Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €4.77, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Gas Utilities industry in Europe. Total loss to shareholders of 53% over the past three years. Declared Dividend • May 20
Final dividend of HK$2.35 announced Shareholders will receive a dividend of HK$2.35. Ex-date: 1st June 2026 Payment date: 31st July 2026 Dividend yield will be 38%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Sarah Wong was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Aankondiging • Mar 27
ENN Energy Holdings Limited, Annual General Meeting, May 27, 2026 ENN Energy Holdings Limited, Annual General Meeting, May 27, 2026. Aankondiging • Mar 13
ENN Energy Holdings Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 ENN Energy Holdings Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Aankondiging • Aug 12
ENN Energy Holdings Limited to Report First Half, 2025 Results on Aug 27, 2025 ENN Energy Holdings Limited announced that they will report first half, 2025 results on Aug 27, 2025 Aankondiging • May 23
ENN Energy Holdings Limited Approves Final Dividend for the Year Ended 31 December 2024 ENN Energy Holdings Limited, at its Annual General Meeting Held on 23 May 2025, approved a final dividend of HKD 2.35 per share for the year ended 31 December 2024. Aankondiging • Mar 14
ENN Energy Holdings Limited to Report Fiscal Year 2024 Results on Mar 26, 2025 ENN Energy Holdings Limited announced that they will report fiscal year 2024 results on Mar 26, 2025 Aankondiging • Feb 25
ENN Energy Holdings Limited Announces Executive Changes The board of directors of ENN Energy Holdings Limited announced that Mr. GONG Luojian ("Mr. GONG") and Ms. SU Li ("Ms. SU") have been appointed as executive directors of the Company, with Mr. GONG also serving as the President of the Company, and they also serve as members of the risk management committee of the Board with effect from 25 February 2025. On the same date, Mr. LIU Jianfeng ("Mr. LIU") ceased to be an executive director and the President of the Company due to his desire to spend more time with family and Mr. JIANG Chenghong ("Mr. JIANG") ceased to be an executive director of the Company due to job re-designation, and they also ceased to be members of the risk management committee of the Board. Mr. LIU and Mr. JIANG have confirmed that they have no disagreements with the Board and that there are no matters relating to their resignations that eed to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited. Mr. GONG, aged 53, holds a Master of Business Administration (MBA) from Nankai University and an Executive Master of Business Administration (EMBA) from Guanghua School of Management, Peking University. After joining the Group in 2007, he served various managerial positions, including marketing director and general manager of member companies. Due to his outstanding performance, he was subsequently promoted to regional general manager, overseeing business operations in the Yuwan and Jiangsu regions. From January 2024 to February 2025, he served as the Senior Vice President of the Company, continuing to be responsible for the Jiangsu region's business while also overseeing the overall development and customer service of the Group's value added business. Mr. GONG has accumulated over 16 years of extensive experience in energy enterprise operations and market expansion. In his previous roles, he demonstrated exceptional leadership, strategic vision, and execution capabilities. His innovative thinking, customer orientation, and strategic perspective are of significant importance for the Company's future development and market competitiveness. Prior to joining the Group, Mr. GONG took senior positions at Jiangsu Taizhou Chunlan E- business Co. Ltd. and Jiangsu Chunlan Automobile Co. Ltd., where he was responsible for
the promotional and marketing affairs. Ms. SU, aged 52, graduated from Shanghai Jiao Tong University in China, where she holds an Executive Master of Business Administration (EMBA). She joined the Group in 2002 and has served general manager positions at various member companies. Due to her outstanding performance, she was subsequently promoted to regional general manager, actively implementing the Group's development goals over the years. Ms. SU served as the Senior Vice President of the Company from February 2018 to February 2025, overseeing marketing and sales, industrial park, and business development for the Zhejiang and Shanghai provincial companies. She possesses extensive experience in energy enterprise operations and market expansion. With her keen insights into customer needs and exceptional market analysis abilities, she can accurately grasp industry trends and identifies market opportunities. The Board firmly believes that Ms. SU's exceptional industrial vision and strong execution capability will push forward the Group's long-term stable growth. Ms. SU is currently the executive vice president of ENN-NG, the controlling shareholder of the Company, and has previously served as the director of Huzhou Gas Co. Ltd. Upcoming Dividend • Oct 25
