Financials Huadian Power International Corporation Limited

Equities

1071

CNE1000003D8

Independent Power Producers

Market Closed - Hong Kong S.E. 09:08:42 28/06/2024 BST 5-day change 1st Jan Change
4.73 HKD +4.42% Intraday chart for Huadian Power International Corporation Limited +0.85% +36.31%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 34,429 30,501 48,381 52,761 49,217 66,621 - -
Enterprise Value (EV) 1 140,304 130,936 158,665 171,561 161,309 167,883 161,767 155,739
P/E ratio 9.18 x 4.99 x -6.25 x -30.3 x 8.93 x 7.32 x 6.68 x 6.23 x
Yield 5.52% 15.2% 9.02% 7.01% 4.76% 5.21% 6.22% 6.57%
Capitalization / Revenue 0.37 x 0.34 x 0.46 x 0.49 x 0.42 x 0.57 x 0.56 x 0.55 x
EV / Revenue 1.5 x 1.46 x 1.52 x 1.6 x 1.38 x 1.43 x 1.35 x 1.28 x
EV / EBITDA 8.16 x 7.25 x 64.8 x 20.7 x 10.1 x 9.37 x 8.93 x 7.79 x
EV / FCF 21.8 x 19.9 x -6.47 x -248 x -180 x 25.7 x 54.6 x 20.7 x
FCF Yield 4.59% 5.04% -15.4% -0.4% -0.55% 3.9% 1.83% 4.84%
Price to Book 0.42 x 0.22 x 0.43 x 0.4 x 0.45 x 0.5 x 0.62 x 0.54 x
Nbr of stocks (in thousands) 9,862,977 9,862,977 9,869,858 9,869,858 10,227,561 10,227,561 - -
Reference price 2 2.645 1.641 2.770 2.853 3.154 4.402 4.402 4.402
Announcement Date 25/03/20 05/03/21 25/03/22 29/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 93,654 89,382 104,422 107,059 117,176 117,500 119,954 121,446
EBITDA 1 17,191 18,049 2,448 8,280 15,977 17,913 18,112 19,989
EBIT 1 5,493 6,765 -8,549 -1,336 5,703 7,389 8,456 8,518
Operating Margin 5.87% 7.57% -8.19% -1.25% 4.87% 6.29% 7.05% 7.01%
Earnings before Tax (EBT) 1 5,537 7,044 -8,426 -1,150 5,810 8,919 9,746 10,053
Net income 1 3,407 4,179 -4,965 99.81 4,522 5,991 7,122 6,943
Net margin 3.64% 4.68% -4.76% 0.09% 3.86% 5.1% 5.94% 5.72%
EPS 2 0.2880 0.3290 -0.4430 -0.0940 0.3530 0.6012 0.6586 0.7064
Free Cash Flow 1 6,439 6,594 -24,511 -692.1 -894.6 6,540 2,964 7,537
FCF margin 6.88% 7.38% -23.47% -0.65% -0.76% 5.57% 2.47% 6.21%
FCF Conversion (EBITDA) 37.46% 36.54% - - - 36.51% 16.37% 37.71%
FCF Conversion (Net income) 189% 157.78% - - - 109.16% 41.62% 108.55%
Dividend per Share 2 0.1460 0.2500 0.2500 0.2000 0.1500 0.2292 0.2736 0.2892
Announcement Date 25/03/20 05/03/21 25/03/22 29/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2022 Q1 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 48,490 28,816 - 27,471 31,275 26,451 30,952 28,190 32,094 27,143 33,362 28,660
EBITDA 10,191 - - - - - - - - - - -
EBIT 3,918 - - - - - - - - - - -
Operating Margin 8.08% - - - - - - - - - - -
Earnings before Tax (EBT) 2,749 - - - - - - - - - - -
Net income 1,747 616.7 1,134 - 1,917 - - - - - - -
Net margin 3.6% 2.14% - - 6.13% - - - - - - -
EPS - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - -
Announcement Date 25/03/20 29/04/22 28/04/23 30/08/23 30/10/23 27/03/24 26/04/24 - - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 106,330 100,435 110,284 118,800 112,092 101,262 95,146 89,118
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.306 x 5.565 x 45.06 x 14.35 x 7.016 x 5.653 x 5.253 x 4.458 x
Free Cash Flow 1 6,439 6,594 -24,511 -692 -895 6,540 2,964 7,537
ROE (net income / shareholders' equity) 5.85% 7.03% -7.29% -2.12% 9.34% 10.3% 10.8% 10.4%
ROA (Net income/ Total Assets) 1.47% 1.8% -2.15% - 2.03% 2.7% 2.93% 3.44%
Assets 1 229,825 232,191 230,807 - 222,754 221,904 243,500 202,041
Book Value Per Share 2 6.350 7.420 6.450 7.140 7.080 8.730 7.150 8.140
Cash Flow per Share 2 1.580 2.060 -1.090 - 0.9200 2.130 1.710 2.440
Capex 1 14,938 18,654 12,875 10,347 10,488 14,100 9,268 10,145
Capex / Sales 16.28% 20.87% 12.33% 9.66% 8.95% 12% 7.73% 8.35%
Announcement Date 25/03/20 05/03/21 25/03/22 29/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
4.402 CNY
Average target price
4.461 CNY
Spread / Average Target
+1.33%
Consensus

Quarterly revenue - Rate of surprise

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