Company Valuation: Huaneng Lancang River Hydropower Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 118,620 118,800 155,340 171,180 169,170 184,262 - -
Change - 0.15% 30.76% 10.2% -1.17% 8.92% - -
Enterprise Value (EV) 1 198,464 198,507 263,421 286,103 282,926 290,351 287,568 282,846
Change - 0.02% 32.7% 8.61% -1.11% 2.62% -0.96% -1.64%
P/E 20.6x 18.9x 21.6x 21.6x 20.2x 20.9x 19.8x 19.1x
PBR 2.31x 2.17x 2.86x 2.33x 2.44x 2.09x 2.05x 1.97x
PEG - 2.02x 1.5x 2.16x 8.89x 5.03x 3.73x 5.01x
Capitalization / Revenue 5.87x 5.62x 6.62x 6.88x 6.36x 6.71x 6.39x 6.19x
EV / Revenue 9.82x 9.39x 11.2x 11.5x 10.6x 10.6x 9.98x 9.51x
EV / EBITDA 15.4x 14.4x 17.3x 15.1x 13.9x 15.2x 14.4x 13.1x
EV / EBIT 27.7x 23.9x 27.9x 27.5x 26.1x 25.7x 23x 21.7x
EV / FCF 18.9x 22.8x -247x -101x 109x 329x 76.9x 48.3x
FCF Yield 5.28% 4.39% -0.4% -0.99% 0.92% 0.3% 1.3% 2.07%
Dividend per Share 2 0.17 0.175 0.18 0.2 0.205 0.2118 0.2136 0.2075
Rate of return 2.58% 2.65% 2.09% 2.1% 2.26% 2.17% 2.18% 2.12%
EPS 2 0.32 0.35 0.4 0.44 0.45 0.4687 0.4936 0.5124
Distribution rate 53.1% 50% 45% 45.5% 45.6% 45.2% 43.3% 40.5%
Net sales 1 20,202 21,142 23,461 24,882 26,595 27,455 28,826 29,751
EBITDA 1 12,911 13,833 15,270 18,955 20,405 19,047 19,953 21,580
EBIT 1 7,177 8,317 9,426 10,387 10,826 11,293 12,492 13,021
Net income 1 5,838 6,801 7,638 8,297 8,504 8,743 9,175 9,544
Net Debt 1 79,844 79,707 108,081 114,923 113,756 106,089 103,306 98,584
Reference price 2 6.590 6.600 8.630 9.510 9.080 9.780 9.780 9.780
Nbr of stocks (in thousands) 18,000,000 18,000,000 18,000,000 18,000,000 18,631,094 18,631,094 - -
Announcement Date 3/2/22 4/21/23 4/26/24 4/24/25 4/28/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.87x10.5x15.14x2.17% 27.15B
29.89x6.95x18.79x-.--% 39.45B
14.08x2.76x10.28x2.96% 32.69B
12.43x6.7x13.94x3.54% 29B
21.87x7.59x12.55x1.74% 26.92B
72.48x18.26x21.7x-.--% 21.63B
16.02x5.05x10.02x3.51% 18.07B
26.94x7.68x9.8x1.4% 15.33B
Average 26.82x 8.19x 14.03x 1.91% 26.28B
Weighted average by Cap. 25.81x 7.86x 14.42x 1.85%

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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