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 1 506,827 355,169 377,351 564,900 584,982 622,251 - -
Change - -29.92% 6.25% 49.7% 3.55% 6.37% - -
Enterprise Value (EV) 1 489,014 366,158 368,311 508,919 559,493 580,987 565,660 550,763
Change - -25.12% 0.59% 38.18% 9.94% 3.84% -2.64% -2.63%
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 2.15x 1.36x 1.32x
Capitalization / Revenue 1.49x 1.03x 1.01x 1.39x 1.28x 1.29x 1.2x 1.12x
EV / Revenue 1.43x 1.06x 0.99x 1.25x 1.23x 1.2x 1.1x 1x
EV / EBITDA 14.2x 9.83x 8.46x 11.1x 8.98x 10.1x 9.1x 8.2x
EV / EBIT 14.7x 10.5x 9.14x 11x 10.6x 11.5x 10.4x 9.25x
EV / FCF 17.1x 13.3x 7.09x 9.49x 13.1x 12x 9.88x 9.17x
FCF Yield 5.85% 7.52% 14.1% 10.5% 7.63% 8.34% 10.1% 10.9%
Dividend per Share 2 1.7 2.5 3 3.5 3.8 4.426 4.876 5.288
Rate of return 2.3% 4.83% 5.49% 4.65% 4.86% 5.35% 5.9% 6.4%
EPS 2 4.14 4.33 4.92 5.42 5.76 6.122 6.681 7.257
Distribution rate 41.1% 57.7% 61% 64.6% 66% 72.3% 73% 72.9%
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 57,327 62,130 67,162
EBIT 1 33,281 34,763 40,317 46,394 52,979 50,385 54,652 59,521
Net income 1 28,574 29,554 33,720 38,537 43,945 46,771 50,542 54,786
Net Debt 1 -17,812 10,990 -9,040 -55,980 -25,489 -41,264 -56,591 -71,488
Reference price 2 73.81 51.80 54.63 75.22 78.15 82.67 82.67 82.67
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.($)
13.27x1.18x10.25x5.45% 90.16B
9.51x0.49x4.97x5.86% 26.43B
26.28x2.85x15.89x1.19% 21.21B
56.96x4.03x39.83x - 10.79B
15.75x1.16x7.14x2.78% 6.38B
15.34x1.37x11.59x6.15% 5.04B
33.27x2.5x16.34x1.22% 3.17B
13.96x0.68x5.1x2.93% 3.08B
13.25x0.58x5.09x5.73% 3.03B
9.97x0.92x6.98x5.96% 2.13B
Average 20.76x 1.58x 12.32x 4.14% 17.14B
Weighted average by Cap. 17.54x 1.47x 11.81x 4.75%

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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