PICC Property and Casualty Company Limited

DB:PJC Stock Report

Market Cap: €32.3b

PICC Property and Casualty Valuation

Is PJC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PJC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PJC (€1.39) is trading below our estimate of fair value (€4.15)

Significantly Below Fair Value: PJC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PJC?

Key metric: As PJC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PJC. This is calculated by dividing PJC's market cap by their current earnings.
What is PJC's PE Ratio?
PE Ratio10.8x
EarningsCN¥22.82b
Market CapCN¥247.18b

Price to Earnings Ratio vs Peers

How does PJC's PE Ratio compare to its peers?

The above table shows the PE ratio for PJC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.8x
HNR1 Hannover Rück
13.2x5.7%€29.6b
TLX Talanx
10.8x5.0%€20.4b
MUV2 Münchener Rückversicherungs-Gesellschaft in München
11.3x2.9%€64.7b
ALV Allianz
11.8x5.9%€111.6b
PJC PICC Property and Casualty
10.8x11.1%€265.6b

Price-To-Earnings vs Peers: PJC is good value based on its Price-To-Earnings Ratio (10.8x) compared to the peer average (11.8x).

Price to Earnings Ratio vs Industry

How does PJC's PE Ratio compare vs other companies in the European Insurance Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
PJC 10.8xIndustry Avg. 11.8xNo. of Companies14PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PJC is good value based on its Price-To-Earnings Ratio (10.8x) compared to the European Insurance industry average (11.8x).

Price to Earnings Ratio vs Fair Ratio

What is PJC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PJC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.8x
Fair PE Ratio9.3x

Price-To-Earnings vs Fair Ratio: PJC is expensive based on its Price-To-Earnings Ratio (10.8x) compared to the estimated Fair Price-To-Earnings Ratio (9.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PJC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.39
€1.60
+14.8%
13.0%€1.94€0.93n/a19
Nov ’25€1.39
€1.56
+11.9%
12.9%€1.92€0.92n/a19
Oct ’25€1.27
€1.42
+11.4%
12.8%€1.80€0.85n/a20
Sep ’25€1.14
€1.43
+25.6%
9.9%€1.80€1.13n/a20
Aug ’25€1.17
€1.42
+21.6%
9.2%€1.81€1.13n/a20
Jul ’25€1.11
€1.43
+29.1%
9.4%€1.82€1.13n/a20
Jun ’25€1.17
€1.42
+21.3%
9.3%€1.80€1.12n/a21
May ’25€1.13
€1.44
+27.1%
9.2%€1.83€1.13n/a22
Apr ’25€1.19
€1.42
+19.5%
9.9%€1.82€1.13n/a22
Mar ’25€1.23
€1.35
+9.7%
11.1%€1.74€0.98n/a22
Feb ’25€1.11
€1.33
+19.7%
9.6%€1.63€0.98n/a20
Jan ’25€1.03
€1.33
+29.1%
7.2%€1.55€1.20n/a19
Dec ’24€1.04
€1.31
+25.6%
9.0%€1.55€0.99n/a21
Nov ’24€1.10
€1.32
+19.9%
9.0%€1.57€1.00€1.3920
Oct ’24€1.16
€1.33
+14.7%
8.9%€1.57€1.00€1.2721
Sep ’24€1.02
€1.27
+24.2%
11.5%€1.53€0.99€1.1422
Aug ’24€1.01
€1.22
+21.0%
12.8%€1.50€0.95€1.1722
Jul ’24€1.01
€1.21
+19.8%
12.8%€1.49€0.94€1.1122
Jun ’24€1.10
€1.23
+12.0%
13.4%€1.55€0.97€1.1722
May ’24€1.09
€1.20
+10.1%
12.8%€1.44€0.94€1.1322
Apr ’24€0.94
€1.15
+22.1%
14.7%€1.46€0.90€1.1922
Mar ’24€0.83
€1.17
+41.1%
17.2%€1.47€0.74€1.2325
Feb ’24€0.86
€1.20
+39.6%
15.8%€1.60€0.86€1.1125
Jan ’24€0.87
€1.28
+46.7%
10.9%€1.60€1.03€1.0325
Dec ’23€0.89
€1.29
+44.9%
10.2%€1.59€1.03€1.0425
Nov ’23€0.98
€1.31
+33.9%
11.5%€1.64€1.00€1.1028

Analyst Forecast: Target price is less than 20% higher than the current share price.

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