China Longyuan Power Group Corporation Limited (0916.HK)

Industry: Renewable Utilities 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
9509.T	19	Hokkaido Electric	5,764	3.81	3.59	8.68	8.48	14.59	14.94
MEZ.AX	20	Meridian Energy Li	5,590	-	-	18.07	18.88	26.92	11.45
9505.T	21	Hokuriku Electric	5,503	2.25	1.78	6.54	5.84	7.62	9.02
ANE.MC	22	Corporación Accio	5,315	8.53	8.53	7.45	7.45	9.61	10.42
9507.T	23	Shikoku Electric P	5,254	3.53	2.15	6.27	5.18	5.94	7.11
0579.HK	24	Beijing Jingneng C	5,221	3.11	2.67	3.66	3.07	5.49	5.55
002608.SZ	25	Jiangsu Guoxin Cor	4,981	8.58	7.80	10.19	9.75	11.03	11.21
0916.HK	26	China Longyuan Pow	4,803	9.15	8.77	14.25	14.38	22.04	18.20
0QOH.L	27	naturenergie holdi	4,407	6.70	6.32	4.29	3.92	7.46	5.93
EDHN.SW	28	Energiedienst Hold	4,407	6.70	6.32	4.29	3.92	7.46	5.93
600905.SS	29	China Three Gorges	4,150	22.79	21.09	15.89	13.56	44.43	34.65
GULF-R.BK	30	Gulf Energy Develo	4,037	7.31	3.91	8.61	5.42	3.48	6.50
BEPC	31	Brookfield Renewab	3,777	-	-	9.44	9.44	27.84	29.29
600025.SS	32	Huaneng Lancang Ri	3,705	20.45	18.36	15.85	15.37	17.30	22.29
IFT.AX	33	Infratil Limited	3,473	18.76	16.52	11.48	10.20	-	105.90
1798.HK	34	China Datang Corpo	3,229	4.02	1.73	5.06	4.48	6.93	7.13

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.70	3.91	7.45	5.84	7.54	9.02
Full Range Median Multiple	6.70	6.32	8.61	7.45	8.62	10.42
Industry Multiple	8.96	7.75	9.05	8.33	14.01	19.15
Market Implied Multiple	9.89	9.47	14.58	14.72	22.55	18.62
Company (0916.HK) Multiple	9.15	8.77	14.25	14.38	22.04	18.20
(*) Net Income / EBITDA / Revenue	836	873	1,867	1,850	1,207	1,462
Winsorized Enterprise Value	N/A	N/A	13,912	10,801	9,104	13,181
Full Range Median Enterprise Value	N/A	N/A	16,079	13,788	10,401	15,228
(-) Net Debt	18,956	18,956	18,956	18,956	18,956	18,956
Winsorized Equity Value	5,606	3,411	-5,044	-8,155	-9,852	-5,775
Full Range Median Equity Value	5,606	5,513	-2,876	-5,168	-8,554	-3,728
(/) Shares Outstanding	1,186	1,186	1,186	1,186	1,186	1,186
Winsorized Fair Value	$4.72	$2.88	$-4.25	$-6.87	$-8.30	$-4.87
Full Range Median Fair Value	$4.72	$4.65	$-2.42	$-4.36	$-7.21	$-3.14
Current Price	$6.97	$6.97	$6.97	$6.97	$6.97	$6.97
Upside / Downside	-32.21%	-58.75%	-161.00%	-198.62%	-219.14%	-169.83%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.31	$2.01	$-2.98	$-4.81	$-5.81	$-3.41
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy