Company Valuation: China Three Gorges Renewables (Group) Co.,Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,14,568 1,61,700 1,25,082 1,25,068 1,16,923 1,00,629 - -
Change - -24.64% -22.65% -0.01% -6.51% -13.94% - -
Enterprise Value (EV) 1 2,14,568 2,75,859 1,25,082 3,02,573 3,12,253 2,87,791 2,88,828 2,85,484
Change - 28.56% -54.66% 141.9% 3.2% -7.83% 0.36% -1.16%
P/E 33.1x 22.6x 17.4x 20.5x 31.5x 49.9x 22.4x 20.8x
PBR 3.12x 2.1x 1.52x 1.44x 1.32x 1.1x 1.04x 1.02x
PEG - 2.2x 54.4x -1.4x -0.8x -1.1x 0x 2.77x
Capitalization / Revenue 13.8x 6.79x 4.72x 4.21x 4.12x 4x 3.17x 3.05x
EV / Revenue 13.8x 11.6x 4.72x 10.2x 11x 11.4x 9.09x 8.66x
EV / EBITDA 14.6x 16.1x 5.54x 15x 16.7x 13.2x 10.6x 9.38x
EV / EBIT 31.7x 29.9x 13.9x 35.5x 61.5x 47.9x 39.7x 41.7x
EV / FCF -10.2x -25.4x -4.78x -25.3x -28.1x 162x 132x 177x
FCF Yield -9.83% -3.93% -20.9% -3.96% -3.56% 0.62% 0.76% 0.57%
Dividend per Share 2 0.0212 0.076 0.078 0.067 0.041 0.0221 0.0402 0.0545
Rate of return 0.28% 1.35% 1.78% 1.53% 1% 0.63% 1.14% 1.55%
EPS 2 0.2271 0.2501 0.2509 0.2135 0.1298 0.0706 0.1571 0.1689
Distribution rate 9.34% 30.4% 31.1% 31.4% 31.6% 31.3% 25.6% 32.3%
Net sales 1 15,500 23,812 26,485 29,717 28,399 25,175 31,790 32,974
EBITDA 1 14,689 17,094 22,575 20,148 18,720 21,792 27,249 30,426
EBIT 1 6,769 9,217 8,991 8,525 5,078 6,006 7,283 6,840
Net income 1 5,634 7,155 7,181 6,111 3,714 2,020 4,744 5,103
Net Debt 1 - 1,14,159 - 1,77,505 1,95,329 1,87,162 1,88,199 1,84,855
Reference price 2 7.510 5.650 4.370 4.370 4.090 3.520 3.520 3.520
Nbr of stocks (in thousands) 2,85,71,000 2,86,19,530 2,86,22,959 2,86,19,739 2,85,87,650 2,85,87,650 - -
Announcement Date 10/03/22 07/02/23 19/01/24 29/04/25 31/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
49.86x11.43x13.21x0.63% 1.5TCr
32.33x5.43x39.68x0.2% 26TCr
19.08x8.65x14.98x3.22% 16TCr
20.13x4.19x11.54x3.5% 15TCr
19.27x10.9x14.22x3.62% 10TCr
12.09x1.81x6.41x5.87% 9.83TCr
18.73x5.63x12.36x3.63% 9.63TCr
20.56x3.13x12.75x0.66% 9.12TCr
16.92x5.4x10.84x3.82% 8.9TCr
18.58x5.02x12.14x3.22% 6.51TCr
Average 22.75x 6.16x 14.81x 2.84% 11.35TCr
Weighted average by Cap. 22.01x 5.79x 18.52x 2.67%

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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