Company Valuation: China Gas Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 166,014 54,622 60,170 38,375 38,627 40,153 - -
Change - -67.1% 10.16% -36.22% 0.66% 3.95% - -
Enterprise Value (EV) 1 208,425 102,206 111,118 89,519 90,198 91,284 90,463 90,818
Change - -50.96% 8.72% -19.44% 0.76% 1.2% -0.9% 0.39%
P/E ratio 15.8x 7.22x 13.8x 12x 11.8x 12.9x 12.3x 11.3x
PBR 3.2x 0.87x 1.04x 0.71x 0.71x 0.73x 0.72x 0.71x
PEG - -0.2x -0.3x -0.5x 6.96x -2.54x 2.21x 1.41x
Capitalization / Revenue 2.37x 0.62x 0.65x 0.47x 0.49x 0.52x 0.51x 0.5x
EV / Revenue 2.98x 1.16x 1.21x 1.1x 1.14x 1.17x 1.15x 1.14x
EV / EBITDA 13.8x 7.63x 10.6x 10x 9.44x 9.85x 9.54x 9.3x
EV / EBIT 16.1x 9.46x 14.5x 14.8x 13.8x 14.6x 14.2x 13.5x
EV / FCF 1,366x 95.9x 26.8x 20.9x 19.4x 27.1x 16.5x 16.6x
FCF Yield 0.07% 1.04% 3.73% 4.79% 5.17% 3.69% 6.05% 6.03%
Dividend per Share 2 0.55 0.55 0.55 0.5 0.5 0.5 0.5054 0.511
Rate of return 1.73% 5.48% 4.97% 7.08% 7.05% 6.78% 6.86% 6.93%
EPS 2 2.01 1.39 0.8 0.59 0.6 0.5696 0.6013 0.6496
Distribution rate 27.4% 39.6% 68.8% 84.7% 83.3% 87.8% 84% 78.7%
Net sales 1 69,975 88,225 91,988 81,410 79,258 77,829 78,559 79,700
EBITDA 1 15,052 13,401 10,462 8,949 9,559 9,270 9,481 9,766
EBIT 1 12,913 10,809 7,650 6,039 6,544 6,243 6,392 6,724
Net income 1 10,479 7,662 4,293 3,185 3,252 3,094 3,259 3,535
Net Debt 1 42,411 47,584 50,948 51,144 51,571 51,131 50,311 50,665
Reference price 2 31.850 10.040 11.060 7.060 7.090 7.370 7.370 7.370
Nbr of stocks (in thousands) 5,212,369 5,440,436 5,440,336 5,435,573 5,448,153 5,448,153 - -
Announcement Date 6/28/21 6/24/22 6/26/23 6/24/24 6/27/25 - - -
1HKD in Million2HKD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.94x1.17x9.85x6.78% 5.13B
13.23x1.96x7.05x6.68% 29.52B
20.97x7.69x15.07x2.28% 29.46B
11.84x1.26x7.9x1.51% 14.11B
14.01x1.45x9.5x2.09% 13.83B
14.22x0.89x10.35x3.45% 11.11B
56.99x8.25x12.41x5.49% 9.99B
19.06x5.29x9.73x4.06% 9.1B
10.87x3.94x6.64x2.67% 7.72B
Average 19.35x 3.54x 9.83x 3.89% 14.44B
Weighted average by Cap. 18.62x 3.84x 10.19x 3.85%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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