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 1 506,827 355,169 377,351 564,900 584,982 708,445 - -
Change - -29.92% 6.25% 49.7% 3.55% 21.11% - -
Enterprise Value (EV) 1 489,014 366,158 368,311 508,919 559,493 669,083 650,430 635,221
Change - -25.12% 0.59% 38.18% 9.94% 19.59% -2.79% -2.34%
P/E 17.8x 12x 11.1x 13.9x 13.6x 14.3x 13.1x 12.1x
PBR 4.13x 2.54x 2.36x 2.66x 2.66x 2.8x 2.62x 2.45x
PEG - 2.61x 0.8x 1.4x 2.17x 2.34x 1.43x 1.45x
Capitalization / Revenue 1.49x 1.03x 1.01x 1.39x 1.28x 1.47x 1.38x 1.29x
EV / Revenue 1.43x 1.06x 0.99x 1.25x 1.23x 1.39x 1.26x 1.16x
EV / EBITDA 14.2x 9.83x 8.46x 11.1x 8.98x 11.2x 10.5x 9.5x
EV / EBIT 14.7x 10.5x 9.14x 11x 10.6x 13.2x 11.9x 10.7x
EV / FCF 17.1x 13.3x 7.09x 9.49x 13.1x 15x 12.2x 11.3x
FCF Yield 5.85% 7.52% 14.1% 10.5% 7.63% 6.68% 8.21% 8.84%
Dividend per Share 2 1.7 2.5 3 3.5 3.8 4.484 4.905 5.337
Rate of return 2.3% 4.83% 5.49% 4.65% 4.86% 5.12% 5.6% 6.09%
EPS 2 4.14 4.33 4.92 5.42 5.76 6.113 6.671 7.229
Distribution rate 41.1% 57.7% 61% 64.6% 66% 73.4% 73.5% 73.8%
Net sales 1 341,233 343,918 372,037 407,150 456,452 482,490 514,454 548,981
EBITDA 1 34,369 37,264 43,523 45,711 62,318 59,627 61,906 66,870
EBIT 1 33,281 34,763 40,317 46,394 52,979 50,662 54,550 59,094
Net income 1 28,574 29,554 33,720 38,537 43,945 46,276 50,397 54,530
Net Debt 1 -17,812 10,990 -9,040 -55,980 -25,489 -39,362 -58,015 -73,224
Reference price 2 73.81 51.80 54.63 75.22 78.15 87.57 87.57 87.57
Nbr of stocks (in thousands) 6,866,642 6,856,535 6,907,402 7,541,765 7,500,460 8,099,446 - -
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.($)
14.33x1.39x11.22x5.12% 106B
10.56x0.54x5.41x5.43% 28.53B
28.53x3.15x17.3x1.12% 24.42B
48.84x3.78x33.2x0.67% 11.8B
16.37x1.26x7.45x2.55% 6.97B
15.3x1.29x11.38x5.76% 4.75B
16.86x0.66x5.74x4.78% 3.77B
29.9x2.31x14.32x1.33% 3.31B
13.82x0.66x5.01x2.96% 3.17B
11.06x0.96x6.62x4.74% 2.6B
Average 20.56x 1.60x 11.77x 3.45% 19.49B
Weighted average by Cap. 18.00x 1.61x 12.12x 4.21%

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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