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CLP Holdings (0002) Fair Value & Analysis

Utilities · HK · Market cap HK$185B

CH CLP Holdings 0002 · HK
PriceHK$77.95
Fair ValueHK$42.12
Upside-46.0%
Quality53/100
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Expensive Growth
Solidly profitable · 12.1% net margin
Low debt · generates free cash flow
4.33% dividend yield
Mixed vs. peers (7/15)
Moderate moat 52/100
Evidence: High Range HK$37.98 – HK$70.74 Share as image

Fair value as of: Aug 2, 2026

From 24 valuation models · updated 8 days ago

Fair value updated Aug 2, 2026, revised from HK$43.69 to HK$42.12 (−3.6%) since Jul 1, 2026. Share price +1.8% over the past month.

A solid business, but screening 46% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$70.74). The favourable scenario is already priced in.
  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (HK$37.98 to HK$70.74) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$78.20 HK$43.02 Fair Value HK$42.12 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range HK$43.02 – HK$78.20 · fair‑value band HK$37.98 – HK$70.74 · the HK$77.95 price screens above the HK$42.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

CLP Holdings (0002) currently trades at HK$77.95, while our model-based Fair Value estimate is HK$42.12, implying the stock looks roughly 46.0% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, CLP Holdings generated revenue of HK$88.0B at a net margin of 12.1%. Revenue declined 3.7% year over year. It earns a return on equity of 10.2%. Net debt stands at HK$62.8B. Fundamentals as of Aug 2, 2026

Our scenario range runs from HK$37.98 (bear case) to HK$70.74 (bull case); at HK$77.95, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 26% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at -46%, 0002 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$12.87 HK$23.95 HK$41.89 80
Residual Income HK$37.64 HK$41.62 HK$57.70 76
Rev-Margin DCF HK$20.34 HK$41.52 HK$66.30 74
All 24 models by family
DCF Models
FCF DCF HK$11.72 HK$23.19 HK$43.07 38
Owner Earnings — HK$1.05 HK$10.52 31
5Y Revenue Exit HK$20.34 HK$41.11 HK$69.80 39
5Y EBITDA Exit HK$29.55 HK$56.93 HK$91.20 41
5Y P/E Exit HK$23.35 HK$46.28 HK$71.98 38
10Y Revenue Exit HK$15.44 HK$33.17 HK$54.08 36
10Y EBITDA Exit HK$22.45 HK$43.68 HK$68.54 37
10Y P/E Exit HK$18.62 HK$36.61 HK$55.55 35
Earnings-Based
Graham-Dodd HK$28.71 HK$52.43 HK$64.84 54
EPV HK$21.16 HK$27.87 HK$33.74 59
Dividend Discount
Gordon GGM HK$28.92 HK$38.29 HK$47.80 70
DDM Multi-Stage HK$28.92 HK$39.68 HK$52.55 61
Multiples
P/E Multiple HK$57.00 HK$76.00 HK$95.00 63
P/S Multiple HK$53.83 HK$71.78 HK$89.72 58
P/B Multiple HK$53.83 HK$71.78 HK$89.72 55
EV/EBIT HK$40.28 HK$60.07 HK$79.85 53
EV/EBITDA HK$49.34 HK$72.15 HK$94.95 54
EV/Revenue HK$28.93 HK$49.51 HK$70.09 43
Asset-Based
NCAV (Graham) HK$21.30 HK$28.54 HK$42.59 50
Growth DCF
Growth DCF HK$12.87 HK$23.95 HK$41.89 80
Rev-Margin DCF HK$20.34 HK$41.52 HK$66.30 74
Economic Profit
Residual Income HK$37.64 HK$41.62 HK$57.70 76
ROIC Compounder HK$21.16 HK$27.87 HK$33.74 72
Growth Earnings
Growth-Adj P/E HK$40.67 HK$58.09 HK$75.52 68

Widest divergence: Multiples (HK$71.78) versus Growth DCF (HK$23.95). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$88.0B
Revenue growth (YoY) -3.7%
Net margin 12.1%
Return on equity 10.2%
Free cash flow HK$7.6B FY2025
P/E ratio 17.7
More key figures
Operating margin 14.8%
EPS (TTM) HK$2.23
Dividend yield 4.3%
EPS growth (YoY) -16.4%
Net debt HK$62.8B FY2025

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 51 · Market factors (momentum, volatility) 72

Profitability 33
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

CLP Holdings Limited, an investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia. The company generates electricity through coal, gas, nuclear, and renewable resources, such as wind, hydro, and solar.

