Financials CLP Holdings Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
62.55 ^HKD	-0.16%		+4.77%	-2.95%

Mar. 28	CLP Holdings Limited Announces Management Changes	CI
Feb. 27	CLP Holdings Limited Announces Board Changes	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	206,916	181,147	198,958	143,881	162,830	158,029	-	-
Enterprise Value (EV) ¹	251,384	223,787	248,913	198,847	162,830	203,743	207,350	198,494
P/E ratio	44.5 x	15.8 x	23.4 x	154 x	24.5 x	13.2 x	12.5 x	12.5 x
Yield	3.76%	4.32%	3.94%	5.44%	-	5.11%	5.23%	5.3%
Capitalization / Revenue	2.41 x	2.28 x	2.37 x	1.43 x	1.87 x	1.78 x	1.76 x	1.75 x
EV / Revenue	2.93 x	2.81 x	2.96 x	1.98 x	1.87 x	2.3 x	2.3 x	2.19 x
EV / EBITDA	15.9 x	9.65 x	12.2 x	20.1 x	9.09 x	7.97 x	7.9 x	7.28 x
EV / FCF	23.1 x	19 x	44.1 x	-109 x	-	19.4 x	21 x	19.7 x
FCF Yield	4.33%	5.27%	2.27%	-0.91%	-	5.16%	4.77%	5.07%
Price to Book	1.89 x	1.56 x	1.7 x	1.32 x	-	1.44 x	1.38 x	1.4 x
Nbr of stocks (in thousands)	2,526,451	2,526,451	2,526,451	2,526,451	2,526,451	2,526,451	-	-
Reference price ²	81.90	71.70	78.75	56.95	64.45	62.55	62.55	62.55
Announcement Date	2/24/20	2/22/21	2/28/22	2/27/23	2/26/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	85,689	79,590	83,959	100,662	87,169	88,655	89,974	90,540
EBITDA ¹	15,767	23,192	20,409	9,876	17,910	25,578	26,251	27,253
EBIT ¹	7,649	14,716	11,101	972	9,316	16,108	16,988	17,772
Operating Margin	8.93%	18.49%	13.22%	0.97%	10.69%	18.17%	18.88%	19.63%
Earnings before Tax (EBT) ¹	8,541	15,501	11,439	1,590	10,643	16,071	17,605	18,343
Net income ¹	4,657	11,456	8,491	924	6,655	11,960	12,670	12,667
Net margin	5.43%	14.39%	10.11%	0.92%	7.63%	13.49%	14.08%	13.99%
EPS ²	1.840	4.530	3.360	0.3700	2.630	4.730	5.019	5.014
Free Cash Flow ¹	10,897	11,788	5,647	-1,819	-	10,505	9,896	10,066
FCF margin	12.72%	14.81%	6.73%	-1.81%	-	11.85%	11%	11.12%
FCF Conversion (EBITDA)	69.11%	50.83%	27.67%	-	-	41.07%	37.7%	36.93%
FCF Conversion (Net income)	233.99%	102.9%	66.51%	-	-	87.83%	78.1%	79.47%
Dividend per Share ²	3.080	3.100	3.100	3.100	-	3.194	3.273	3.312
Announcement Date	2/24/20	2/22/21	2/28/22	2/27/23	2/26/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	44,468	42,640	49,955	54,966	-	45,714	49,320	40,465
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.82 x	1.839 x	2.448 x	5.566 x	-	1.787 x	1.879 x	1.485 x
Free Cash Flow ¹	10,897	11,788	5,647	-1,819	-	10,505	9,896	10,066
ROE (net income / shareholders' equity)	9.92%	10.2%	7.29%	4.09%	-	11.2%	11.6%	11.7%
ROA (Net income/ Total Assets)	4.92%	5.03%	3.58%	1.94%	-	5.3%	4.5%	4.8%
Assets ¹	94,654	227,930	237,020	47,553	-	225,663	281,556	263,897
Book Value Per Share ²	43.30	45.90	46.30	43.30	-	43.40	45.40	44.60
Cash Flow per Share ²	8.450	8.860	7.160	5.040	-	8.800	8.950	8.570
Capex ¹	10,448	10,586	12,431	14,553	-	12,196	13,161	11,814
Capex / Sales	12.19%	13.3%	14.81%	14.46%	-	13.76%	14.63%	13.05%
Announcement Date	2/24/20	2/22/21	2/28/22	2/27/23	2/26/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

A-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

62.55 HKD

Average target price

70.62 HKD

Spread / Average Target

+12.91%

	1st Jan change	Capi.
CLP HOLDINGS LIMITED	-2.95%	20.19B
NEXTERA ENERGY	+8.64%	136B
SOUTHERN COMPANY	+4.41%	80.06B
IBERDROLA, S.A.	-2.19%	77.98B
DUKE ENERGY CORPORATION	+0.69%	75.38B
ENEL S.P.A.	-8.92%	66.47B
CONSTELLATION ENERGY CORPORATION	+61.15%	59.36B
AMERICAN ELECTRIC POWER COMPANY, INC.	+4.97%	44.9B
DOMINION ENERGY, INC.	+7.34%	42.26B
GE VERNOVA INC.	0.00%	41.94B