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 5,06,827 3,55,169 3,77,351 5,64,900 5,84,982 6,55,852 - -
Change - -29.92% 6.25% 49.7% 3.55% 12.11% - -
Enterprise Value (EV) 1 4,89,014 3,66,158 3,68,311 5,08,919 5,59,493 6,19,856 5,97,925 5,82,237
Change - -25.12% 0.59% 38.18% 9.94% 10.79% -3.54% -2.62%
P/E 17.8x 12x 11.1x 13.9x 13.6x 13.2x 12.1x 11.2x
PBR 4.13x 2.54x 2.36x 2.66x 2.66x 2.59x 2.42x 2.26x
PEG - 2.61x 0.8x 1.4x 2.17x 2.14x 1.3x 1.31x
Capitalization / Revenue 1.49x 1.03x 1.01x 1.39x 1.28x 1.36x 1.27x 1.19x
EV / Revenue 1.43x 1.06x 0.99x 1.25x 1.23x 1.28x 1.16x 1.06x
EV / EBITDA 14.2x 9.83x 8.46x 11.1x 8.98x 10.3x 9.62x 8.66x
EV / EBIT 14.7x 10.5x 9.14x 11x 10.6x 12.1x 10.9x 9.8x
EV / FCF 17.1x 13.3x 7.09x 9.49x 13.1x 12.5x 10.1x 9.33x
FCF Yield 5.85% 7.52% 14.1% 10.5% 7.63% 8.02% 9.94% 10.7%
Dividend per Share 2 1.7 2.5 3 3.5 3.8 4.486 4.92 5.37
Rate of return 2.3% 4.83% 5.49% 4.65% 4.86% 5.55% 6.08% 6.64%
EPS 2 4.14 4.33 4.92 5.42 5.76 6.115 6.684 7.255
Distribution rate 41.1% 57.7% 61% 64.6% 66% 73.4% 73.6% 74%
Net sales 1 3,41,233 3,43,918 3,72,037 4,07,150 4,56,452 4,82,518 5,14,606 5,49,375
EBITDA 1 34,369 37,264 43,523 45,711 62,318 60,109 62,125 67,252
EBIT 1 33,281 34,763 40,317 46,394 52,979 51,095 54,742 59,403
Net income 1 28,574 29,554 33,720 38,537 43,945 46,297 50,505 54,732
Net Debt 1 -17,812 10,990 -9,040 -55,980 -25,489 -35,995 -57,926 -73,615
Reference price 2 73.81 51.80 54.63 75.22 78.15 80.90 80.90 80.90
Nbr of stocks (in thousands) 68,66,642 68,56,535 69,07,402 75,41,765 75,00,460 80,99,446 - -
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.($)
13.8x1.34x10.78x5.32% 10TCr
10x0.51x5.04x5.74% 2.7TCr
27.27x3.01x16.52x1.17% 2.33TCr
50.51x3.92x34.39x0.67% 1.2TCr
15.77x1.21x7.12x2.64% 662.76Cr
15.35x1.3x11.41x5.74% 477.17Cr
15.45x0.65x5.61x4.94% 354.88Cr
28x2.16x13.4x1.42% 306.11Cr
13.03x0.6x4.59x3.14% 297.04Cr
9.92x0.92x6.36x5.28% 233.39Cr
Average 19.91x 1.56x 11.52x 3.61% 1.88TCr
Weighted average by Cap. 17.59x 1.57x 11.86x 4.37%

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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-40%: Exceptional extension
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