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 1 214,568 161,700 125,082 125,068 116,923 100,629 - -
Change - -24.64% -22.65% -0.01% -6.51% -13.94% - -
Enterprise Value (EV) 1 214,568 275,859 125,082 302,573 312,253 287,791 288,828 285,484
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 - 114,159 - 177,505 195,329 187,162 188,199 184,855
Reference price 2 7.510 5.650 4.370 4.370 4.090 3.520 3.520 3.520
Nbr of stocks (in thousands) 28,571,000 28,619,530 28,622,959 28,619,739 28,587,650 28,587,650 - -
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% 15.01B
32.37x5.43x39.73x0.2% 264B
18.94x8.61x14.91x3.25% 159B
20.3x4.22x11.61x3.47% 153B
19.27x10.9x14.22x3.62% 104B
12.02x1.8x6.39x5.9% 97.33B
18.75x5.64x12.37x3.63% 96.39B
21.17x3.24x13.16x0.64% 94.82B
16.87x5.39x10.83x3.83% 88.76B
18.61x5.03x12.15x3.21% 65.18B
Average 22.82x 6.17x 14.86x 2.84% 113.71B
Weighted average by Cap. 22.07x 5.79x 18.57x 2.66%

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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