Company Valuation: Qingdao Rural Commercial Bank Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 28,278 21,445 16,056 14,556 16,889 17,222
Change - -24.16% -25.13% -9.34% 16.03% 1.97%
Enterprise Value (EV) 1 104,960 114,523 91,228 106,540 102,671 94,157
Change - 9.11% -20.34% 16.78% -3.63% -8.29%
P/E 9.98x 8x 8.76x 7.15x 7.42x 6.95x
PBR 0.98x 0.63x 0.45x 0.38x 0.47x 0.46x
PEG - -1.5x -0.3x 0.6x 0.6x 0.78x
Capitalization / Revenue 4.76x 3.34x 3.16x 2.7x 2.91x 2.57x
EV / Revenue 17.7x 17.9x 17.9x 19.8x 17.7x 14.1x
EV / EBITDA - - - - - -
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 0.15 0.1 - 0.1 0.12 0.12
Rate of return 2.95% 2.59% - 3.82% 3.95% 3.87%
EPS 2 0.51 0.4828 0.3298 0.3663 0.4098 0.4463
Distribution rate 29.4% 20.7% - 27.3% 29.3% 26.9%
Net sales 1 5,942 6,414 5,088 5,383 5,805 6,691
EBITDA - - - - - -
EBIT - - - - - -
Net income 1 2,960 3,066 2,317 2,568 2,856 3,128
Net Debt 1 76,682 93,078 75,172 91,985 85,782 76,935
Reference price 2 5.090 3.860 2.890 2.620 3.040 3.100
Nbr of stocks (in thousands) 5,555,556 5,555,598 5,555,608 5,555,616 5,555,617 5,555,620
Announcement Date 26/4/21 28/4/22 30/4/23 26/4/24 24/4/25 28/4/26
1CNY in Million2CNY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 2.43B
6.62x - - 4.78% 353B
16.6x - - 1.02% 101B
15.42x - - 4.36% 81.69B
7.71x - - 6.52% 62.72B
5.08x - - 5.95% 56.51B
17.21x - - 3.12% 47.85B
12.73x - - 5.54% 42.75B
8.98x - - 4.79% 40.24B
11.04x - - 3.7% 37.77B
Average 11.26x 4.42% 82.58B
Weighted average by Cap. 9.94x 4.39%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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