x 11.1x 13.9x 13.6x 13.7x 12.5x 11.5x
PBR 4.13x 2.54x 2.36x 2.66x 2.66x 2.68x 2.49x 2.33x
PEG - 2.61x 0.8x 1.4x 2.17x 2.26x 1.37x 1.34x
Capitalization / Revenue 1.49x 1.03x 1.01x 1.39x 1.28x 1.3x 1.22x 1.14x
EV / Revenue 1.43x 1.06x 0.99x 1.25x 1.23x 1.22x 1.11x 1.01x
EV / EBITDA 14.2x 9.83x 8.46x 11.1x 8.98x 10.3x 9.25x 8.35x
EV / EBIT 14.7x 10.5x 9.14x 11x 10.6x 12.5x 11.2x 9.92x
EV / FCF 17.1x 13.3x 7.09x 9.49x 13.1x 12.1x 9.69x 8.63x
FCF Yield 5.85% 7.52% 14.1% 10.5% 7.63% 8.24% 10.3% 11.6%
Dividend per Share 2 1.7 2.5 3 3.5 3.8 4.407 4.855 5.278
Rate of return 2.3% 4.83% 5.49% 4.65% 4.86% 5.28% 5.81% 6.32%
EPS 2 4.14 4.33 4.92 5.42 5.76 6.109 6.667 7.239
Distribution rate 41.1% 57.7% 61% 64.6% 66% 72.1% 72.8% 72.9%
Net sales 1 341,233 343,918 372,037 407,150 456,452 482,778 515,644 552,407
EBITDA 1 34,369 37,264 43,523 45,711 62,318 57,065 62,053 66,916
EBIT 1 33,281 34,763 40,317 46,394 52,979 47,145 51,406 56,344
Net income 1 28,574 29,554 33,720 38,537 43,945 45,905 51,178 56,923
Net Debt 1 -17,812 10,990 -9,040 -55,980 -25,489 -40,584 -55,988 -70,892
Reference price 2 73.81 51.80 54.63 75.22 78.15 83.50 83.50 83.50
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.($)
13.67x1.22x10.3x5.28% 93.34B
10.31x0.55x5.57x5.39% 28.14B
31.04x3.44x18.83x0.96% 26.13B
48.66x3.68x32.87x0.62% 11.32B
16.64x1.3x7.7x2.55% 7.1B
15.54x1.33x12.36x5.46% 4.84B
16.95x0.66x5.76x4.76% 3.77B
36.63x2.74x17.92x1.11% 3.52B
13.89x0.66x4.82x3.02% 3.16B
-12.8x0.36x5.59x-.--% 2.63B
Average 19.05x 1.59x 12.17x 2.91% 18.4B
Weighted average by Cap. 18.07x 1.58x 12.02x 4.09%

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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