GD Power Development Co.,Ltd (600795.SS)

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
RNW	1	ReNew Energy Globa	164,218	25.93	25.93	9.90	8.45	12.08	13.74
9501.T	2	Tokyo Electric Pow	43,316	-	-	11.03	9.14	25.73	27.73
RAIZ4.SA	3	Raízen S.A.	43,238	-	-	15.21	13.91	15.90	42.40
GEV	4	GE Vernova Inc.	37,670	98.15	98.15	59.09	59.09	108.82	115.44
9503.T	5	The Kansai Electri	27,036	5.56	4.37	5.95	5.34	9.15	10.39
CEG	6	Constellation Ener	25,455	37.60	30.54	18.56	17.51	18.18	21.64
600795.SS	7	GD Power Developme	24,203	11.98	9.67	10.23	10.23	12.62	17.68
CEZ.PR	8	CEZ, a. s.	16,216	24.03	20.88	6.12	5.12	14.43	9.35
9506.T	9	Tohoku Electric Po	16,074	3.27	2.79	6.57	6.01	9.92	10.61
ORSTED.CO	10	Ørsted A/S	10,106	9.65	9.38	6.43	6.27	8.53	12.33
9504.T	11	The Chugoku Electr	9,723	2.72	2.20	10.21	8.99	14.19	16.24
600886.SS	12	SDIC Power Holding	7,664	15.88	15.40	9.47	9.17	9.91	14.08
000539.SZ	13	Guangdong Electric	7,431	297.79	524.69	18.72	19.30	23.39	122.46
E0E.F	14	Ariston Holding N.	6,555	10.59	10.59	4.45	4.45	6.28	7.31
ENGI11.SA	15	Energisa S.A.	6,481	35.22	30.73	13.54	11.10	20.63	19.25
BEP-PM.TO	16	Brookfield Renewab	6,300	-	-	10.85	9.16	55.89	45.67

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.24	12.99	9.90	8.99	14.19	14.08
Full Range Median Multiple	19.96	18.14	10.21	9.14	14.43	16.24
Industry Multiple	47.20	64.64	13.74	12.87	23.53	32.58
Market Implied Multiple	11.49	9.28	10.13	10.13	12.49	17.51
Company (600795.SS) Multiple	11.98	9.67	10.23	10.23	12.62	17.68
(*) Net Income / EBITDA / Revenue	1,053	1,303	5,154	5,153	4,179	2,982
Winsorized Enterprise Value	N/A	N/A	51,011	46,321	59,318	41,980
Full Range Median Enterprise Value	N/A	N/A	52,604	47,080	60,314	48,413
(-) Net Debt	40,116	40,116	40,116	40,116	40,116	40,116
Winsorized Equity Value	13,935	16,936	10,894	6,205	19,201	1,863
Full Range Median Equity Value	21,010	23,641	12,487	6,964	20,197	8,297
(/) Shares Outstanding	2,531	2,531	2,531	2,531	2,531	2,531
Winsorized Fair Value	$5.50	$6.69	$4.30	$2.45	$7.59	$0.74
Full Range Median Fair Value	$8.30	$9.34	$4.93	$2.75	$7.98	$3.28
Current Price	$4.78	$4.78	$4.78	$4.78	$4.78	$4.78
Upside / Downside	15.16%	39.97%	-9.97%	-48.72%	58.69%	-84.60%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.85	$4.68	$3.01	$1.72	$5.31	$0.52
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy