China Resources Power Holdings Company Limited (0836.HK)

Industry: Independent Power Producers Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
UN0.DE	1	Uniper SE	83,338	-	-	4.80	4.18	-	-
600011.SS	2	Huaneng Power Inte	33,230	7.61	6.22	7.83	7.59	10.47	12.59
0836.HK	3	China Resources Po	26,657	3.70	3.55	3.92	3.75	6.05	6.68
VST	4	Vistra Corp.	21,754	57.79	54.99	16.22	15.16	20.03	9.81
601991.SS	5	Datang Internation	17,292	9.24	7.42	11.11	11.24	15.61	19.68
9508.T	6	Kyushu Electric Po	14,990	3.94	3.12	6.89	6.42	8.36	-
MYTIL.AT	7	Metlen Energy & Me	14,239	3.85	1.73	3.80	2.25	5.26	2.68
003816.SZ	8	CGN Power Co., Ltd	11,959	19.43	19.41	12.16	12.31	18.71	18.84
600900.SS	9	China Yangtze Powe	11,747	20.41	19.19	18.40	17.82	12.61	20.18
601985.SS	10	China National Nuc	11,627	20.96	19.93	13.41	12.62	20.35	21.60
600023.SS	11	Zhejiang Zheneng E	11,428	9.11	8.73	8.72	8.73	7.96	11.65
TATAPOWER.BO	12	The Tata Power Com	7,312	30.61	23.51	13.51	11.67	22.95	11.12
ADANIPOWER.BO	13	Adani Power Limite	6,101	19.12	19.12	10.74	8.62	15.94	11.04
TNSE.ME	14	PJSC Group of Comp	6,060	1.24	1.01	0.94	0.70	-	0.90
600578.SS	15	Beijing Jingneng P	5,192	7.95	6.76	10.10	9.26	11.58	13.45
TORNTPOWER.BO	16	Torrent Power Limi	3,181	20.54	15.44	12.57	10.65	16.03	17.35

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.18	8.07	10.10	8.73	12.61	11.65
Full Range Median Multiple	14.18	12.09	10.74	9.26	15.61	12.59
Industry Multiple	16.56	14.75	10.08	9.28	14.30	13.14
Market Implied Multiple	3.52	3.38	3.86	3.69	5.95	6.58
Company (0836.HK) Multiple	3.70	3.55	3.92	3.75	6.05	6.68
(*) Net Income / EBITDA / Revenue	3,409	3,548	9,632	10,066	6,245	5,650
Winsorized Enterprise Value	N/A	N/A	97,297	87,879	78,715	65,831
Full Range Median Enterprise Value	N/A	N/A	103,413	93,209	97,487	71,110
(-) Net Debt	25,163	25,163	25,163	25,163	25,163	25,163
Winsorized Equity Value	31,287	28,651	72,134	62,716	53,552	40,667
Full Range Median Equity Value	48,338	42,887	78,250	68,046	72,324	45,946
(/) Shares Outstanding	665	665	665	665	665	665
Winsorized Fair Value	$47.02	$43.06	$108.41	$94.25	$80.48	$61.12
Full Range Median Fair Value	$72.64	$64.45	$117.60	$102.26	$108.69	$69.05
Current Price	$18.01	$18.01	$18.01	$18.01	$18.01	$18.01
Upside / Downside	161.07%	139.08%	501.92%	423.33%	346.86%	239.35%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$32.91	$30.14	$75.88	$65.98	$56.34	$42.78
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY