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 1 118,620 118,800 155,340 171,180 169,170 181,839 - -
Change - 0.15% 30.76% 10.2% -1.17% 7.49% - -
Enterprise Value (EV) 1 198,464 198,507 263,421 286,103 282,926 267,401 285,146 280,424
Change - 0.02% 32.7% 8.61% -1.11% -5.49% 6.64% -1.66%
P/E 20.6x 18.9x 21.6x 21.6x 20.2x 20.6x 19.7x 19x
PBR 2.31x 2.17x 2.86x 2.33x 2.44x 2.09x 2.05x 1.96x
PEG - 2.02x 1.5x 2.16x 8.89x 3.97x 4.26x 5.49x
Capitalization / Revenue 5.87x 5.62x 6.62x 6.88x 6.36x 6.69x 6.3x 6.11x
EV / Revenue 9.82x 9.39x 11.2x 11.5x 10.6x 9.84x 9.87x 9.42x
EV / EBITDA 15.4x 14.4x 17.3x 15.1x 13.9x 14x 14.3x 13x
EV / EBIT 27.7x 23.9x 27.9x 27.5x 26.1x 23.7x 22.8x 21.5x
EV / FCF 18.9x 22.8x -247x -101x 109x 303x 76.2x 47.9x
FCF Yield 5.28% 4.39% -0.4% -0.99% 0.92% 0.33% 1.31% 2.09%
Dividend per Share 2 0.17 0.175 0.18 0.2 0.205 0.22 0.2136 0.2075
Rate of return 2.58% 2.65% 2.09% 2.1% 2.26% 2.25% 2.19% 2.13%
EPS 2 0.32 0.35 0.4 0.44 0.45 0.4733 0.4952 0.5124
Distribution rate 53.1% 50% 45% 45.5% 45.6% 46.5% 43.1% 40.5%
Net sales 1 20,202 21,142 23,461 24,882 26,595 27,188 28,879 29,764
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 8,862 9,221 9,555
Net Debt 1 79,844 79,707 108,081 114,923 113,756 85,562 103,306 98,584
Reference price 2 6.590 6.600 8.630 9.510 9.080 9.760 9.760 9.760
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.62x9.84x14.04x2.25% 27.09B
74.85x18.63x22.14x-.--% 22.7B
27.37x7.85x10.05x1.36% 16.18B
12.91x5.59x9.37x2.95% 8.33B
27.47x - - 1.4% 4.04B
Average 32.64x 10.48x 13.90x 1.59% 15.67B
Weighted average by Cap. 37.26x 11.62x 15.12x 1.44%

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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