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 2,98,590 - -
Change - 26.31% 28.51% 36.77% 27.61% -8.69% - -
Enterprise Value (EV) 1 1,06,072 1,32,640 1,79,202 2,57,315 3,15,805 3,11,369 3,12,269 3,13,264
Change - 25.05% 35.1% 43.59% 22.73% -1.4% 0.29% 0.32%
P/E 5.16x 5.46x 7.62x 7.97x 8.1x 7.26x 6.78x 6.26x
PBR 0.57x 0.69x 0.81x 0.99x 1.14x 0.98x 0.91x 0.86x
PEG - 0.3x -0.95x 0.3x 0.3x 3.94x 0.95x 0.75x
Capitalization / Revenue 0.29x 0.34x - 0.48x 0.64x 0.55x 0.53x 0.5x
EV / Revenue 0.27x 0.31x - 0.48x 0.62x 0.57x 0.55x 0.53x
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% 5.27% 5.63% 6.06%
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% 38.3% 38.2% 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 40,547 43,793 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 13.42 13.42 13.42
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
7.36x0.58x - 5.2% 4.49TCr
11.76x - - 4.17% 12TCr
15.48x2.88x16.59x4.27% 1.57TCr
20.12x2.47x - 5.62% 1.41TCr
9.16x - - 1.19% 592.33Cr
11.66x - - 5.55% 363.1Cr
10.84x1.09x3.92x5.92% 143.22Cr
423.91x - - - 133.92Cr
Average 63.79x 1.76x 10.26x 4.56% 2.64TCr
Weighted average by Cap. 14.19x 1.41x 15.53x 4.44%

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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