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 1 115,428 145,793 187,363 256,252 327,002 310,307 - -
Change - 26.31% 28.51% 36.77% 27.61% -5.11% - -
Enterprise Value (EV) 1 106,072 132,640 179,202 257,315 315,805 323,086 323,987 324,981
Change - 25.05% 35.1% 43.59% 22.73% 2.31% 0.28% 0.31%
P/E 5.16x 5.46x 7.62x 7.97x 8.1x 7.48x 7.04x 6.51x
PBR 0.57x 0.69x 0.81x 0.99x 1.14x 1.01x 0.94x 0.88x
PEG - 0.3x -0.95x 0.3x 0.3x 2.69x 1.12x 0.81x
Capitalization / Revenue 0.29x 0.34x - 0.48x 0.64x 0.57x 0.55x 0.52x
EV / Revenue 0.27x 0.31x - 0.48x 0.62x 0.6x 0.58x 0.55x
EV / EBITDA - - - - - - - -
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.461 0.478 0.489 0.54 0.68 0.7088 0.7588 0.8179
Rate of return 8.88% 7.29% 5.81% 4.69% 4.63% 5.08% 5.44% 5.86%
EPS 2 1.005 1.201 1.105 1.446 1.815 1.865 1.983 2.142
Distribution rate 45.9% 39.8% 44.3% 37.3% 37.5% 38% 38.3% 38.2%
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 40,591 43,780 47,177
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 13.95 13.95 13.95
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.($)
7.43x0.59x - 5.1% 45.86B
12.06x - - 4.01% 129B
16.83x2.62x17.63x3.96% 16.94B
20.44x2.5x - 5.53% 14.45B
7.12x - - 1.22% 5.79B
11.03x - - 5.74% 3.57B
10.78x1.1x3.89x5.95% 1.44B
73.26x - - - 1.37B
Average 19.87x 1.70x 10.76x 4.5% 27.32B
Weighted average by Cap. 12.24x 1.39x 16.56x 4.31%

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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