Company Valuation: PICC Property and Casualty Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 115,428 145,793 187,363 256,252 327,002 282,526 - -
Change - 26.31% 28.51% 36.77% 27.61% -13.6% - -
Enterprise Value (EV) 1 106,072 132,640 179,202 257,315 315,805 295,728 296,205 297,200
Change - 25.05% 35.1% 43.59% 22.73% -6.36% 0.16% 0.34%
P/E 5.16x 5.46x 7.62x 7.97x 8.1x 7.01x 6.48x 6.08x
PBR 0.57x 0.69x 0.81x 0.99x 1.14x 0.91x 0.85x 0.78x
PEG - 0.3x -0.95x 0.3x 0.3x -31.73x 0.78x 0.92x
Capitalization / Revenue 0.29x 0.34x - 0.48x 0.64x 0.52x 0.5x 0.48x
EV / Revenue 0.27x 0.31x - 0.48x 0.62x 0.54x 0.52x 0.5x
EV / EBITDA - - - - - - - -
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.461 0.478 0.489 0.54 0.68 0.6949 0.7446 0.7964
Rate of return 8.88% 7.29% 5.81% 4.69% 4.63% 5.47% 5.86% 6.27%
EPS 2 1.005 1.201 1.105 1.446 1.815 1.811 1.961 2.091
Distribution rate 45.9% 39.8% 44.3% 37.3% 37.5% 38.4% 38% 38.1%
Net sales 1 396,997 425,480 - 538,055 511,594 543,128 564,527 592,831
EBITDA - - - - - - - -
EBIT 27,561 31,924 29,186 39,208 48,677 - - -
Net income 1 22,360 26,708 24,585 32,173 40,370 39,974 43,295 45,902
Net Debt 1 -9,356 -13,153 -8,161 1,063 -11,197 13,202 13,680 14,674
Reference price 2 5.19 6.55 8.42 11.52 14.70 12.70 12.70 12.70
Nbr of stocks (in thousands) 22,242,765 22,242,765 22,242,765 22,242,765 22,242,765 22,242,765 - -
Announcement Date 25/03/22 24/03/23 26/03/24 27/03/25 26/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
7.14x0.55x - 5.4% 42.12B
13.45x - - 3.84% 135B
14.87x2.29x17.63x4.72% 14.66B
20.69x2.41x - 5.6% 13.59B
9.51x - - 1.14% 6.15B
13.17x - - 4.91% 4.09B
10.69x1.08x3.95x5.8% 1.39B
753.38x - - - 1.25B
Average 105.36x 1.58x 10.79x 4.49% 27.33B
Weighted average by Cap. 16.87x 1.27x 16.45x 4.27%

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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