China Energy Comps

(as of 18/10/19)
Ticker Company Share price (local) Market cap (US$MM) Firm value (US$MM) 2019E FV/Sales 2020E FV/Sales 2019E FV/EBITDA 2020E FV/EBITDA 2019E P/E 2020E P/E
Materials & Chemicals
300750.SZ Contemporary Amperex 宁德时代新能源科技 69.64 21,360MM 17,682MM 3.1x 2.3x 16.7x 13.3x 34.7x 28.3x
600352.SH Zhejiang Longsheng Group 浙江龙盛集团 13.78 6,227MM 8,467MM 2.7x 2.5x 7.4x 6.9x 8.1x 7.5x
603659.SH Shanghai Putailai New Energy Technology 上海璞泰来新能源科技 46.91 2,832MM 2,905MM 4.2x 3.2x 20.7x 15.5x 27.2x 20.5x
600486.SH Jiangsu Yangnong Chemical 江苏扬农化工 50.70 2,182MM 1,889MM 2.3x 2.0x 8.7x 7.4x 14.7x 12.7x
002074.SZ GXHT 国轩高科 12.25 1,934MM 2,229MM 2.1x 1.7x 11.5x 9.7x 18.9x 16.1x
002440.SZ Runtu 浙江闰土 11.79 1,884MM 1,788MM 1.8x 1.6x 5.5x 5.3x 8.0x 7.6x
600884.SH Ningbo Shanshan 宁波杉杉 10.41 1,623MM 2,321MM 1.7x 1.4x 12.1x 9.7x 17.0x 14.1x
300073.SZ Easpring Technology 北京当升材料科技 22.28 1,351MM 1,124MM 2.2x 1.5x 17.2x 11.9x 26.0x 19.0x
Mean 2.5x 2.0x 12.5x 10.0x 19.3x 15.7x
Median 2.3x 1.8x 11.8x 9.7x 17.9x 15.1x
Mining
601088.SH China Shenhua Energy 中国神华能源 18.27 48,492MM 37,932MM 1.2x 1.1x 3.0x 3.0x 8.2x 8.1x
601225.SH Shaanxi Coal Industry 陕西煤业 8.59 11,931MM 11,537MM 1.3x 1.3x 3.7x 3.4x 7.8x 7.5x
1898.HK China Coal Energy 中国中煤能源 3.16 7,804MM 20,934MM 1.3x 1.3x 6.7x 6.8x 6.7x 7.1x
1171.HK Yanzhou Coal Mining 兖州煤业 8.12 6,555MM 16,761MM 1.8x 1.8x 6.3x 6.9x 4.0x 4.3x
3668.HK Yancoal Australia 兖煤澳大利亚 16.00 2,709MM 3,965MM 1.3x 1.3x 3.4x 3.8x 4.7x 6.6x
000983.SZ Xishan Coal and Electricity 山西西山煤电 5.83 2,552MM 4,153MM 0.9x 0.9x 4.7x 4.5x 9.0x 8.5x
0639.HK Shougang Fushan Resources 首钢福山资源集团 1.62 1,101MM 675MM 1.4x 1.3x 2.5x 2.4x 7.0x 6.5x
Mean 1.3x 1.3x 4.3x 4.4x 6.7x 6.9x
Median 1.3x 1.3x 3.7x 3.8x 7.0x 7.1x