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 27,63,781 - -
Change - -5.17% 7.5% 44.09% 14.75% 5.14% - -
Enterprise Value (EV) 15,59,423 14,78,751 15,89,701 22,90,644 26,28,615 27,63,781 27,63,781 27,63,781
Change - -5.17% 7.5% 44.09% 14.75% 5.14% 0% 0%
P/E 3.77x 3.67x 3.54x 5x 5.65x 6.38x 6.1x 5.71x
PBR 0.44x 0.4x 0.36x 0.48x 0.52x 0.57x 0.53x 0.49x
PEG - 1.74x 3.43x - 2.77x 1.95x 1.31x 0.84x
Capitalization / Revenue 1.81x 1.76x 1.97x 2.91x 3.14x 3.21x 3.03x 2.8x
EV / Revenue 0x 0x 0x 0x 0x 3.21x 3.03x 2.8x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 4.53x 4.29x 3.91x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2933 0.3035 0.3064 0.308 0.3103 0.3204 0.3358 0.3556
Rate of return 8.18% 8.54% 8.84% 6.29% 5.49% 4.86% 5.1% 5.4%
EPS 2 0.95 0.97 0.98 0.98 1 1.033 1.081 1.154
Distribution rate 30.9% 31.3% 31.3% 31.4% 31% 31% 31.1% 30.8%
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 6,10,460 6,43,628 7,06,332
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 6.588 6.588 6.588
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.($)
14.32x - - 1.74% 95TCr
13.48x - - 1.89% 44TCr
6.26x - - 4.95% 41TCr
12.94x - - 4.03% 37TCr
6.18x - - 4.99% 33TCr
6.64x - - 4.76% 30TCr
18.13x - - 2.34% 29TCr
15.05x - - 2.63% 27TCr
12.21x - - 2.14% 27TCr
Average 11.69x 3.27% 40.43TCr
Weighted average by Cap. 11.99x 3.04%

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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