Company Valuation: Industrial and Commercial Bank of China Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 15,59,423 14,78,751 15,89,701 22,90,644 26,28,615 27,51,542 - -
Change - -5.17% 7.5% 44.09% 14.75% 4.68% - -
Enterprise Value (EV) 15,59,423 14,78,751 15,89,701 22,90,644 26,28,615 27,51,542 27,51,542 27,51,542
Change - -5.17% 7.5% 44.09% 14.75% 4.68% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 6.3x 6.02x 5.64x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.55x 0.52x 0.48x
PEG - 1.74x 3.43x - 2.77x 1.91x 1.3x 0.84x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.19x 3.02x 2.79x
EV / Revenue 0x 0x 0x 0x 0x 3.19x 3.02x 2.79x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.47x 4.23x 3.87x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.3197 0.3345 0.3542
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 4.91% 5.14% 5.44%
EPS 2 0.95 0.97 0.98 0.98 1 1.033 1.081 1.153
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 30.9% 31% 30.7%
Net sales 1 8,60,880 8,41,441 8,06,458 7,86,126 8,38,270 8,61,563 9,11,302 9,85,468
EBITDA - - - - - - - -
EBIT 1 6,24,653 6,00,557 5,67,760 5,43,971 5,58,971 6,15,854 6,50,450 7,11,770
Net income 1 3,38,731 3,60,483 3,63,993 3,65,863 3,68,562 3,73,499 3,90,351 4,10,934
Net Debt - - - - - - - -
Reference price 2 3.585 3.556 3.467 4.896 5.652 6.510 6.510 6.510
Nbr of stocks (in thousands) 35,64,06,257 35,64,06,257 35,64,06,257 35,64,06,257 35,64,06,257 35,64,06,257 - -
Announcement Date 30/03/22 30/03/23 27/03/24 28/03/25 27/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.11x - - 1.77% 95TCr
13.43x - - 1.9% 44TCr
6.3x - - 4.91% 41TCr
12.84x - - 4.07% 36TCr
6.29x - - 4.9% 33TCr
6.76x - - 4.69% 30TCr
17.57x - - 2.4% 28TCr
12.36x - - 2.11% 27TCr
14.64x - - 2.69% 27TCr
Average 11.59x 3.27% 40.14TCr
Weighted average by Cap. 11.86x 3.05%

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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