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 39,428 - -
Change - -33.48% -12.63% 20.12% -26.5% -24.61% - -
Enterprise Value (EV) 1 100,864 79,080 71,984 86,086 68,305 55,001 53,736 50,649
Change - -21.6% -8.97% 19.59% -20.65% -19.48% -2.3% -5.75%
P/E 15.6x 14x 11.1x 17.1x 14.6x 11.2x 10.7x 10x
PBR 2.42x 1.72x 1.45x 1.69x 1.17x 0.87x 0.85x 0.83x
PEG - -0.5x 1.1x -0.8x -1.1x -42.97x 2.07x 1.58x
Capitalization / Revenue 1.3x 0.72x 0.58x 0.69x 0.54x 0.39x 0.38x 0.38x
EV / Revenue 1.29x 0.84x 0.71x 0.84x 0.7x 0.54x 0.52x 0.48x
EV / EBITDA 7.67x 7.03x 6.45x 7.09x 6.63x 5.09x 4.8x 4.39x
EV / EBIT 11.6x 10x 10.1x 13x 11.5x 7.86x 7.39x 6.93x
EV / FCF 37.3x -41.9x 14.4x 30.7x 20.3x 10.4x 9.26x 7.96x
FCF Yield 2.68% -2.39% 6.96% 3.26% 4.93% 9.65% 10.8% 12.6%
Dividend per Share 2 1.27 1.05 1.157 0.95 0.95 0.9574 0.9978 1.044
Rate of return 2.88% 3.58% 4.52% 3.09% 4.2% 5.51% 5.74% 6.01%
EPS 2 2.82 2.09 2.3 1.8 1.55 1.546 1.626 1.729
Distribution rate 45% 50.2% 50.3% 52.8% 61.3% 61.9% 61.4% 60.4%
Net sales 1 78,175 94,338 101,272 102,676 97,733 101,305 103,048 104,771
EBITDA 1 13,144 11,255 11,163 12,141 10,297 10,803 11,191 11,540
EBIT 1 8,712 7,895 7,102 6,611 5,932 6,998 7,271 7,307
Net income 1 6,395 4,733 5,224 4,088 3,547 3,551 3,749 4,011
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 17.37 17.37 17.37
Nbr of stocks (in thousands) 2,314,013 2,314,013 2,314,013 2,314,013 2,311,968 2,269,867 - -
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.($)
11.33x0.55x5.12x5.47% 5.07B
21.65x3.42x14.84x4.79% 17.37B
11.41x6.96x9.09x5.7% 9.93B
11.26x0.55x4.22x4.55% 8.75B
13.55x - - 3.92% 8.21B
9.89x0.22x2.66x5.07% 8.44B
8.07x0.53x4.96x6.2% 7.29B
20.13x5.36x11.39x2.88% 6.44B
15.13x4.38x12.5x3.54% 5.48B
Average 13.60x 2.75x 8.10x 4.68% 8.55B
Weighted average by Cap. 14.44x 2.91x 8.89x 4.75%

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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