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 1,15,428 1,45,793 1,87,363 2,56,252 3,27,002 3,14,225 - -
Change - 26.31% 28.51% 36.77% 27.61% -3.91% - -
Enterprise Value (EV) 1 1,06,072 1,32,640 1,79,202 2,57,315 3,15,805 3,27,003 3,27,904 3,28,899
Change - 25.05% 35.1% 43.59% 22.73% 3.55% 0.28% 0.3%
P/E 5.16x 5.46x 7.62x 7.97x 8.1x 7.64x 7.14x 6.59x
PBR 0.57x 0.69x 0.81x 0.99x 1.14x 1.03x 0.96x 0.9x
PEG - 0.3x -0.95x 0.3x 0.3x 4.15x 1x 0.79x
Capitalization / Revenue 0.29x 0.34x - 0.48x 0.64x 0.58x 0.56x 0.53x
EV / Revenue 0.27x 0.31x - 0.48x 0.62x 0.6x 0.58x 0.55x
EV / EBITDA - - - - - - - -
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.461 0.478 0.489 0.54 0.68 0.7054 0.752 0.8054
Rate of return 8.88% 7.29% 5.81% 4.69% 4.63% 4.99% 5.32% 5.7%
EPS 2 1.005 1.201 1.105 1.446 1.815 1.848 1.98 2.145
Distribution rate 45.9% 39.8% 44.3% 37.3% 37.5% 38.2% 38% 37.5%
Net sales 1 3,96,997 4,25,480 - 5,38,055 5,11,594 5,43,706 5,63,678 5,94,330
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 40,496 43,714 47,072
Net Debt 1 -9,356 -13,153 -8,161 1,063 -11,197 12,779 13,680 14,674
Reference price 2 5.19 6.55 8.42 11.52 14.70 14.13 14.13 14.13
Nbr of stocks (in thousands) 2,22,42,765 2,22,42,765 2,22,42,765 2,22,42,765 2,22,42,765 2,22,42,765 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.64x0.6x - 4.99% 4.65TCr
11.6x - - 4.49% 12TCr
15.82x2.45x16.5x4.44% 1.55TCr
20.34x2.49x - 5.56% 1.42TCr
9.17x - - 1.19% 593.32Cr
12.06x - - 5.55% 359.6Cr
10.21x1.08x3.73x6.03% 141.05Cr
-733.93x - - - 117.38Cr
Average -80.89x 1.66x 10.12x 4.61% 2.64TCr
Weighted average by Cap. 7.41x 1.33x 15.43x 4.6%

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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