Full company description

CLP Holdings Limited, an investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia. The company generates electricity through coal, gas, nuclear, and renewable resources, such as wind, hydro, and solar. It is also involved in the provision of pumped storage services, energy and infrastructure solutions, and property investment activities, as well as retail of electricity and gas. CLP Holdings Limited was founded in 1901 and is headquartered in Kowloon, Hong Kong.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CLP Holdings reported revenue of HK$88.0B in FY2025 versus HK$84.0B in FY2021, a compound +1.2%/yr. Reported net income was HK$10.7B in FY2025, compounding +5.4%/yr from FY2021.

Growth Quality 55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$88.0B
Latest YoY
−3.2%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−4.4%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.0%
Avg. growth/yr (25Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.3%
Revenue +1.2%/yr
FY21 HK$84.0B
FY22 HK$101B
FY23 HK$87.2B
FY24 HK$91.0B
FY25 HK$88.0B
Net income +5.4%/yr
FY21 HK$8.6B
FY22 HK$1.1B
FY23 HK$6.8B
FY24 HK$11.9B
FY25 HK$10.7B
Character of growth · EPS growth decomposed (2014-2025) −3.5 % p.a.
Revenue per share +0.6 pp

of which total revenue +0.6 pp · buybacks/dilution +0.0 pp

EBIT margin −2.1 pp
Tax rate −0.9 pp
Residual (interest, one-offs) −1.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

0002 screens 46% overvalued. Compare with NextEra Energy, Inc →

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CLP Holdings · Fair Value
HK$42.12 −46%Fair Value
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Cite: Fair Value Calculator (2026). "CLP Holdings Fair Value". https://www.fairvalue-calculator.com/stock/0002

Peer Group

Utilities - Regulated Electric · 154 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 53 · Above median
Fair Value upside −46% · Bottom 25%
Return on equity (TTM) 10% · Above median
Return on assets 4% · Above median
Net margin (TTM) 12% · Above median
Operating margin (TTM) 15% · Below median
Revenue growth -4% · Bottom 25%
Dividend yield (TTM) 4.3% · Top 25%
Debt / equity 0.49× · Lower than median

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 17.7× · Cheaper than median
P/B 1.72× · Pricier than median
P/S (TTM) 2.10× · Pricier than median
P/FCF 3.1× · Pricier than median
EV/EBITDA 10.1× · Pricier than median
PEG 5.59× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 7
FUTURE 0 · sector 32
PAST 41 · sector 39
HEALTH 76 · sector 54
DIVIDEND 87 · sector 56

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $88.80 $32.94 -63%
The Southern Company SO $95.61 $61.06 -36%
Duke Energy Corporation DUK $126.11 $97.11 -23%
National Grid plc NGG 61,175 ARS 44,377 ARS -27%
American Electric Power Company AEP $132.50 $79.33 -40%
Dominion Energy, Inc D $70.08 $46.92 -33%
NTPC Limited NTPC ₹341.85 ₹377.16 +10%
CEZ, a. s. CEZ 232.40 PLN 159.33 PLN -31%
Power Grid Corporation POWERGRID ₹283.55 ₹252.77 -11%
China National Nuclear Power Co 601985 ¥8.91 ¥7.69 -14%

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Frequently asked questions

Is CLP Holdings (0002) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of HK$42.12 versus a price of HK$77.95, about −46% (overvalued).
What is the fair value of 0002?
Our model-based fair value for CLP Holdings is HK$42.12 (as of Aug 2, 2026), built from audited fundamentals. The current price is HK$77.95.
What is the quality score of 0002?
CLP Holdings has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CLP Holdings (0002)?
CLP Holdings reported trailing-twelve-month revenue of about HK$88.0B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of 0002?
The net profit margin of CLP Holdings is about 12.1%, meaning it keeps roughly 12.1% of revenue as net income. Based on the latest reported figures.
Does CLP Holdings pay a dividend?
CLP Holdings currently shows a dividend yield of about 4.33% relative to its recent price (as of Aug 2, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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