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Henan Shenhuo Coal Industry and Electricity Power Co (000933) Fair Value & Analysis

Basic Materials · CN · Market cap 55.5B CNY

HS Henan Shenhuo Coal Industry and Electricity Power Co 000933 · SHE
Price¥26.34
Fair Value¥30.28
Upside+15.0%
Quality70/100
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Healthy Growth
Solidly profitable · 12.7% net margin
Low debt · generates free cash flow
3.46% dividend yield
Ranks above peers (13/15)
Wide moat 75/100
Evidence: Medium Range ¥22.71 – ¥41.61 Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 23 days ago

Share price +20.9% over the past month.

A solid business, screening 15% undervalued on our models.

What matters now

  • A fairly wide model range (¥22.71 to ¥41.61) leaves room in how you read the outcome.
  • Our model range runs from ¥22.71 (bear) to ¥41.61 (bull), base ¥30.28. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 70/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

¥37.02 ¥6.59 Fair Value ¥30.28 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range ¥6.59 – ¥37.02 · fair‑value band ¥22.71 – ¥41.61 · the ¥26.34 price screens below the ¥30.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Henan Shenhuo Coal Industry and Electricity Power Co (000933) currently trades at ¥26.34, while our model-based Fair Value estimate is ¥30.28, implying the stock looks roughly 15.0% undervalued today. We read business quality at 70/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Henan Shenhuo Coal Industry and Electricity Power Co generated revenue of 44.0B CNY at a net margin of 12.7%. Revenue grew 28.8% year over year. It earns a return on equity of 23.1%. Net debt stands at 8.8B CNY. Fundamentals as of Jul 16, 2026

Our scenario range runs from ¥22.71 (bear case) to ¥41.61 (bull case); at ¥26.34, the current price sits within 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 about 31% below its 52-week high and 68% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 44% fair-value upside, at 15%, 000933 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 BearBaseBull Evidence
Highest evidence
Growth DCF ¥47.29 ¥84.78 ¥149.62 80
Residual Income ¥11.78 ¥15.57 ¥48.64 76
Rev-Margin DCF ¥36.08 ¥61.67 ¥95.50 74
All 26 models by family
DCF Models
FCF DCF ¥47.90 ¥89.52 ¥164.01 38
Owner Earnings ¥31.35 ¥58.56 ¥107.24 31
5Y Revenue Exit ¥36.08 ¥62.23 ¥97.80 39
5Y EBITDA Exit ¥42.02 ¥74.73 ¥116.14 41
5Y P/E Exit ¥32.19 ¥54.05 ¥79.02 38
10Y Revenue Exit ¥38.55 ¥65.03 ¥105.98 36
10Y EBITDA Exit ¥43.60 ¥74.30 ¥121.64 37
10Y P/E Exit ¥37.02 ¥58.96 ¥89.93 35
Earnings-Based
Graham-Dodd ¥12.11 ¥60.25 ¥83.12 54
Lynch FV ¥16.27 ¥23.24 ¥30.21 50
PEG = 1.0 ¥16.27 ¥23.24 ¥30.21 46
EPV ¥23.78 ¥27.72 ¥31.17 59
Dividend Discount
Gordon GGM ¥4.56 ¥9.48 ¥15.04 70
DDM Multi-Stage ¥4.56 ¥8.00 ¥9.95 61
Multiples
P/E Multiple ¥26.71 ¥35.62 ¥44.52 63
P/S Multiple ¥22.71 ¥30.28 ¥37.85 58
P/B Multiple ¥22.71 ¥30.28 ¥37.85 55
EV/EBIT ¥45.57 ¥60.71 ¥75.85 53
EV/EBITDA ¥42.26 ¥56.31 ¥70.35 54
EV/Revenue ¥30.76 ¥43.88 ¥57.01 43
Asset-Based
NCAV (Graham) ¥5.46 ¥7.32 ¥10.92 50
Growth DCF
Growth DCF ¥47.29 ¥84.78 ¥149.62 80
Rev-Margin DCF ¥36.08 ¥61.67 ¥95.50 74
Economic Profit
Residual Income ¥11.78 ¥15.57 ¥48.64 76
ROIC Compounder ¥27.35 ¥37.01 ¥49.54 72
Growth Earnings
Growth-Adj P/E ¥24.29 ¥34.70 ¥45.11 68

Widest divergence: DCF Models (¥62.23) versus Asset-Based (¥7.32). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 44.0B CNY
Revenue growth (YoY) +28.8%
Net margin 12.7%
Return on equity 23.1%
Free cash flow 8.1B CNY FY2025
P/E ratio 11.0
More key figures
Operating margin 29.1%
EPS (TTM) ¥2.52
Dividend yield 2.8%
EPS growth (YoY) +223%
Net debt 8.8B CNY FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 70/100

Of which business quality 73 · Market factors (momentum, volatility) 53

Profitability 51
Margins and returns on capital today
Quality Growth 66
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 88
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

Henan Shenhuo Coal Industry and Electricity Power Co. Ltd, together with its subsidiaries, produces, process, and sells electrolytic aluminum, aluminum alloys, aluminum profiles, and related products in China. It operates in six segments: Electrolytic Aluminum, Coal, Trading, Power Generation, Aluminum, and Headquarters and Others.

