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STOCK COMPARISON

Henan Zhongyuan Expressway Co vs Transurban: Fair Value & Quality

Both stocks run through our valuation models. Here is how Henan Zhongyuan Expressway Co (600020) and Transurban (TCL) compare, as of Sep 24, 2026.

As of Sep 24, 2026, Fair Value Calculator sees Henan Zhongyuan Expressway Co as the less overvalued of the two: Henan Zhongyuan Expressway Co trades at ¥3.84 versus a fair value of ¥3.21 (-16%), while Transurban trades at A$13.20 versus A$4.00 (-70%).
Henan Zhongyuan Expressway Co
600020.SHG · CNY · Industrials
-16%
upside to fair value
overvalued
Price¥3.84
Fair Value¥3.21
Quality45/100
Transurban
TCL.AU · AUD · Industrials
-70%
upside to fair value
overvalued
PriceA$13.20
Fair ValueA$4.00
Quality49/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Henan Zhongyuan Expressway CoTransurban
Valuation
16.0×P/E (TTM)88.0×
1.28×P/S (TTM)8.23×
0.55× · book value is mostly goodwillP/B3.52× · book value is mostly goodwill
16.9×EV/EBITDA22.1×
n/aPEG1.52×
−16.5%Fair value upside−69.7%
3.1%Dividend yield5.2%
¥0.12Dividend per shareA$0.69
Profitability
41%Operating margin36%
6.04×EBIT margin trend (5Y)1.47×
4%Return on equity5%
1%Return on assets2%
Growth
11%Revenue growth (YoY)8%
-3.8%Avg. growth/yr (3Y)3.4%
5.4%Avg. growth/yr (5Y)3.5%
−0.2%Value creation/yr+14.2%
Balance & size
3.0×Interest coverage (EBIT/interest)1.1×
1.97×Debt / equity2.10×
$1BMarket cap$32B
weakGrowth qualityexpensive

Henan Zhongyuan Expressway Co leads: 9 to 5 metric wins.

n/a = 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.

Henan Zhongyuan Expressway Coof which business quality 43 · market factors 48 Transurbanof which business quality 45 · market factors 51
ProfitabilityMargins and returns on capital today
21
16
Quality GrowthAre margins and returns improving?
52
55
CashflowEarnings quality: real cash, not paper profit
61
70
Fin. StrengthBalance sheet, leverage, solvency risk
11
11
InvestmentDisciplined investing over empire-building
50
67
Low VolatilityCalm price path (market factor)
94
99
MomentumPrice trend over the last 3–12 months (market factor)
36
37
52W MomentumDistance to the 52-week high (market factor)
18
19
Net IssuanceShare count: buybacks or dilution?
82
73

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyHenan Zhongyuan Expressway CoPrice ¥3.84TransurbanPrice A$13.20
DCF Models-20%below the price¥3.06-60%below the priceA$5.26
Earnings-Based-32%below the price¥2.63-95%below the priceA$0.64
Dividend Discount+118%above the price¥8.39n/a
Multiples+24%above the price¥4.75-94%below the priceA$0.81
Asset-Based+21%above the price¥4.66-85%below the priceA$1.97
Growth DCFn/a-60%below the priceA$5.30
Economic Profit+27%above the price¥4.88-86%below the priceA$1.90
Growth Earnings+22%above the price¥4.69-93%below the priceA$0.92
Minimum-32%below the price¥2.63-95%below the priceA$0.64
Maximum+118%above the price¥8.39-60%below the priceA$5.30
Median+22%above the price¥4.69-86%below the priceA$1.90
Geometric mean+16%above the price¥4.44-87%below the priceA$1.75

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Henan Zhongyuan Expressway Co: 4 of 15 models see the stock below the current price.

Transurban: 16 of 16 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Henan Zhongyuan Expressway Co
Price ¥3.84
Fair Value ¥3.21
Bear ¥2.06Bull ¥4.24
Transurban
Price A$13.20
Fair Value A$4.00
Bear A$1.54Bull A$4.00

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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.

Henan Zhongyuan Expressway Co · Industrials

Quality score45 · below median
Fair value upside-16% · below median

Transurban · Industrials

Quality score49 · below median
Fair value upside-70% · bottom 25%

Bottom line

As of Sep 24, 2026, Fair Value Calculator sees Henan Zhongyuan Expressway Co as the less overvalued of the two: Henan Zhongyuan Expressway Co trades at ¥3.84 versus a fair value of ¥3.21 (-16%), while Transurban trades at A$13.20 versus A$4.00 (-70%).

Transurban has the higher quality score (49/100).

Open Henan Zhongyuan Expressway Co live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.