Financials CLP Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:07 2024-07-05 EDT			5-day change	1st Jan Change
63.15 ^HKD	-1.25%		+0.08%	-2.02%

06-10	CLP Unit to Issue $2 Billion Medium-Term Bonds	MT
05-13	CLP Logs 4% Rise in Electricity Sales in Hong Kong	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	206,916	181,147	198,958	143,881	162,830	159,545	-	-
Enterprise Value (EV) ¹	251,384	223,787	248,913	198,847	215,163	209,509	208,171	206,996
P/E ratio	44.5 x	15.8 x	23.4 x	154 x	24.5 x	13.2 x	12.4 x	12.1 x
Yield	3.76%	4.32%	3.94%	5.44%	4.81%	4.98%	5.08%	5.13%
Capitalization / Revenue	2.41 x	2.28 x	2.37 x	1.43 x	1.87 x	1.8 x	1.79 x	1.75 x
EV / Revenue	2.93 x	2.81 x	2.96 x	1.98 x	2.47 x	2.36 x	2.33 x	2.27 x
EV / EBITDA	15.9 x	9.65 x	12.2 x	20.1 x	12 x	8.57 x	8.13 x	7.88 x
EV / FCF	23.1 x	19 x	44.1 x	-109 x	18.2 x	23.6 x	21.7 x	19.4 x
FCF Yield	4.33%	5.27%	2.27%	-0.91%	5.48%	4.24%	4.6%	5.16%
Price to Book	1.89 x	1.56 x	1.7 x	1.32 x	1.53 x	1.5 x	1.42 x	1.35 x
Nbr of stocks (in thousands)	2,526,451	2,526,451	2,526,451	2,526,451	2,526,451	2,526,451	-	-
Reference price ²	81.90	71.70	78.75	56.95	64.45	63.15	63.15	63.15
Announcement Date	20-02-24	21-02-22	22-02-28	23-02-27	24-02-26	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	85,689	79,590	83,959	100,662	87,169	88,691	89,229	91,165
EBITDA ¹	15,767	23,192	20,409	9,876	17,910	24,442	25,611	26,264
EBIT ¹	7,649	14,716	11,101	972	9,316	15,499	16,297	16,923
Operating Margin	8.93%	18.49%	13.22%	0.97%	10.69%	17.48%	18.26%	18.56%
Earnings before Tax (EBT) ¹	8,541	15,501	11,439	1,590	10,643	16,011	17,769	18,320
Net income ¹	4,657	11,456	8,491	924	6,655	12,110	12,897	13,234
Net margin	5.43%	14.39%	10.11%	0.92%	7.63%	13.65%	14.45%	14.52%
EPS ²	1.840	4.530	3.360	0.3700	2.630	4.774	5.083	5.226
Free Cash Flow ¹	10,897	11,788	5,647	-1,819	11,791	8,892	9,573	10,680
FCF margin	12.72%	14.81%	6.73%	-1.81%	13.53%	10.03%	10.73%	11.72%
FCF Conversion (EBITDA)	69.11%	50.83%	27.67%	-	65.83%	36.38%	37.38%	40.66%
FCF Conversion (Net income)	233.99%	102.9%	66.51%	-	177.18%	73.43%	74.23%	80.7%
Dividend per Share ²	3.080	3.100	3.100	3.100	3.100	3.144	3.205	3.237
Announcement Date	20-02-24	21-02-22	22-02-28	23-02-27	24-02-26	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	44,468	42,640	49,955	54,966	52,333	49,964	48,625	47,451
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.82 x	1.839 x	2.448 x	5.566 x	2.922 x	2.044 x	1.899 x	1.807 x
Free Cash Flow ¹	10,897	11,788	5,647	-1,819	11,791	8,893	9,573	10,680
ROE (net income / shareholders' equity)	9.92%	10.2%	7.29%	4.09%	11.4%	11.5%	12.1%	11.9%
ROA (Net income/ Total Assets)	4.92%	5.03%	3.58%	1.94%	2.86%	5.35%	5.49%	5.34%
Assets ¹	94,654	227,930	237,020	47,553	232,538	226,362	234,761	248,016
Book Value Per Share ²	43.30	45.90	46.30	43.30	42.00	42.20	44.40	46.70
Cash Flow per Share ²	8.450	8.860	7.160	5.040	9.330	8.480	9.120	9.310
Capex ¹	10,448	10,586	12,431	14,553	11,776	12,819	12,630	12,429
Capex / Sales	12.19%	13.3%	14.81%	14.46%	13.51%	14.45%	14.15%	13.63%
Announcement Date	20-02-24	21-02-22	22-02-28	23-02-27	24-02-26	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

A-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

63.15 HKD

Average target price

71.38 HKD

Spread / Average Target

+13.02%

	1st Jan change	Capi.
CLP HOLDINGS LIMITED	-2.02%	20.42B
NEXTERA ENERGY	+18.69%	148B
SOUTHERN COMPANY	+11.29%	85.33B
IBERDROLA, S.A.	+0.04%	80.89B
DUKE ENERGY CORPORATION	+3.63%	77.61B
ENEL S.P.A.	-0.36%	73.74B
CONSTELLATION ENERGY CORPORATION	+80.76%	66.61B
GE VERNOVA INC.	0.00%	48.3B
AMERICAN ELECTRIC POWER COMPANY, INC.	+8.18%	46.31B
DOMINION ENERGY, INC.	+4.49%	41.16B