Upcoming dividend of HK$0.65 per share Eligible shareholders must have bought the stock before 01 November 2024. Payment date: 29 November 2024. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.6%). Recent Insider Transactions • Oct 14
CFO & Executive Director recently bought €73k worth of stock On the 8th of October, Dongzhi Wang bought around 11k shares on-market at roughly €6.61 per share. This transaction amounted to 74% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Dongzhi has been a buyer over the last 12 months, purchasing a net total of €176k worth in shares. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €6.20, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total loss to shareholders of 46% over the past three years. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €6.35, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total loss to shareholders of 48% over the past three years. Declared Dividend • Aug 26
First half dividend of HK$0.65 announced Shareholders will receive a dividend of HK$0.65. Ex-date: 1st November 2024 Payment date: 29th November 2024 Dividend yield will be 16%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (106% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 26
First half 2024 earnings released: EPS: CN¥2.29 (vs CN¥2.95 in 1H 2023) First half 2024 results: EPS: CN¥2.29 (down from CN¥2.95 in 1H 2023). Revenue: CN¥54.6b (flat on 1H 2023). Net income: CN¥2.57b (down 23% from 1H 2023). Profit margin: 4.7% (down from 6.2% in 1H 2023). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Aankondiging • Aug 23
ENN Energy Holdings Limited Announces Interim Dividend for the Year Ending December 31, 2024, Payable on November 29, 2024 ENN Energy Holdings Limited announced interim dividend of HKD 0.65 per share for the year ending December 31, 2024. Ex-dividend date is November 1, 2024. Record date is November 5, 2024. Payment date is November 29, 2024. Aankondiging • Aug 12
ENN Energy Holdings Limited to Report Q2, 2024 Results on Aug 23, 2024 ENN Energy Holdings Limited announced that they will report Q2, 2024 results on Aug 23, 2024 Aankondiging • May 31
ENN Energy Holdings Limited Declares Final Dividend for the Year Ended 31 December 2023 ENN Energy Holdings Limited at its Annual General Meeting Held on 31 May 2024, declared a final dividend of HKD 2.31 per share for the year ended 31 December 2023. Upcoming Dividend • May 29
Upcoming dividend of HK$2.31 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (6.5%). Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €9.55, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total loss to shareholders of 30% over the past three years. Reported Earnings • Apr 23
Full year 2023 earnings released: EPS: CN¥6.05 (vs CN¥5.20 in FY 2022) Full year 2023 results: EPS: CN¥6.05 (up from CN¥5.20 in FY 2022). Revenue: CN¥113.9b (up 3.5% from FY 2022). Net income: CN¥6.82b (up 16% from FY 2022). Profit margin: 6.0% (up from 5.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Aankondiging • Apr 23
ENN Energy Holdings Limited, Annual General Meeting, May 31, 2024 ENN Energy Holdings Limited, Annual General Meeting, May 31, 2024, at 10:00 China Standard Time. Location: Habour Room, Level 56, Island Shangri-La Hotel, Two Pacific Place, Supreme Court Road Central Hong Kong Agenda: To receive and consider the audited consolidated financial statements for the year ended 31 December 2023 together with the directors' and independent auditor's reports; to consider and approve the final dividend; to consider and approve the election of Director; to consider and approve the appointment of Deloitte Touche Tohmatsu as the auditor of the Company; and to consider and approve any other matters. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €8.15, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Gas Utilities industry in Europe. Total loss to shareholders of 35% over the past three years. New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 25
Final dividend of HK$2.31 announced Shareholders will receive a dividend of HK$2.31. Ex-date: 5th June 2024 Payment date: 26th July 2024 Dividend yield will be 33%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (81% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: CN¥6.05 (vs CN¥5.20 in FY 2022) Full year 2023 results: EPS: CN¥6.05 (up from CN¥5.20 in FY 2022). Revenue: CN¥113.9b (up 3.5% from FY 2022). Net income: CN¥6.82b (up 16% from FY 2022). Profit margin: 6.0% (up from 5.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Aankondiging • Mar 22
ENN Energy Holdings Limited Proposes Dividend for the Year Ended December 31, 2023, Payable on 26 July 2024 ENN Energy Holdings Limited proposed a dividend of HKD 2.31 per share for the year ended December 31, 2023. The ex-dividend date is on 05 June 2024 Record date is on 11 June 2024 and the payable date is on 26 July 2024. Aankondiging • Mar 13
ENN Energy Holdings Limited to Report Fiscal Year 2023 Results on Mar 22, 2024 ENN Energy Holdings Limited announced that they will report fiscal year 2023 results on Mar 22, 2024 Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €7.05, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total loss to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €6.90, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total loss to shareholders of 42% over the past three years. Upcoming Dividend • Oct 26
