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 1 115,428 145,793 187,363 256,252 327,002 298,561 - -
Change - 26.31% 28.51% 36.77% 27.61% -8.7% - -
Enterprise Value (EV) 1 106,072 132,640 179,202 257,315 315,805 311,340 312,240 313,235
Change - 25.05% 35.1% 43.59% 22.73% -1.41% 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 1 396,997 425,480 - 538,055 511,594 542,494 563,379 591,887
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) 22,242,765 22,242,765 22,242,765 22,242,765 22,242,765 22,242,765 - -
Announcement Date 25/3/22 24/3/23 26/3/24 27/3/25 26/3/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.36x0.58x - 5.2% 44.85B
11.76x - - 4.17% 124B
15.48x2.88x16.59x4.27% 15.67B
20.12x2.47x - 5.62% 14.08B
9.16x - - 1.19% 5.92B
11.66x - - 5.55% 3.63B
10.84x1.09x3.92x5.92% 1.43B
423.91x - - - 1.34B
Average 63.79x 1.76x 10.26x 4.56% 26.41B
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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