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 1 214,568 161,700 125,082 125,068 116,923 105,774 - -
Change - -24.64% -22.65% -0.01% -6.51% -9.54% - -
Enterprise Value (EV) 1 214,568 275,859 125,082 302,573 312,253 292,936 293,973 290,629
Change - 28.56% -54.66% 141.9% 3.2% -6.19% 0.35% -1.14%
P/E 33.1x 22.6x 17.4x 20.5x 31.5x 52.4x 23.5x 21.9x
PBR 3.12x 2.1x 1.52x 1.44x 1.32x 1.16x 1.09x 1.08x
PEG - 2.2x 54.4x -1.4x -0.8x -1.1x 0x 2.92x
Capitalization / Revenue 13.8x 6.79x 4.72x 4.21x 4.12x 4.2x 3.33x 3.21x
EV / Revenue 13.8x 11.6x 4.72x 10.2x 11x 11.6x 9.25x 8.81x
EV / EBITDA 14.6x 16.1x 5.54x 15x 16.7x 13.4x 10.8x 9.55x
EV / EBIT 31.7x 29.9x 13.9x 35.5x 61.5x 48.8x 40.4x 42.5x
EV / FCF -10.2x -25.4x -4.78x -25.3x -28.1x 164x 135x 180x
FCF Yield -9.83% -3.93% -20.9% -3.96% -3.56% 0.61% 0.74% 0.56%
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% 0.6% 1.09% 1.47%
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 3.700 3.700 3.700
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.($)
52.41x11.64x13.44x0.6% 15.76B
11.04x8.48x11.1x2.7% 13.69B
29.27x - - - 2.33B
11.53x17.22x16.34x8.84% 985M
8.51x3.78x7.22x - 686M
Average 22.55x 10.28x 12.02x 4.05% 6.69B
Weighted average by Cap. 31.76x 10.25x 12.37x 1.81%

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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