Financials Huadian Power International Corporation Limited

Equities

1071

CNE1000003D8

Independent Power Producers

Delayed Hong Kong S.E. 04:08:06 2024-04-30 am EDT 5-day change 1st Jan Change
4.28 HKD +3.63% Intraday chart for Huadian Power International Corporation Limited +0.23% +23.34%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 34,429 30,501 48,381 52,761 49,217 64,332 - -
Enterprise Value (EV) 1 140,304 130,936 158,665 171,561 161,309 165,594 159,477 153,450
P/E ratio 9.18 x 4.99 x -6.25 x -30.3 x 8.93 x 6.54 x 6.05 x 6.44 x
Yield 5.52% 15.2% 9.02% 7.01% 4.76% 6.87% 7.41% 6.96%
Capitalization / Revenue 0.37 x 0.34 x 0.46 x 0.49 x 0.42 x 0.56 x 0.53 x 0.54 x
EV / Revenue 1.5 x 1.46 x 1.52 x 1.6 x 1.38 x 1.43 x 1.33 x 1.28 x
EV / EBITDA 8.16 x 7.25 x 64.8 x 20.7 x 10.1 x 9.4 x 8.72 x 8.09 x
EV / FCF 21.8 x 19.9 x -6.47 x -248 x 55.7 x 18.9 x 40.5 x 17.7 x
FCF Yield 4.59% 5.04% -15.4% -0.4% 1.8% 5.3% 2.47% 5.66%
Price to Book 0.42 x 0.22 x 0.43 x 0.4 x 0.45 x 0.59 x 0.57 x 0.53 x
Nbr of stocks (in thousands) 9,862,977 9,862,977 9,869,858 9,869,858 10,227,561 10,227,561 - -
Reference price 2 2.645 1.641 2.770 2.853 3.154 3.961 3.961 3.961
Announcement Date 3/25/20 3/5/21 3/25/22 3/29/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 93,654 89,382 104,422 107,059 117,176 115,518 120,311 119,630
EBITDA 1 17,191 18,049 2,448 8,280 15,977 17,615 18,293 18,973
EBIT 1 5,493 6,765 -8,549 -1,336 5,703 8,101 10,422 7,278
Operating Margin 5.87% 7.57% -8.19% -1.25% 4.87% 7.01% 8.66% 6.08%
Earnings before Tax (EBT) 1 5,537 7,044 -8,426 -1,150 5,810 8,838 11,081 8,907
Net income 1 3,407 4,179 -4,965 99.81 4,522 6,495 7,336 6,227
Net margin 3.64% 4.68% -4.76% 0.09% 3.86% 5.62% 6.1% 5.2%
EPS 2 0.2880 0.3290 -0.4430 -0.0940 0.3530 0.6055 0.6543 0.6152
Free Cash Flow 1 6,439 6,594 -24,511 -692.1 2,897 8,776 3,941 8,689
FCF margin 6.88% 7.38% -23.47% -0.65% 2.47% 7.6% 3.28% 7.26%
FCF Conversion (EBITDA) 37.46% 36.54% - - 18.13% 49.82% 21.54% 45.8%
FCF Conversion (Net income) 189% 157.78% - - 64.07% 135.11% 53.72% 139.54%
Dividend per Share 2 0.1460 0.2500 0.2500 0.2000 0.1500 0.2720 0.2936 0.2756
Announcement Date 3/25/20 3/5/21 3/25/22 3/29/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2022 Q1 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 48,490 28,816 - 27,471 31,275 26,451 30,952 28,190 32,094 27,143 33,362 28,660
EBITDA 10,191 - - - - - - - - - - -
EBIT 3,918 - - - - - - - - - - -
Operating Margin 8.08% - - - - - - - - - - -
Earnings before Tax (EBT) 2,749 - - - - - - - - - - -
Net income 1,747 616.7 1,134 - 1,917 - - - - - - -
Net margin 3.6% 2.14% - - 6.13% - - - - - - -
EPS - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - -
Announcement Date 3/25/20 4/29/22 4/28/23 8/30/23 10/30/23 3/27/24 4/26/24 - - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 106,330 100,435 110,284 118,800 112,092 101,262 95,146 89,118
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.306 x 5.565 x 45.06 x 14.35 x 7.016 x 5.749 x 5.201 x 4.739 x
Free Cash Flow 1 6,439 6,594 -24,511 -692 2,897 8,776 3,941 8,689
ROE (net income / shareholders' equity) 5.85% 7.03% -7.29% -2.12% 9.34% 10.4% 10.9% 10.5%
ROA (Net income/ Total Assets) 1.47% 1.8% -2.15% - 2.03% 2.51% 2.76% 2.8%
Assets 1 229,825 232,191 230,807 - 223,150 258,556 266,167 222,647
Book Value Per Share 2 6.350 7.420 6.450 7.140 7.080 6.680 6.960 7.500
Cash Flow per Share 2 1.580 2.060 -1.090 - - 1.820 2.030 1.880
Capex 1 14,938 18,654 12,875 10,347 10,354 10,250 9,099 8,595
Capex / Sales 16.28% 20.87% 12.33% 9.66% 8.84% 8.87% 7.56% 7.18%
Announcement Date 3/25/20 3/5/21 3/25/22 3/29/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
3.961 CNY
Average target price
4.282 CNY
Spread / Average Target
+8.12%
Consensus

Quarterly revenue - Rate of surprise

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