Upcoming dividend of HK$0.64 per share at 4.9% yield Eligible shareholders must have bought the stock before 02 November 2023. Payment date: 29 November 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (5.3%). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.80, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Gas Utilities industry in Europe. Total loss to shareholders of 9.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.57 per share. Reported Earnings • Aug 25
First half 2023 earnings released: EPS: CN¥2.95 (vs CN¥2.75 in 1H 2022) First half 2023 results: EPS: CN¥2.95 (up from CN¥2.75 in 1H 2022). Revenue: CN¥54.1b (down 7.2% from 1H 2022). Net income: CN¥3.33b (up 7.4% from 1H 2022). Profit margin: 6.2% (up from 5.3% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 1.0% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Aankondiging • Aug 16
ENN Energy Holdings Limited to Report First Half, 2023 Results on Aug 24, 2023 ENN Energy Holdings Limited announced that they will report first half, 2023 results on Aug 24, 2023 New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (5.3% net profit margin). Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €9.60, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Gas Utilities industry in Europe. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.23 per share. Buying Opportunity • Jun 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be €15.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 8.1%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €10.60, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Gas Utilities industry in Europe. Total returns to shareholders of 4.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.43 per share. Aankondiging • May 25
ENN Energy Holdings Limited Declares Final Dividend for the Year Ended 31 December 2022 ENN Energy Holdings Limited announced that at its annual general meeting held on May 24, 2023, declare a final dividend of HKD 2.27 per share for the year ended 31 December 2022. Upcoming Dividend • May 22
Upcoming dividend of HK$2.27 per share at 2.7% yield Eligible shareholders must have bought the stock before 29 May 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 50% and the cash payout ratio is 79%. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.6%). Buying Opportunity • May 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €15.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 8.1%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Buying Opportunity • Apr 29
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €15.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 8.1%. For the next 3 years, revenue is forecast to grow by 8.2% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Reported Earnings • Mar 25
Full year 2022 earnings released: EPS: CN¥5.20 (vs CN¥6.88 in FY 2021) Full year 2022 results: EPS: CN¥5.20 (down from CN¥6.88 in FY 2021). Revenue: CN¥110.1b (up 18% from FY 2021). Net income: CN¥5.87b (down 24% from FY 2021). Profit margin: 5.3% (down from 8.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 11% per year. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improved over the past week After last week's 16% share price gain to €14.46, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Gas Utilities industry in Europe. Total returns to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.08 per share. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Catherine Yien was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €9.80, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Gas Utilities industry in Europe. Total returns to shareholders of 5.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.69 per share. Upcoming Dividend • Oct 27
Upcoming dividend of HK$0.64 per share Eligible shareholders must have bought the stock before 03 November 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (5.1%). Recent Insider Transactions • Sep 18
Executive Vice Chairman recently sold €56k worth of stock On the 15th of September, Hongtao Zheng sold around 4k shares on-market at roughly €13.88 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Hongtao has been a net seller over the last 12 months, reducing personal holdings by €16k. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 15% share price gain to €14.81, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total returns to shareholders of 63% over the past three years. Reported Earnings • Aug 20
First half 2022 earnings released: EPS: CN¥2.75 (vs CN¥3.34 in 1H 2021) First half 2022 results: EPS: CN¥2.75 (down from CN¥3.34 in 1H 2021). Revenue: CN¥58.3b (up 42% from 1H 2021). Net income: CN¥3.10b (down 18% from 1H 2021). Profit margin: 5.3% (down from 9.1% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 4.1% compared to a 15% decline forecast for the Gas Utilities industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • May 16
