ENN Energy Holdings Limited (2688.HK)

Industry: Regulated Gas 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
2688.HK	1	ENN Energy Holding	31,973	5.34	4.44	3.52	2.94	5.00	4.10
1193.HK	2	China Resources Ga	26,395	5.59	5.10	2.72	2.27	4.00	4.23
036460.KS	3	Korea Gas Corporat	24,869	3.96	3.96	8.31	7.17	24.97	11.41
PCG-PI	4	Pacific Gas and El	24,762	12.24	12.24	9.40	9.40	19.06	17.32
NTGY.MC	5	Naturgy Energy Gro	23,669	12.89	11.78	8.44	8.30	10.10	10.23
0384.HK	6	China Gas Holdings	20,449	6.92	6.93	5.69	5.13	7.65	7.53
GAIL.BO	7	GAIL (India) Limit	15,951	10.62	10.11	9.87	8.67	14.96	6.90
0003.HK	8	The Hong Kong and	14,239	11.13	11.77	7.72	7.37	4.73	5.77
ALA-PK.TO	9	AltaGas Ltd.	9,426	10.86	10.86	9.72	2.56	15.87	13.30
UGI	10	UGI Corporation	7,288	10.55	10.05	4.32	4.21	-	6.80
NIMC	11	NiSource Inc.	6,111	248.75	260.83	38.57	39.49	51.74	27.25
IG.MI	12	Italgas S.p.A.	5,669	6.68	6.43	6.81	6.10	13.06	10.56
1083.HK	13	Towngas Smart Ener	5,361	5.08	4.86	6.11	5.52	4.06	2.99
ATO	14	Atmos Energy Corpo	4,703	22.64	19.72	15.20	13.38	41.28	20.45
002911.SZ	15	Foran Energy Group	4,654	19.33	16.88	14.37	12.86	21.34	16.29
601139.SS	16	Shenzhen Gas Corpo	4,277	14.44	14.24	10.04	9.61	15.45	14.31

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.62	10.11	8.31	7.17	14.01	10.23
Full Range Median Multiple	10.86	10.86	8.44	7.37	15.20	10.56
Industry Multiple	26.78	27.05	10.48	9.47	17.73	11.69
Market Implied Multiple	6.37	5.29	4.08	3.41	5.80	4.76
Company (2688.HK) Multiple	5.34	4.44	3.52	2.94	5.00	4.10
(*) Net Income / EBITDA / Revenue	1,689	2,033	3,097	3,703	2,178	2,656
Winsorized Enterprise Value	N/A	N/A	25,744	26,547	30,500	27,161
Full Range Median Enterprise Value	N/A	N/A	26,131	27,275	33,104	28,045
(-) Net Debt	1,873	1,873	1,873	1,873	1,873	1,873
Winsorized Equity Value	17,935	20,543	23,871	24,673	28,627	25,288
Full Range Median Equity Value	18,338	22,072	24,257	25,402	31,230	26,172
(/) Shares Outstanding	158	158	158	158	158	158
Winsorized Fair Value	$113.71	$130.25	$151.35	$156.44	$181.51	$160.34
Full Range Median Fair Value	$116.27	$139.95	$153.80	$161.06	$198.01	$165.94
Current Price	$68.20	$68.20	$68.20	$68.20	$68.20	$68.20
Upside / Downside	66.73%	90.98%	121.92%	129.38%	166.14%	135.10%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$79.60	$91.18	$105.95	$109.51	$127.05	$112.23
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY