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 89,615 100,642 - -
Change - -38.85% -2.01% 29.92% -8.32% 12.31% - -
Enterprise Value (EV) 1 246,114 200,759 230,344 282,275 286,059 308,934 310,161 308,110
Change - -18.43% 14.74% 22.55% 1.34% 8% 0.4% -0.66%
P/E 79.1x 10.9x 6.83x 6.36x 6.18x 8.07x 7.77x 7.52x
PBR 1.27x 0.93x 0.89x 0.92x 0.81x 0.81x 0.76x 0.71x
PEG - 0x 0.1x 0.2x -1.08x -0.6x 2.04x 2.21x
Capitalization / Revenue 1.4x 0.74x 0.73x 0.93x 0.88x 0.93x 0.9x 0.89x
EV / Revenue 2.74x 1.94x 2.23x 2.68x 2.8x 2.85x 2.78x 2.71x
EV / EBITDA 12.3x 7.17x 7x 7.84x 7.58x 7.71x 7.38x 7.05x
EV / EBIT 44.9x 14.8x 12.7x 12.2x 13x 15.6x 15x 14x
EV / FCF -13.9x -23.9x -23.2x -17.6x -113x -14.3x -29.3x -10.1x
FCF Yield -7.2% -4.19% -4.3% -5.67% -0.88% -6.98% -3.42% -9.92%
Dividend per Share 2 0.295 0.586 1.415 1.19 1.127 0.9902 1.011 1.045
Rate of return 1.13% 3.67% 9.05% 6.3% 6.51% 5.09% 5.2% 5.38%
EPS 2 0.33 1.46 2.29 2.97 2.8 2.41 2.502 2.587
Distribution rate 89.4% 40.1% 61.8% 40.1% 40.3% 41.1% 40.4% 40.4%
Net sales 1 89,800 103,305 103,334 105,284 102,010 108,508 111,414 113,542
EBITDA 1 20,077 27,981 32,919 36,008 37,747 40,092 42,032 43,732
EBIT 1 5,479 13,551 18,198 23,225 21,959 19,811 20,680 21,942
Net income 1 1,593 7,042 11,003 14,388 14,519 12,429 12,888 13,215
Net Debt 1 120,562 123,984 155,109 184,532 196,444 208,292 209,519 207,468
Reference price 2 26.10 15.96 15.64 18.88 17.31 19.44 19.44 19.44
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.07x2.85x7.71x5.09% 12.83B
29.88x6.96x18.79x-.--% 39.36B
13.71x2.71x10.12x3.04% 31.78B
12.45x6.71x13.96x3.53% 29.14B
21.1x10.58x15.24x2.14% 27.48B
22.35x7.65x12.48x1.73% 27.09B
73.4x18.41x21.87x-.--% 21.87B
16.12x5.06x10.05x3.49% 18.19B
Average 24.64x 7.62x 13.78x 2.38% 25.97B
Weighted average by Cap. 24.85x 7.63x 14.37x 2.09%

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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