Financials Concord New Energy Group 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
0.6 ^HKD	-1.64%		-1.64%	-6.25%

Apr. 26	Concord New Energy Group Limited Announces Appointment of Chan Kam Kwan, Jason as Executive Director	CI
Apr. 08	Concord New Energy Reports 21% Higher Power Output for March	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,157	3,868	7,320	5,859	5,139	4,807	-	-
Enterprise Value (EV) ¹	12,229	12,630	17,292	5,859	5,139	20,087	19,914	22,777
P/E ratio	5.07 x	5.02 x	7.14 x	6.19 x	5.17 x	4.25 x	3.73 x	3.47 x
Yield	6.58%	6.38%	3.66%	5.07%	-	6.58%	8.08%	9%
Capitalization / Revenue	1.57 x	1.62 x	2.71 x	1.94 x	1.58 x	1.55 x	1.38 x	1.27 x
EV / Revenue	6.1 x	5.3 x	6.4 x	1.94 x	1.58 x	6.48 x	5.7 x	6.02 x
EV / EBITDA	8.43 x	7.34 x	9.7 x	2.98 x	2.74 x	9.86 x	8.91 x	9.41 x
EV / FCF	-31.4 x	-27.7 x	-8.33 x	-	-	24.6 x	20.1 x	-11.5 x
FCF Yield	-3.18%	-3.61%	-12%	-	-	4.07%	4.99%	-8.69%
Price to Book	0.49 x	0.51 x	0.75 x	0.69 x	0.6 x	0.52 x	0.47 x	0.43 x
Nbr of stocks (in thousands)	8,307,775	8,230,235	8,926,937	8,491,039	8,030,289	8,010,869	-	-
Reference price ²	0.3800	0.4700	0.8200	0.6900	0.6400	0.6000	0.6000	0.6000
Announcement Date	3/30/20	3/9/21	3/2/22	2/28/23	3/6/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,005	2,382	2,704	3,028	3,248	3,101	3,493	3,782
EBITDA ¹	1,451	1,720	1,784	1,968	1,879	2,037	2,234	2,421
EBIT ¹	900.5	1,079	1,189	1,299	-	1,266	1,432	1,612
Operating Margin	44.91%	45.28%	43.97%	42.91%	-	40.82%	41%	42.61%
Earnings before Tax (EBT) ¹	712.4	907.9	1,152	1,304	1,140	1,402	1,546	1,658
Net income ¹	660.1	801.7	964.1	985.1	1,048	1,153	1,272	1,367
Net margin	32.91%	33.66%	35.66%	32.54%	32.26%	37.17%	36.4%	36.14%
EPS ²	0.0749	0.0936	0.1149	0.1114	0.1238	0.1411	0.1609	0.1731
Free Cash Flow ¹	-388.9	-456.1	-2,075	-	-	817.7	992.8	-1,980
FCF margin	-19.39%	-19.15%	-76.74%	-	-	26.37%	28.42%	-52.36%
FCF Conversion (EBITDA)	-	-	-	-	-	40.15%	44.44%	-
FCF Conversion (Net income)	-	-	-	-	-	70.95%	78.07%	-
Dividend per Share ²	0.0250	0.0300	0.0300	0.0350	-	0.0395	0.0485	0.0540
Announcement Date	3/30/20	3/9/21	3/2/22	2/28/23	3/6/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,072	8,762	9,972	-	-	15,280	15,107	17,971
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.252 x	5.094 x	5.591 x	-	-	7.503 x	6.762 x	7.423 x
Free Cash Flow ¹	-389	-456	-2,075	-	-	818	993	-1,980
ROE (net income / shareholders' equity)	10.5%	10.9%	11.3%	11.4%	12%	12.3%	12.5%	12.6%
ROA (Net income/ Total Assets)	-	3.42%	3.57%	3.4%	3.3%	4%	4%	4%
Assets ¹	-	23,465	26,975	28,936	31,757	28,816	31,793	34,171
Book Value Per Share ²	0.7800	0.9300	1.100	1.010	1.060	1.150	1.280	1.390
Cash Flow per Share	0.1100	0.1200	-	-	-	-	-	-
Capex ¹	1,414	1,556	3,668	4,830	-	2,066	2,012	2,447
Capex / Sales	70.52%	65.33%	135.67%	159.55%	-	66.63%	57.59%	64.69%
Announcement Date	3/30/20	3/9/21	3/2/22	2/28/23	3/6/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.6 HKD

Average target price

0.955 HKD

Spread / Average Target

+59.17%

	1st Jan change	Capi.
CONCORD NEW ENERGY GROUP LIMITED	-6.25%	614M
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EDP RENOVÁVEIS, S.A.	-30.63%	14.05B
ENGIE BRASIL ENERGIA S.A.	-12.22%	6.33B
NORTHLAND POWER INC.	-14.83%	3.83B
ERG S.P.A.	-13.37%	3.89B
ENCAVIS AG	+8.47%	2.91B
RENANTIS S.P.A	-.--%	2.89B
CLEARWAY ENERGY, INC.	-15.72%	2.65B