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 1 506,827 355,169 377,351 564,900 584,982 689,037 - -
Change - -29.92% 6.25% 49.7% 3.55% 17.79% - -
Enterprise Value (EV) 1 489,014 366,158 368,311 508,919 559,493 649,675 631,022 615,813
Change - -25.12% 0.59% 38.18% 9.94% 16.12% -2.87% -2.41%
P/E 17.8x 12x 11.1x 13.9x 13.6x 13.9x 12.8x 11.8x
PBR 4.13x 2.54x 2.36x 2.66x 2.66x 2.72x 2.55x 2.38x
PEG - 2.61x 0.8x 1.4x 2.17x 2.27x 1.4x 1.41x
Capitalization / Revenue 1.49x 1.03x 1.01x 1.39x 1.28x 1.43x 1.34x 1.26x
EV / Revenue 1.43x 1.06x 0.99x 1.25x 1.23x 1.35x 1.23x 1.12x
EV / EBITDA 14.2x 9.83x 8.46x 11.1x 8.98x 10.9x 10.2x 9.21x
EV / EBIT 14.7x 10.5x 9.14x 11x 10.6x 12.8x 11.6x 10.4x
EV / FCF 17.1x 13.3x 7.09x 9.49x 13.1x 14.5x 11.8x 11x
FCF Yield 5.85% 7.52% 14.1% 10.5% 7.63% 6.88% 8.47% 9.12%
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% 5.27% 5.76% 6.27%
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 46,296 51,735 57,179
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 85.15 85.15 85.15
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.($)
13.93x1.35x10.94x5.27% 103B
10.28x0.55x5.62x5.58% 27.86B
28.82x3.18x17.48x1.11% 24.67B
49.77x3.86x33.87x0.66% 11.97B
16.33x1.26x7.43x2.55% 6.96B
15.07x1.27x11.2x5.85% 4.68B
16.83x0.66x5.73x4.79% 3.77B
29.81x2.3x14.27x1.34% 3.31B
13.47x0.64x4.82x3.04% 3.13B
11.47x0.97x6.71x4.56% 2.7B
Average 20.58x 1.60x 11.81x 3.47% 19.17B
Weighted average by Cap. 17.96x 1.61x 12.11x 4.28%

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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