PERENNIAL ENERGY HOLDINGS LIMITED

Financials Perennial Energy Holdings Limited

Equities

2798

KYG7011M1069

Coal

Market Closed - Hong Kong S.E. Other stock markets 01:38:22 10/05/2024 pm IST			5-day change	1st Jan Change
1.26 ^HKD	+4.13%		+21.15%	+48.24%

30/04	Perennial Energy Holdings Limited Announces Resignation of Wang Xiufeng as Independent Non-Executive Director, with Effect from 1 May 2024	CI
22/03	Perennial Energy's Net Profit Declines in Fiscal 2023	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	955.4	3,031	13,453	2,125	1,003	1,236
Enterprise Value (EV) ¹	812.8	3,004	13,692	2,470	1,590	2,021
P/E ratio	3.62 x	13.9 x	38.9 x	7.04 x	1.35 x	2.45 x
Yield	-	1.18%	0.38%	2.3%	17.6%	5.87%
Capitalization / Revenue	1.33 x	3.73 x	9.59 x	1.38 x	0.56 x	0.72 x
EV / Revenue	1.13 x	3.7 x	9.76 x	1.6 x	0.89 x	1.18 x
EV / EBITDA	2.54 x	8.86 x	22.8 x	2.92 x	1.49 x	2.32 x
EV / FCF	3.16 x	-16.5 x	-67.5 x	-15.4 x	-6.83 x	-6.25 x
FCF Yield	31.6%	-6.05%	-1.48%	-6.48%	-14.6%	-16%
Price to Book	0.96 x	2.5 x	8.86 x	1.2 x	0.41 x	0.44 x
Nbr of stocks (in thousands)	16,00,000	16,00,000	16,00,000	16,00,000	16,00,000	16,00,000
Reference price ²	0.5971	1.895	8.408	1.328	0.6271	0.7726
Announcement Date	25/04/19	23/04/20	23/04/21	21/04/22	25/04/23	25/04/24

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	719.4	812.1	1,403	1,541	1,784	1,716
EBITDA ¹	319.8	339.2	601.8	845.2	1,067	869.9
EBIT ¹	261.9	282.6	487	728.5	932.2	709.4
Operating Margin	36.4%	34.79%	34.72%	47.26%	52.25%	41.35%
Earnings before Tax (EBT) ¹	256.8	309.8	484.4	411.4	855.5	605.2
Net income ¹	176.2	218	345.5	301.8	744	504.2
Net margin	24.5%	26.85%	24.63%	19.58%	41.7%	29.39%
EPS ²	0.1651	0.1363	0.2159	0.1886	0.4650	0.3151
Free Cash Flow ¹	257.2	-181.8	-202.8	-160	-232.7	-323.6
FCF margin	35.75%	-22.39%	-14.46%	-10.38%	-13.04%	-18.86%
FCF Conversion (EBITDA)	80.44%	-	-	-	-	-
FCF Conversion (Net income)	145.94%	-	-	-	-	-
Dividend per Share	-	0.0223	0.0316	0.0306	0.1106	0.0454
Announcement Date	25/04/19	23/04/20	23/04/21	21/04/22	25/04/23	25/04/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	239	345	586	785
Net Cash position ¹	143	26.9	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.3973 x	0.4082 x	0.5499 x	0.9026 x
Free Cash Flow ¹	257	-182	-203	-160	-233	-324
ROE (net income / shareholders' equity)	25.2%	19.8%	25.3%	18.4%	35.2%	19.2%
ROA (Net income/ Total Assets)	13.1%	11.5%	14%	15.4%	15.9%	10.5%
Assets ¹	1,342	1,899	2,470	1,959	4,672	4,781
Book Value Per Share ²	0.6200	0.7600	0.9500	1.100	1.540	1.740
Cash Flow per Share ²	0.2200	0.1500	0.0900	0.1100	0.1300	0.0600
Capex ¹	142	362	242	455	474	316
Capex / Sales	19.67%	44.52%	17.28%	29.54%	26.6%	18.41%
Announcement Date	25/04/19	23/04/20	23/04/21	21/04/22	25/04/23	25/04/24

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Other Coal

	1st Jan change	Capi.
PERENNIAL ENERGY HOLDINGS LIMITED	+48.24%	258M
CHINA SHENHUA ENERGY COMPANY LIMITED	+36.45%	109B
PT BAYAN RESOURCES TBK.	-5.03%	39.22B
SHAANXI COAL INDUSTRY COMPANY LIMITED	+19.48%	33.49B
COAL INDIA LIMITED	+19.52%	33.15B
YANKUANG ENERGY GROUP COMPANY LIMITED	+32.35%	22.59B
CHINA COAL ENERGY COMPANY LIMITED	+24.65%	20.32B
SHANXI LU'AN ENVIRONMENTAL ENERGY DEVELOPMENT CO., LTD.	+4.38%	9.47B
SHANXI COKING COAL ENERGY GROUP CO., LTD.	+11.44%	8.65B
HUAIBEI MINING HOLDINGS CO.,LTD.	+18.94%	7.37B

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Financials Perennial Energy Holdings Limited

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