Sichuan Energy Investment Development Co., Ltd. (1713.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
AQN-PA.TO	47	Algonquin Power &	1,732	-	-	14.46	14.86	22.79	25.84
005090.KS	48	SGC Energy Co.,Ltd	1,683	-	-	11.11	8.12	20.93	11.20
NPI.TO	49	Northland Power In	1,621	-	-	8.71	8.72	24.94	22.04
AY	50	Atlantica Sustaina	1,552	85.09	85.09	8.66	8.41	14.72	29.32
SUZLON.BO	51	Suzlon Energy Limi	1,520	23.80	23.80	30.80	30.80	28.84	15.18
600116.SS	52	Chongqing Three Go	1,395	44.62	48.17	18.49	16.50	15.70	63.69
CWEN	53	Clearway Energy, I	1,375	3.58	2.48	9.45	9.14	22.22	69.50
1713.HK	54	Sichuan Energy Inv	1,365	3.50	3.50	2.25	2.25	4.27	3.35
ADANIGREEN.BO	55	Adani Green Energy	1,358	83.82	37.64	26.01	19.08	35.86	26.51
AXIA	56	AXIA Energia	1,354	-	-	217.57	217.57	-	145.47
600131.SS	57	State Grid Informa	1,314	28.70	26.09	23.27	21.98	68.69	22.89
688660.SS	58	Shanghai Electric	1,259	-	-	-	-	-	-
NEOEN.PA	59	Neoen S.A.	1,242	63.38	63.38	15.66	15.66	43.44	32.37
NHPC.BO	60	NHPC Limited	1,241	27.34	26.33	18.97	18.40	20.28	26.42
1250.HK	61	Shandong Hi-Speed	1,188	5.75	3.47	4.01	1.74	6.74	4.17
EE	62	Excelerate Energy,	1,185	37.15	37.15	-220.04	-220.04	-240.20	-326.66

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	28.70	26.33	14.46	14.86	21.57	25.84
Full Range Median Multiple	32.92	31.74	15.66	15.66	22.51	26.42
Industry Multiple	40.32	35.36	31.32	30.08	27.10	38.05
Market Implied Multiple	3.48	3.48	2.24	2.24	4.25	3.33
Company (1713.HK) Multiple	3.50	3.50	2.25	2.25	4.27	3.35
(*) Net Income / EBITDA / Revenue	107	107	189	189	100	127
Winsorized Enterprise Value	N/A	N/A	2,730	2,805	2,147	3,280
Full Range Median Enterprise Value	N/A	N/A	2,956	2,956	2,240	3,354
(-) Net Debt	49	49	49	49	49	49
Winsorized Equity Value	3,079	2,825	2,680	2,756	2,098	3,231
Full Range Median Equity Value	3,533	3,406	2,907	2,907	2,191	3,305
(/) Shares Outstanding	152	152	152	152	152	152
Winsorized Fair Value	$20.19	$18.53	$17.58	$18.07	$13.76	$21.19
Full Range Median Fair Value	$23.17	$22.34	$19.06	$19.06	$14.37	$21.67
Current Price	$2.45	$2.45	$2.45	$2.45	$2.45	$2.45
Upside / Downside	724.15%	656.28%	617.48%	637.67%	461.56%	764.74%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$14.13	$12.97	$12.30	$12.65	$9.63	$14.83
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY