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 2,91,611 - -
Change - 26.31% 28.51% 36.77% 27.61% -10.82% - -
Enterprise Value (EV) 1 1,06,072 1,32,640 1,79,202 2,57,315 3,15,805 3,04,390 3,05,291 3,06,285
Change - 25.05% 35.1% 43.59% 22.73% -3.61% 0.3% 0.33%
P/E 5.16x 5.46x 7.62x 7.97x 8.1x 7.03x 6.61x 6.11x
PBR 0.57x 0.69x 0.81x 0.99x 1.14x 0.95x 0.89x 0.84x
PEG - 0.3x -0.95x 0.3x 0.3x 2.55x 1.05x 0.75x
Capitalization / Revenue 0.29x 0.34x - 0.48x 0.64x 0.54x 0.52x 0.49x
EV / Revenue 0.27x 0.31x - 0.48x 0.62x 0.56x 0.54x 0.52x
EV / EBITDA - - - - - - - -
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.461 0.478 0.489 0.54 0.68 0.707 0.7554 0.8132
Rate of return 8.88% 7.29% 5.81% 4.69% 4.63% 5.39% 5.76% 6.2%
EPS 2 1.005 1.201 1.105 1.446 1.815 1.865 1.983 2.145
Distribution rate 45.9% 39.8% 44.3% 37.3% 37.5% 37.9% 38.1% 37.9%
Net sales 1 3,96,997 4,25,480 - 5,38,055 5,11,594 5,42,494 5,63,379 5,91,887
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 40,515 43,749 47,217
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 13.11 13.11 13.11
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.($)
7.03x0.56x - 5.39% 4.32TCr
11.39x - - 4.3% 12TCr
16.09x2.52x16.96x4.14% 1.61TCr
20.15x2.47x - 5.61% 1.41TCr
7.25x - - 1.19% 588.89Cr
11.01x - - 5.85% 346.47Cr
10.84x1.09x3.92x5.92% 143.41Cr
69.87x - - - 130.75Cr
Average 19.20x 1.66x 10.44x 4.63% 2.58TCr
Weighted average by Cap. 11.69x 1.35x 15.89x 4.56%

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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