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 1 115,428 145,793 187,363 256,252 327,002 289,027 - -
Change - 26.31% 28.51% 36.77% 27.61% -11.61% - -
Enterprise Value (EV) 1 106,072 132,640 179,202 257,315 315,805 302,229 302,707 303,701
Change - 25.05% 35.1% 43.59% 22.73% -4.3% 0.16% 0.33%
P/E 5.16x 5.46x 7.62x 7.97x 8.1x 7.17x 6.59x 6.1x
PBR 0.57x 0.69x 0.81x 0.99x 1.14x 0.94x 0.88x 0.83x
PEG - 0.3x -0.95x 0.3x 0.3x -38.85x 0.75x 0.75x
Capitalization / Revenue 0.29x 0.34x - 0.48x 0.64x 0.53x 0.51x 0.49x
EV / Revenue 0.27x 0.31x - 0.48x 0.62x 0.56x 0.54x 0.51x
EV / EBITDA - - - - - - - -
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.461 0.478 0.489 0.54 0.68 0.6949 0.7446 0.7964
Rate of return 8.88% 7.29% 5.81% 4.69% 4.63% 5.35% 5.73% 6.13%
EPS 2 1.005 1.201 1.105 1.446 1.815 1.812 1.971 2.131
Distribution rate 45.9% 39.8% 44.3% 37.3% 37.5% 38.4% 37.8% 37.4%
Net sales 1 396,997 425,480 - 538,055 511,594 542,680 563,991 592,774
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 39,990 43,522 46,788
Net Debt 1 -9,356 -13,153 -8,161 1,063 -11,197 13,202 13,680 14,674
Reference price 2 5.19 6.55 8.42 11.52 14.70 12.99 12.99 12.99
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.($)
7.17x0.56x - 5.35% 42.69B
11.73x - - 4.44% 124B
14.94x2.23x17.59x4.68% 14.61B
20.43x2.5x - 5.5% 14.1B
9.18x - - 1.18% 5.94B
12.24x - - 5.64% 3.58B
10.49x1.07x3.92x5.91% 1.36B
-743.48x - - - 1.19B
Average -82.16x 1.59x 10.75x 4.67% 25.97B
Weighted average by Cap. 7.22x 1.28x 16.42x 4.65%

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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