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 1 506,827 355,169 377,351 564,900 584,982 688,618 - -
Change - -29.92% 6.25% 49.7% 3.55% 17.72% - -
Enterprise Value (EV) 1 489,014 366,158 368,311 508,919 559,493 652,623 630,692 615,003
Change - -25.12% 0.59% 38.18% 9.94% 16.65% -3.36% -2.49%
P/E 17.8x 12x 11.1x 13.9x 13.6x 13.9x 12.7x 11.7x
PBR 4.13x 2.54x 2.36x 2.66x 2.66x 2.73x 2.54x 2.38x
PEG - 2.61x 0.8x 1.4x 2.17x 2.26x 1.36x 1.37x
Capitalization / Revenue 1.49x 1.03x 1.01x 1.39x 1.28x 1.43x 1.34x 1.25x
EV / Revenue 1.43x 1.06x 0.99x 1.25x 1.23x 1.35x 1.23x 1.12x
EV / EBITDA 14.2x 9.83x 8.46x 11.1x 8.98x 10.9x 10.2x 9.14x
EV / EBIT 14.7x 10.5x 9.14x 11x 10.6x 12.8x 11.5x 10.4x
EV / FCF 17.1x 13.3x 7.09x 9.49x 13.1x 14.4x 11.4x 10.5x
FCF Yield 5.85% 7.52% 14.1% 10.5% 7.63% 6.96% 8.81% 9.51%
Dividend per Share 2 1.7 2.5 3 3.5 3.8 4.486 4.92 5.37
Rate of return 2.3% 4.83% 5.49% 4.65% 4.86% 5.28% 5.79% 6.31%
EPS 2 4.14 4.33 4.92 5.42 5.76 6.115 6.684 7.255
Distribution rate 41.1% 57.7% 61% 64.6% 66% 73.4% 73.6% 74%
Net sales 1 341,233 343,918 372,037 407,150 456,452 482,518 514,606 549,375
EBITDA 1 34,369 37,264 43,523 45,711 62,318 60,109 62,125 67,252
EBIT 1 33,281 34,763 40,317 46,394 52,979 51,095 54,742 59,403
Net income 1 28,574 29,554 33,720 38,537 43,945 46,297 50,505 54,732
Net Debt 1 -17,812 10,990 -9,040 -55,980 -25,489 -35,995 -57,926 -73,615
Reference price 2 73.81 51.80 54.63 75.22 78.15 85.04 85.04 85.04
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.($)
13.9x1.35x10.85x5.28% 103B
10.04x0.51x5.06x5.71% 27.07B
28.09x3.1x17.02x1.14% 24.04B
48.46x3.76x32.94x0.69% 11.52B
15.93x1.22x7.21x2.62% 6.74B
15.18x1.28x11.28x5.81% 4.72B
15.78x0.64x5.56x5.04% 3.51B
28.63x2.21x13.71x1.39% 3.14B
13.34x0.63x4.75x3.07% 3.08B
10.3x0.94x6.45x5.09% 2.42B
Average 19.96x 1.56x 11.48x 3.58% 18.88B
Weighted average by Cap. 17.59x 1.58x 11.83x 4.34%

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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