Upcoming dividend of HK$2.11 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 22 July 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (5.2%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Catherine Yien was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: CN¥93.1b (up 30% from FY 2020). Net income: CN¥7.76b (up 24% from FY 2020). Profit margin: 8.3% (down from 8.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 11% compared to a 4.9% decline forecast for the industry in Germany. Recent Insider Transactions • Dec 26
Non Executive Director recently sold €168k worth of stock On the 21st of December, Yongsheng Jin sold around 10k shares on-market at roughly €16.83 per share. In the last 3 months, there was an even bigger sale from another insider worth €542k. Insiders have been net sellers, collectively disposing of €4.5m more than they bought in the last 12 months. Recent Insider Transactions • Nov 27
Independent Non-Executive Director recently sold €542k worth of stock On the 24th of November, Yu Yu Yien sold around 30k shares on-market at roughly €18.05 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €4.5m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improved over the past week After last week's 16% share price gain to €18.10, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Gas Utilities industry in Europe. Total returns to shareholders of 144% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €34.68 per share. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improved over the past week After last week's 16% share price gain to €14.70, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total returns to shareholders of 109% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €28.04 per share. Upcoming Dividend • Oct 28
Upcoming dividend of HK$0.59 per share Eligible shareholders must have bought the stock before 04 November 2021. Payment date: 30 November 2021. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (6.0%). Reported Earnings • Aug 25
First half 2021 earnings released: EPS CN¥3.34 (vs CN¥2.40 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥41.2b (up 31% from 1H 2020). Net income: CN¥3.77b (up 40% from 1H 2020). Profit margin: 9.1% (up from 8.5% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 25% per year. Recent Insider Transactions • Aug 25
Chief Strategy Officer recently bought €154k worth of stock On the 24th of August, Yuying Zhang bought around 10k shares on-market at roughly €15.38 per share. This was the largest purchase by an insider in the last 3 months. This was Yuying's only on-market trade for the last 12 months. Upcoming Dividend • May 06
Upcoming dividend of HK$2.42 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 23 July 2021. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (6.1%). Reported Earnings • Apr 07
Full year 2020 earnings released: EPS CN¥5.59 (vs CN¥5.05 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥71.6b (up 2.0% from FY 2019). Net income: CN¥6.28b (up 11% from FY 2019). Profit margin: 8.8% (up from 8.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS CN¥5.59 (vs CN¥5.05 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥71.6b (up 2.0% from FY 2019). Net income: CN¥6.28b (up 11% from FY 2019). Profit margin: 8.8% (up from 8.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 26% per year. Is New 90 Day High Low • Feb 06
New 90-day high: €14.00 The company is up 28% from its price of €10.90 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.79 per share. Recent Insider Transactions • Jan 22
Co-Founder & Executive Chairman recently sold €3.8m worth of stock On the 15th of January, Yusuo Wang sold around 290k shares on-market at roughly €13.00 per share. This was the largest sale by an insider in the last 3 months. Yusuo has been a seller over the last 12 months, reducing personal holdings by €1.5m. Is New 90 Day High Low • Dec 30
New 90-day high: €11.70 The company is up 29% from its price of €9.10 on 01 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.01 per share. Recent Insider Transactions • Dec 18
Executive Director recently sold €349k worth of stock On the 16th of December, Dongzhi Wang sold around 30k shares on-market at roughly €11.64 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €2.0m more than they sold in the last 12 months. Is New 90 Day High Low • Oct 30
New 90-day high: €10.90 The company is up 8.0% from its price of €10.10 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.48 per share. Is New 90 Day High Low • Oct 13
New 90-day low: €8.75 The company is down 15% from its price of €10.30 on 15 July 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €17.09 per share. Recent Insider Transactions • Sep 25
Executive Director recently bought €46k worth of stock On the 17th of September, Dongzhi Wang bought around 5k shares on-market at roughly €9.19 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.4m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 20
Executive Director recently bought €46k worth of stock On the 17th of September, Dongzhi Wang bought around 5k shares on-market at roughly €9.19 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.4m more in shares than they have sold in the last 12 months. 
