Company Valuation: China Resources Gas Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 101,932 67,801 59,239 71,156 52,297 36,760 - -
Change - -33.48% -12.63% 20.12% -26.5% -29.71% - -
Enterprise Value (EV) 1 100,864 79,080 71,984 86,086 68,305 52,333 51,068 47,981
Change - -21.6% -8.97% 19.59% -20.65% -23.38% -2.42% -6.05%
P/E 15.6x 14x 11.1x 17.1x 14.6x 10.5x 10x 9.46x
PBR 2.42x 1.72x 1.45x 1.69x 1.17x 0.81x 0.79x 0.77x
PEG - -0.5x 1.1x -0.8x -1.1x -31.24x 2.12x 1.64x
Capitalization / Revenue 1.3x 0.72x 0.58x 0.69x 0.54x 0.36x 0.36x 0.35x
EV / Revenue 1.29x 0.84x 0.71x 0.84x 0.7x 0.52x 0.5x 0.46x
EV / EBITDA 7.67x 7.03x 6.45x 7.09x 6.63x 4.87x 4.59x 4.21x
EV / EBIT 11.6x 10x 10.1x 13x 11.5x 7.53x 7.11x 6.73x
EV / FCF 37.3x -41.9x 14.4x 30.7x 20.3x 10.2x 9.17x 7.81x
FCF Yield 2.68% -2.39% 6.96% 3.26% 4.93% 9.82% 10.9% 12.8%
Dividend per Share 2 1.27 1.05 1.157 0.95 0.95 0.9566 0.9908 1.029
Rate of return 2.88% 3.58% 4.52% 3.09% 4.2% 5.91% 6.12% 6.36%
EPS 2 2.82 2.09 2.3 1.8 1.55 1.545 1.618 1.711
Distribution rate 45% 50.2% 50.3% 52.8% 61.3% 61.9% 61.3% 60.1%
Net sales 1 78,175 94,338 101,272 102,676 97,733 101,385 103,004 104,576
EBITDA 1 13,144 11,255 11,163 12,141 10,297 10,749 11,116 11,399
EBIT 1 8,712 7,895 7,102 6,611 5,932 6,951 7,185 7,132
Net income 1 6,395 4,733 5,224 4,088 3,547 3,548 3,728 3,962
Net Debt 1 -1,068 11,279 12,745 14,930 16,008 15,574 14,309 11,221
Reference price 2 44.05 29.30 25.60 30.75 22.62 16.18 16.18 16.18
Nbr of stocks (in thousands) 2,314,013 2,314,013 2,314,013 2,314,013 2,311,968 2,271,911 - -
Announcement Date 3/18/22 3/31/23 3/28/24 3/28/25 3/27/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.43x0.51x4.85x5.94% 4.66B
21.24x3.38x14.65x4.88% 17.04B
11.26x6.91x9.02x5.79% 9.59B
10.5x0.55x4.25x6.08% 8.64B
9.77x0.22x2.75x5.12% 8.38B
12.85x - - 4.14% 7.77B
7.66x0.5x4.76x6.51% 6.9B
18.58x5.06x10.55x3.11% 5.93B
14.12x4.16x11.97x3.83% 5.11B
Average 12.93x 2.66x 7.85x 5.05% 8.23B
Weighted average by Cap. 13.86x 2.83x 8.68x 5.09%

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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