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 1 506,827 355,169 377,351 564,900 584,982 697,777 - -
Change - -29.92% 6.25% 49.7% 3.55% 19.28% - -
Enterprise Value (EV) 1 489,014 366,158 368,311 508,919 559,493 658,415 639,763 624,553
Change - -25.12% 0.59% 38.18% 9.94% 17.68% -2.83% -2.38%
P/E 17.8x 12x 11.1x 13.9x 13.6x 14.1x 12.9x 11.9x
PBR 4.13x 2.54x 2.36x 2.66x 2.66x 2.75x 2.58x 2.42x
PEG - 2.61x 0.8x 1.4x 2.17x 2.3x 1.41x 1.42x
Capitalization / Revenue 1.49x 1.03x 1.01x 1.39x 1.28x 1.46x 1.36x 1.26x
EV / Revenue 1.43x 1.06x 0.99x 1.25x 1.23x 1.38x 1.25x 1.13x
EV / EBITDA 14.2x 9.83x 8.46x 11.1x 8.98x 10.7x 10.4x 9.33x
EV / EBIT 14.7x 10.5x 9.14x 11x 10.6x 13x 11.7x 10.6x
EV / FCF 17.1x 13.3x 7.09x 9.49x 13.1x 14.7x 12x 11.1x
FCF Yield 5.85% 7.52% 14.1% 10.5% 7.63% 6.79% 8.35% 8.99%
Dividend per Share 2 1.7 2.5 3 3.5 3.8 4.484 4.905 5.337
Rate of return 2.3% 4.83% 5.49% 4.65% 4.86% 5.2% 5.69% 6.19%
EPS 2 4.14 4.33 4.92 5.42 5.76 6.113 6.671 7.229
Distribution rate 41.1% 57.7% 61% 64.6% 66% 73.4% 73.5% 73.8%
Net sales 1 341,233 343,918 372,037 407,150 456,452 478,108 513,685 554,770
EBITDA 1 34,369 37,264 43,523 45,711 62,318 61,419 61,340 66,939
EBIT 1 33,281 34,763 40,317 46,394 52,979 50,662 54,550 59,094
Net income 1 28,574 29,554 33,720 38,537 43,945 46,276 50,397 54,530
Net Debt 1 -17,812 10,990 -9,040 -55,980 -25,489 -39,362 -58,015 -73,224
Reference price 2 73.81 51.80 54.63 75.22 78.15 86.26 86.26 86.26
Nbr of stocks (in thousands) 6,866,642 6,856,535 6,907,402 7,541,765 7,500,460 8,099,446 - -
Announcement Date 29/4/22 28/4/23 27/3/24 28/3/25 30/3/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.1x1.36x11.04x5.2% 104B
10.19x0.54x5.36x5.61% 27.48B
26.75x2.95x16.19x1.2% 22.9B
49.11x3.81x33.4x0.67% 11.71B
15.89x1.22x7.19x2.62% 6.77B
14.8x1.25x10.98x5.96% 4.6B
16.22x0.64x5.61x4.97% 3.63B
29.49x2.28x14.13x1.35% 3.25B
13.34x0.63x4.75x3.07% 3.1B
10.62x0.95x6.52x4.93% 2.5B
Average 20.05x 1.56x 11.52x 3.56% 18.99B
Weighted average by Cap. 17.55x 1.56x 11.86x 4.32%

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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