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STOCK COMPARISON

Zhongyu Gas Holdings vs Naturgy Energy Group: Fair Value & Quality

Both stocks run through our valuation models. Here is how Zhongyu Gas Holdings (3633) and Naturgy Energy Group (NTGY) compare, as of Aug 11, 2026.

As of Aug 11, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Zhongyu Gas Holdings trades at HK$2.48 versus a fair value of HK$1.93 (-22%), while Naturgy Energy Group trades at €28.62 versus €35.80 (+25%).
Zhongyu Gas Holdings
3633.HK · HKD · Utilities
-22%
upside to fair value
overvalued
PriceHK$2.48
Fair ValueHK$1.93
Quality46/100
Naturgy Energy Group
NTGY.MC · EUR · Utilities
+25%
upside to fair value
undervalued
Price€28.62
Fair Value€35.80
Quality55/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Zhongyu Gas HoldingsNaturgy Energy Group
Valuation
28.6×P/E (TTM)13.0×
0.56×P/S (TTM)1.62×
0.95×P/B3.30×
8.3×EV/EBITDA7.9×
PEG6.40×
Profitability
2%Net margin11%
6%Operating margin18%
3%Return on equity22%
2%Return on assets6%
Growth
-6%Revenue growth (YoY)-7%
-1.4%Avg. growth/yr (3Y)-17.0%
7.8%Avg. growth/yr (5Y)4.9%
Balance & size
0.72×Debt / equity1.38×
$887MMarket cap$31B
mixedGrowth qualityhealthy

Even match: 6 to 6 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Zhongyu Gas Holdingsof which business quality 43 · market factors 29 Naturgy Energy Groupof which business quality 52 · market factors 67
ProfitabilityMargins and returns on capital today
22
45
Quality GrowthAre margins and returns improving?
36
37
CashflowEarnings quality: real cash, not paper profit
40
67
Fin. StrengthBalance sheet, leverage, solvency risk
13
30
InvestmentDisciplined investing over empire-building
90
71
Low VolatilityCalm price path (market factor)
63
94
MomentumPrice trend over the last 3–12 months (market factor)
21
51
52W MomentumDistance to the 52-week high (market factor)
5
63
Net IssuanceBuybacks instead of dilution
92
76

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Zhongyu Gas Holdings

DCF ModelsHK$2.66
Earnings-BasedHK$2.06
Dividend DiscountHK$0.32
MultiplesHK$1.80
Asset-BasedHK$1.82
Growth DCFHK$3.15
Economic ProfitHK$0.97
Growth EarningsHK$2.56

14 of 23 models see the stock below the current price.

Naturgy Energy Group

DCF Models€30.77
Earnings-Based€26.55
Dividend Discount€23.41
Multiples€40.20
Asset-Based€6.76
Growth DCF€32.80
Economic Profit€20.95
Growth Earnings€30.66

11 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Zhongyu Gas Holdings
Bear HK$1.17Fair Value HK$1.93Bull HK$1.94
HK$2.48 = current price (white tick)
Naturgy Energy Group
Bear €21.46Fair Value €35.80Bull €49.13
€28.62 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Zhongyu Gas Holdings · Utilities

Quality score46 · below median
Fair value upside-22% · below median

Naturgy Energy Group · Utilities

Quality score55 · Top 25%
Fair value upside+25% · above median

Bottom line

As of Aug 11, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Zhongyu Gas Holdings trades at HK$2.48 versus a fair value of HK$1.93 (-22%), while Naturgy Energy Group trades at €28.62 versus €35.80 (+25%).

Naturgy Energy Group has the higher quality score (55/100).

See the full analysis →

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.