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 1 115,428 145,793 187,363 256,252 327,002 334,224 - -
Change - 26.31% 28.51% 36.77% 27.61% 2.21% - -
Enterprise Value (EV) 1 106,072 132,640 179,202 257,315 315,805 342,457 345,739 346,305
Change - 25.05% 35.1% 43.59% 22.73% 8.44% 0.96% 0.16%
P/E 5.16x 5.46x 7.62x 7.97x 8.1x 7.78x 7.6x 7.14x
PBR 0.57x 0.69x 0.81x 0.99x 1.14x 1.07x 1.02x 0.96x
PEG - 0.3x -0.95x 0.3x 0.3x 1.22x 3.17x 1.11x
Capitalization / Revenue 0.29x 0.34x - 0.48x 0.64x 0.61x 0.59x 0.57x
EV / Revenue 0.27x 0.31x - 0.48x 0.62x 0.62x 0.61x 0.59x
EV / EBITDA - - - - - - - -
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.461 0.478 0.489 0.54 0.68 0.7357 0.7678 0.8196
Rate of return 8.88% 7.29% 5.81% 4.69% 4.63% 4.9% 5.11% 5.45%
EPS 2 1.005 1.201 1.105 1.446 1.815 1.931 1.977 2.104
Distribution rate 45.9% 39.8% 44.3% 37.3% 37.5% 38.1% 38.8% 38.9%
Net sales 1 396,997 425,480 - 538,055 511,594 548,954 565,828 585,322
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 42,849 43,744 46,384
Net Debt 1 -9,356 -13,153 -8,161 1,063 -11,197 8,233 11,515 12,081
Reference price 2 5.19 6.55 8.42 11.52 14.70 15.03 15.03 15.03
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
7.78x0.62x - 4.9% 49.78B
11.86x - - 4.03% 127B
15.79x2.63x16.66x4.22% 15.74B
20.5x2.52x - 5.51% 14.47B
7.13x - - 1.22% 5.79B
11.15x - - 5.68% 3.62B
73.91x - - - 1.38B
10.1x1.07x3.77x6.35% 1.33B
Average 19.78x 1.71x 10.22x 4.56% 27.43B
Weighted average by Cap. 12.03x 1.36x 15.66x 4.3%

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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