China Gas Holdings Limited

DB:EBZ Stock Report

Market Cap: €4.2b

China Gas Holdings Valuation

Is EBZ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of EBZ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EBZ (€0.77) is trading below our estimate of fair value (€1.94)

Significantly Below Fair Value: EBZ is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EBZ?

Key metric: As EBZ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for EBZ. This is calculated by dividing EBZ's market cap by their current earnings.
What is EBZ's PE Ratio?
PE Ratio10.8x
EarningsHK$3.18b
Market CapHK$34.42b

Price to Earnings Ratio vs Peers

How does EBZ's PE Ratio compare to its peers?

The above table shows the PE ratio for EBZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.5x
LEC Lechwerke
25.9xn/a€2.5b
MNV6 Mainova
33.7xn/a€1.9b
MVV1 MVV Energie
12.3xn/a€2.0b
WWG Gelsenwasser
14.2xn/a€1.7b
EBZ China Gas Holdings
10.8x12.6%€34.4b

Price-To-Earnings vs Peers: EBZ is good value based on its Price-To-Earnings Ratio (10.8x) compared to the peer average (21.5x).

Price to Earnings Ratio vs Industry

How does EBZ's PE Ratio compare vs other companies in the Global Gas Utilities Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
EBZ 10.8xIndustry Avg. 14.2xNo. of Companies14PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: EBZ is good value based on its Price-To-Earnings Ratio (10.8x) compared to the Global Gas Utilities industry average (13.8x).

Price to Earnings Ratio vs Fair Ratio

What is EBZ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EBZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.8x
Fair PE Ratio23.8x

Price-To-Earnings vs Fair Ratio: EBZ is good value based on its Price-To-Earnings Ratio (10.8x) compared to the estimated Fair Price-To-Earnings Ratio (23.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst EBZ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.77
€0.99
+29.2%
16.0%€1.40€0.79n/a17
Nov ’25€0.79
€0.97
+23.7%
15.8%€1.37€0.77n/a17
Oct ’25€0.82
€0.93
+12.9%
14.5%€1.32€0.75n/a18
Sep ’25€0.76
€0.96
+26.3%
15.2%€1.35€0.76n/a18
Aug ’25€0.83
€0.96
+15.6%
15.2%€1.35€0.76n/a18
Jul ’25€0.82
€0.97
+18.8%
15.7%€1.37€0.78n/a18
Jun ’25€0.87
€1.00
+15.0%
16.0%€1.47€0.80n/a18
May ’25€0.86
€0.98
+13.3%
15.9%€1.48€0.80n/a18
Apr ’25€0.82
€0.98
+18.6%
17.5%€1.50€0.73n/a18
Mar ’25€0.84
€0.98
+16.0%
17.1%€1.50€0.72n/a18
Feb ’25€0.83
€0.98
+17.9%
17.4%€1.49€0.72n/a17
Jan ’25€0.88
€1.03
+17.3%
21.3%€1.50€0.73n/a18
Dec ’24€0.81
€1.08
+32.3%
27.2%€1.87€0.71n/a18
Nov ’24€0.83
€1.27
+52.2%
22.8%€1.93€0.83€0.7919
Oct ’24€0.88
€1.31
+48.6%
19.8%€1.90€0.83€0.8219
Sep ’24€0.93
€1.27
+36.2%
20.8%€1.82€0.80€0.7619
Aug ’24€0.99
€1.27
+27.3%
20.8%€1.82€0.80€0.8319
Jul ’24€1.04
€1.32
+26.7%
19.3%€1.88€0.90€0.8219
Jun ’24€1.09
€1.44
+31.8%
22.2%€1.93€0.91€0.8719
May ’24€1.16
€1.42
+22.5%
22.4%€1.90€0.92€0.8619
Apr ’24€1.28
€1.46
+13.9%
23.1%€1.96€0.95€0.8218
Mar ’24€1.35
€1.46
+8.0%
23.1%€1.96€0.95€0.8418
Feb ’24€1.44
€1.42
-1.4%
22.9%€1.92€0.93€0.8319
Jan ’24€1.35
€1.40
+3.7%
25.1%€1.97€0.91€0.8819
Dec ’23€1.23
€1.45
+17.9%
26.7%€2.02€0.93€0.8118
Nov ’23€0.93
€1.80
+94.2%
24.2%€2.58€1.10€0.8318

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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