Full company description

Henan Shenhuo Coal Industry and Electricity Power Co. Ltd, together with its subsidiaries, produces, process, and sells electrolytic aluminum, aluminum alloys, aluminum profiles, and related products in China. It operates in six segments: Electrolytic Aluminum, Coal, Trading, Power Generation, Aluminum, and Headquarters and Others. The company engages in the production of aluminum ingots, liquid aluminum, and carbon products, as well as non-ferrous metal composite materials, such as aluminum foil and aluminum alloy materials; and transportation business. It is also involved in the mining, washing, processing, production, and selling of coal products; trading of raw and auxiliary materials, including alumina, aluminum ingots, primary aluminum, coal, and coal-derived products; thermal power generation; and sales of electricity and heat products. In addition, the company processes scrap aluminum; and imports and exports goods and technologies. Further, it engages in mining, equity, and coal investment; investment management; coal bed methane power generation; electrolytic aluminum smelting; management; and mineral sales activities. The company was formerly known as Henan Shenhuo Coal & Power Co.,Ltd and changed its name to Henan Shenhuo Coal Industry and Electricity Power Co. Ltd in February 2024. Henan Shenhuo Coal Industry and Electricity Power Co. Ltd was founded in 1998 is headquartered in Yongcheng, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Henan Shenhuo Coal Industry and Electricity Power Co reported revenue of ¥41.1B in FY2025 versus ¥34.5B in FY2021, a compound +4.5%/yr. Reported net income was ¥4.0B in FY2025, compounding +5.5%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
41.1B CNY
Latest YoY
+7.0%
Avg. growth/yr (3Y)
−1.3%
Avg. growth/yr (5Y)
+16.9%
Avg. growth/yr (29Y)
+17.4%
Revenue +4.5%/yr
FY21 ¥34.5B
FY22 ¥42.7B
FY23 ¥37.6B
FY24 ¥38.4B
FY25 ¥41.1B
Net income +5.5%/yr
FY21 ¥3.2B
FY22 ¥7.6B
FY23 ¥5.9B
FY24 ¥4.3B
FY25 ¥4.0B

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Cite: Fair Value Calculator (2026). "Henan Shenhuo Coal Industry and Electricity Power Co Fair Value". https://www.fairvalue-calculator.com/stock/000933

Peer Group

Aluminum · 83 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 70 · Top 25%
Fair Value upside +15% · Above median
Return on equity (TTM) 23% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 29% · Top 25%
Revenue growth 29% · Top 25%
Dividend yield (TTM) 3.5% · Top 25%
Debt / equity 0.11× · Lower than median

Valuation Multiples vs Aluminum median · lower = cheaper

P/E (TTM) 9.2× · Cheaper than 75% of peers
P/B 2.26× · Pricier than median
P/S (TTM) 1.26× · Pricier than median
P/FCF 1.0× · Cheaper than 75% of peers
EV/EBITDA 4.6× · Cheaper than median
PEG 0.36× · Cheaper 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 53 · sector 17
FUTURE 100 · sector 25
PAST 92 · sector 32
HEALTH 94 · sector 91
DIVIDEND 69 · sector 35

Insider activity: 40/100

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 Aluminum stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Shandong Hongqiao Aluminum Industry Holding 002379 ¥18.54 ¥26.70 +44%
China Hongqiao Group 1378 HK$24.54 HK$45.53 +86%
Hindalco Industries Limited HINDALCO ₹955.80 ₹1,026 +7%
Aluminum Corporation 601600 ¥8.11 ¥12.58 +55%
Norsk Hydro ASA NHY kr 84.96 kr 58.10 -32%
Press Metal Aluminium Holdings 8869 8.02 MYR 3.88 MYR -52%
Alcoa Corporation AAI A$70.60 A$49.53 -30%
Yunnan Aluminium Co 000807 ¥25.12 ¥29.68 +18%
Tianshan Aluminum Group 002532 ¥11.99 ¥21.86 +82%
Shandong Nanshan Aluminium Co 600219 ¥4.72 ¥7.01 +49%

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Frequently asked questions

Is Henan Shenhuo Coal Industry and Electricity Power Co (000933) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of ¥30.28 versus a price of ¥26.34, about +15% (undervalued).
What is the fair value of 000933?
Our model-based fair value for Henan Shenhuo Coal Industry and Electricity Power Co is ¥30.28 (as of Jul 16, 2026), built from audited fundamentals. The current price is ¥26.34.
What is the quality score of 000933?
Henan Shenhuo Coal Industry and Electricity Power Co has a Quality Score of 70/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Henan Shenhuo Coal Industry and Electricity Power Co (000933)?
Henan Shenhuo Coal Industry and Electricity Power Co reported trailing-twelve-month revenue of about 44.0B CNY (latest available figure, as of Jul 16, 2026).
What is the net profit margin of 000933?
The net profit margin of Henan Shenhuo Coal Industry and Electricity Power Co is about 12.7%, meaning it keeps roughly 12.7% of revenue as net income. Based on the latest reported figures.
Does Henan Shenhuo Coal Industry and Electricity Power Co pay a dividend?
Henan Shenhuo Coal Industry and Electricity Power Co currently shows a dividend yield of about 2.79% relative to its recent price (as of Jul 16, 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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