Company Valuation: Qingdao Rural Commercial Bank Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 28,278 21,445 16,056 14,556 16,889 17,222
Change - -24.16% -25.13% -9.34% 16.03% 1.97%
Enterprise Value (EV) 1 1,04,960 1,14,523 91,228 1,06,540 1,02,671 94,157
Change - 9.11% -20.34% 16.78% -3.63% -8.29%
P/E 9.98x 8x 8.76x 7.15x 7.42x 6.95x
PBR 0.98x 0.63x 0.45x 0.38x 0.47x 0.46x
PEG - -1.5x -0.3x 0.6x 0.6x 0.78x
Capitalization / Revenue 4.76x 3.34x 3.16x 2.7x 2.91x 2.57x
EV / Revenue 17.7x 17.9x 17.9x 19.8x 17.7x 14.1x
EV / EBITDA - - - - - -
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 0.15 0.1 - 0.1 0.12 0.12
Rate of return 2.95% 2.59% - 3.82% 3.95% 3.87%
EPS 2 0.51 0.4828 0.3298 0.3663 0.4098 0.4463
Distribution rate 29.4% 20.7% - 27.3% 29.3% 26.9%
Net sales 1 5,942 6,414 5,088 5,383 5,805 6,691
EBITDA - - - - - -
EBIT - - - - - -
Net income 1 2,960 3,066 2,317 2,568 2,856 3,128
Net Debt 1 76,682 93,078 75,172 91,985 85,782 76,935
Reference price 2 5.090 3.860 2.890 2.620 3.040 3.100
Nbr of stocks (in thousands) 55,55,556 55,55,598 55,55,608 55,55,616 55,55,617 55,55,620
Announcement Date 26/04/21 28/04/22 30/04/23 26/04/24 24/04/25 28/04/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 241.47Cr
6.16x - - 5.11% 33TCr
17.53x - - 0.97% 11TCr
15.31x - - 4.39% 8.12TCr
8.56x - - 5.87% 7.03TCr
4.94x - - 6.1% 5.6TCr
18.78x - - 2.82% 5.22TCr
12.95x - - 5.37% 4.37TCr
9.43x - - 4.56% 4.23TCr
10.85x - - 3.71% 3.7TCr
Average 11.61x 4.32% 8.2TCr
Weighted average by Cap. 10.22x 4.41%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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