Company Valuation: China Resources Power Holdings Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 125,553 76,775 75,235 97,743 89,615 97,380 - -
Change - -38.85% -2.01% 29.92% -8.32% 8.67% - -
Enterprise Value (EV) 1 246,114 200,759 230,344 282,275 286,059 307,502 310,415 310,992
Change - -18.43% 14.74% 22.55% 1.34% 7.5% 0.95% 0.19%
P/E 79.1x 10.9x 6.83x 6.36x 6.18x 7.82x 7.56x 7.33x
PBR 1.27x 0.93x 0.89x 0.92x 0.81x 0.79x 0.74x 0.69x
PEG - 0x 0.1x 0.2x -1.08x -0.6x 2.13x 2.39x
Capitalization / Revenue 1.4x 0.74x 0.73x 0.93x 0.88x 0.9x 0.88x 0.86x
EV / Revenue 2.74x 1.94x 2.23x 2.68x 2.8x 2.85x 2.8x 2.76x
EV / EBITDA 12.3x 7.17x 7x 7.84x 7.58x 7.71x 7.42x 7.16x
EV / EBIT 44.9x 14.8x 12.7x 12.2x 13x 15.7x 15.2x 14.4x
EV / FCF -13.9x -23.9x -23.2x -17.6x -113x -14.3x -29.3x -10.2x
FCF Yield -7.2% -4.19% -4.3% -5.67% -0.88% -7.01% -3.41% -9.82%
Dividend per Share 2 0.295 0.586 1.415 1.19 1.127 0.9858 1.002 1.042
Rate of return 1.13% 3.67% 9.05% 6.3% 6.51% 5.24% 5.33% 5.54%
EPS 2 0.33 1.46 2.29 2.97 2.8 2.404 2.489 2.566
Distribution rate 89.4% 40.1% 61.8% 40.1% 40.3% 41% 40.3% 40.6%
Net sales 1 89,800 103,305 103,334 105,284 102,010 107,954 110,710 112,740
EBITDA 1 20,077 27,981 32,919 36,008 37,747 39,877 41,825 43,459
EBIT 1 5,479 13,551 18,198 23,225 21,959 19,638 20,461 21,560
Net income 1 1,593 7,042 11,003 14,388 14,519 12,401 12,824 13,109
Net Debt 1 120,562 123,984 155,109 184,532 196,444 210,121 213,035 213,612
Reference price 2 26.10 15.96 15.64 18.88 17.31 18.81 18.81 18.81
Nbr of stocks (in thousands) 4,810,444 4,810,444 4,810,444 5,177,058 5,177,058 5,177,058 - -
Announcement Date 3/16/22 3/22/23 3/20/24 3/20/25 3/18/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
7.97x2.87x7.76x5.14% 12.65B
32.93x7.52x20.37x-.--% 43.55B
14.42x2.84x10.59x2.86% 34.09B
15.2x4.94x9.8x3.7% 17.14B
16.42x5.27x11.03x-.--% 15.32B
4.52x0.65x3.18x2.84% 8.55B
11.61x1.53x8.6x4.29% 8.12B
52.73x4.16x9.88x4.38% 7.23B
18.36x - - - 4.84B
Average 19.35x 3.72x 10.15x 2.9% 16.83B
Weighted average by Cap. 20.74x 4.59x 12.63x 2.16%

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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