Financials Concord New Energy Group Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:27 2024-07-12 am EDT			5-day change	1st Jan Change
0.62 ^HKD	0.00%		0.00%	-3.12%

Jul. 05	Concord New Energy Group's Total Power Output Rises 12% in June	MT
Jul. 04	Concord New Energy Group Limited Reports Group Operating Results for the Month and Year to Date Ended June 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,157	3,868	7,320	5,859	5,139	4,965	-	-
Enterprise Value (EV) ¹	12,229	12,630	17,292	5,859	5,139	20,245	20,072	22,936
P/E ratio	5.07 x	5.02 x	7.14 x	6.19 x	5.17 x	4.42 x	3.88 x	3.6 x
Yield	6.58%	6.38%	3.66%	5.07%	-	6.13%	7.5%	8.31%
Capitalization / Revenue	1.57 x	1.62 x	2.71 x	1.94 x	1.58 x	1.61 x	1.43 x	1.32 x
EV / Revenue	6.1 x	5.3 x	6.4 x	1.94 x	1.58 x	6.57 x	5.78 x	6.1 x
EV / EBITDA	8.43 x	7.34 x	9.7 x	2.98 x	2.74 x	10.3 x	9.31 x	9.79 x
EV / FCF	-31.4 x	-27.7 x	-8.33 x	-	-	24.8 x	20.2 x	-11.6 x
FCF Yield	-3.18%	-3.61%	-12%	-	-	4.04%	4.95%	-8.63%
Price to Book	0.49 x	0.51 x	0.75 x	0.69 x	0.6 x	0.55 x	0.49 x	0.46 x
Nbr of stocks (in thousands)	8,307,775	8,230,235	8,926,937	8,491,039	8,030,289	8,008,029	-	-
Reference price ²	0.3800	0.4700	0.8200	0.6900	0.6400	0.6200	0.6200	0.6200
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	3,082	3,472	3,759
EBITDA ¹	1,451	1,720	1,784	1,968	1,879	1,960	2,156	2,344
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%	-	41.07%	41.25%	42.87%
Earnings before Tax (EBT) ¹	712.4	907.9	1,152	1,304	1,140	1,393	1,536	1,648
Net income ¹	660.1	801.7	964.1	985.1	1,048	1,146	1,264	1,359
Net margin	32.91%	33.66%	35.66%	32.54%	32.26%	37.17%	36.41%	36.14%
EPS ²	0.0749	0.0936	0.1149	0.1114	0.1238	0.1402	0.1600	0.1721
Free Cash Flow ¹	-388.9	-456.1	-2,075	-	-	817.7	992.8	-1,980
FCF margin	-19.39%	-19.15%	-76.74%	-	-	26.53%	28.6%	-52.67%
FCF Conversion (EBITDA)	-	-	-	-	-	41.73%	46.04%	-
FCF Conversion (Net income)	-	-	-	-	-	71.39%	78.55%	-
Dividend per Share ²	0.0250	0.0300	0.0300	0.0350	-	0.0380	0.0465	0.0515
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	-	-	7.797 x	7.006 x	7.667 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%	13%	13.1%
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	28,638	31,599	33,969
Book Value Per Share ²	0.7800	0.9300	1.100	1.010	1.060	1.130	1.260	1.360
Cash Flow per Share	0.1100	0.1200	-	-	-	-	-	-
Capex ¹	1,414	1,556	3,668	4,830	-	2,058	2,004	2,439
Capex / Sales	70.52%	65.33%	135.67%	159.55%	-	66.79%	57.72%	64.88%
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

0.62 HKD

Average target price

0.955 HKD

Spread / Average Target

+54.03%

	1st Jan change	Capi.
CONCORD NEW ENERGY GROUP LIMITED	-3.12%	636M
ADANI GREEN ENERGY LIMITED	+8.66%	32.91B
HUANENG LANCANG RIVER HYDROPOWER INC.	+32.79%	28.46B
EDP RENOVÁVEIS, S.A.	-22.65%	16.25B
ENGIE BRASIL ENERGIA S.A.	+2.82%	6.97B
NEOEN	+27.08%	6.4B
NORTHLAND POWER INC.	+2.41%	4.65B
ERG S.P.A.	-15.66%	3.87B
ENCAVIS AG	+9.11%	3B
CLEARWAY ENERGY, INC.	-5.90%	2.99B