Company Valuation: China Renewable Energy Investment Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 466.1 839.6 493.7 285.7 273.2 330.8
Change - 80.11% -41.19% -42.13% -4.39% 21.1%
Enterprise Value (EV) 1 1,147 1,397 870.1 409.2 268.6 106.3
Change - 21.74% -37.71% -52.97% -34.35% -60.44%
P/E 5.41x 7.41x 15.9x 12.3x 16.6x 17x
PBR 0.24x 0.41x 0.26x 0.15x 0.15x 0.17x
PEG - 0.2x -0.2x -0.5x -0.6x 0.9x
Capitalization / Revenue 2.26x 3.35x 2.5x 1.58x 1.68x 1.92x
EV / Revenue 5.57x 5.58x 4.41x 2.26x 1.65x 0.62x
EV / EBITDA 7.09x 7x 7.17x 3.35x 2.55x 0.99x
EV / EBIT 17.3x 15.2x 51.4x 19.7x 35.4x 10.7x
EV / FCF -4.1x 30.3x 7.99x 2.02x 3.44x 0.66x
FCF Yield -24.4% 3.3% 12.5% 49.5% 29.1% 151%
Dividend per Share 2 0.008 0.01 0.005 0.005 0.005 0.005
Rate of return 4.3% 2.99% 2.54% 4.39% 4.59% 3.79%
EPS 2 0.0344 0.0452 0.0124 0.009289 0.006573 0.007777
Distribution rate 23.3% 22.1% 40.3% 53.8% 76.1% 64.3%
Net sales 1 206.1 250.3 197.2 181.3 163.1 172.2
EBITDA 1 161.9 199.5 121.3 122.3 105.2 107.4
EBIT 1 66.14 91.94 16.92 20.75 7.584 9.973
Net income 1 86.15 113.4 31.11 23.28 16.48 19.49
Net Debt 1 681.2 557.3 376.4 123.5 -4.538 -224.5
Reference price 2 0.1860 0.3350 0.1970 0.1140 0.1090 0.1320
Nbr of stocks (in thousands) 2,506,157 2,506,157 2,506,157 2,506,157 2,506,157 2,506,157
Announcement Date 4/21/21 4/13/22 4/24/23 4/29/24 4/28/25 4/28/26
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 66.81M
35.72x6.27x45.87x0.18% 293B
21.97x9.23x15.26x2.8% 183B
20.73x4.31x11.7x3.48% 159B
14.02x1.99x6.98x5.09% 116B
21.5x5.98x13.21x3.18% 108B
18.58x5.65x11.27x3.49% 97.82B
20.52x3.15x12.37x0.67% 89.77B
21.24x5.34x12.83x2.85% 73.69B
19.47x6.41x13.73x3.81% 61.64B
Average 21.53x 5.37x 15.91x 2.84% 118.31B
Weighted average by Cap. 23.82x 5.68x 20.59x 2.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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