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Shaanxi Provincial Natural Gas Co (002267) Fair Value & Analysis

Energy · CN · Market cap 7.9B CNY

SP Shaanxi Provincial Natural Gas Co 002267 · SHE
Price¥7.08
Fair Value¥8.97
Upside+26.7%
Quality55/100
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Weak Growth
Thin margins · 6.1% net margin
Low debt · generates free cash flow
2.77% dividend yield
Mixed vs. peers (7/14)
Narrow moat 39/100
Evidence: High Range ¥5.22 – ¥11.71 Share as image

Fair value as of: Jul 22, 2026

From 26 valuation models · updated 19 days ago

Fair value updated Jul 22, 2026, revised from ¥9.00 to ¥8.97 (−0.3%) since Jun 25, 2026. Share price +2.3% over the past month.

A solid business, screening 27% undervalued on our models.

What matters now

  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (¥5.22 to ¥11.71) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥9.30 ¥4.65 Fair Value ¥8.97 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range ¥4.65 – ¥9.30 · fair‑value band ¥5.22 – ¥11.71 · the ¥7.08 price screens below the ¥8.97 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Shaanxi Provincial Natural Gas Co (002267) currently trades at ¥7.08, while our model-based Fair Value estimate is ¥8.97, implying the stock looks roughly 26.7% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Energy 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: high), always confirm before acting.

Over the trailing twelve months, Shaanxi Provincial Natural Gas Co generated revenue of 8.2B CNY at a net margin of 6.1%. Revenue declined 11.0% year over year. It earns a return on equity of 7.1%. Net debt stands at 2.2B CNY. Fundamentals as of Jul 22, 2026

Our scenario range runs from ¥5.22 (bear case) to ¥11.71 (bull case); at ¥7.08, 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 26% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -35% fair-value upside, at 27%, 002267 screens cheaper 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 ¥4.13 ¥6.89 ¥10.74 80
Residual Income ¥5.04 ¥5.46 ¥6.41 76
Rev-Margin DCF ¥4.54 ¥8.46 ¥13.07 74
All 26 models by family
DCF Models
FCF DCF ¥4.08 ¥7.26 ¥12.03 38
Owner Earnings ¥3.91 ¥7.00 ¥11.64 31
5Y Revenue Exit ¥4.54 ¥8.49 ¥13.61 39
5Y EBITDA Exit ¥6.29 ¥11.83 ¥18.40 41
5Y P/E Exit ¥4.52 ¥8.46 ¥12.65 38
10Y Revenue Exit ¥4.11 ¥7.65 ¥12.53 36
10Y EBITDA Exit ¥5.41 ¥9.94 ¥16.16 37
10Y P/E Exit ¥4.30 ¥7.63 ¥11.81 35
Earnings-Based
Graham-Dodd ¥3.57 ¥12.07 ¥16.17 54
Lynch FV ¥2.76 ¥3.94 ¥5.12 50
PEG = 1.0 ¥2.76 ¥3.94 ¥5.12 46
EPV ¥3.95 ¥4.82 ¥5.57 59
Dividend Discount
Gordon GGM ¥3.93 ¥7.83 ¥11.86 70
DDM Multi-Stage ¥3.93 ¥6.63 ¥8.26 61
Multiples
P/E Multiple ¥7.09 ¥9.45 ¥11.81 63
P/S Multiple ¥6.69 ¥8.93 ¥11.16 58
P/B Multiple ¥6.69 ¥8.93 ¥11.16 55
EV/EBIT ¥6.65 ¥9.38 ¥12.12 53
EV/EBITDA ¥8.60 ¥11.99 ¥15.38 54
EV/Revenue ¥5.08 ¥7.92 ¥10.77 43
Asset-Based
NCAV (Graham) ¥2.97 ¥3.99 ¥5.95 50
Growth DCF
Growth DCF ¥4.13 ¥6.89 ¥10.74 80
Rev-Margin DCF ¥4.54 ¥8.46 ¥13.07 74
Economic Profit
Residual Income ¥5.04 ¥5.46 ¥6.41 76
ROIC Compounder ¥3.95 ¥4.82 ¥5.57 72
Growth Earnings
Growth-Adj P/E ¥6.15 ¥8.79 ¥11.43 68

Widest divergence: Multiples (¥8.93) versus Earnings-Based (¥3.94). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 8.2B CNY
Revenue growth (YoY) -11.0%
Net margin 6.1%
Return on equity 7.1%
Free cash flow 569M CNY FY2025
P/E ratio 15.7
More key figures
Operating margin 14.3%
EPS (TTM) ¥0.4500
Dividend yield 2.8%
EPS growth (YoY) -19.1%
Net debt 2.2B CNY FY2025

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 53 · Market factors (momentum, volatility) 43

Profitability 33
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 48
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 13
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

Shaanxi Provincial Natural Gas Co.,Ltd., a natural gas company, engages in the planning, construction, operation, management, and distribution of natural gas in Shaanxi Province, China.

Full company description

Shaanxi Provincial Natural Gas Co.,Ltd., a natural gas company, engages in the planning, construction, operation, management, and distribution of natural gas in Shaanxi Province, China. It operates guanzhong ring line, Xianyang to Baoji, Xi'an to Weinan, Baoji to Hanzhong, and Hanzhong to Ankang pipelines with a total mileage of approximately 4,569 kilometers. Shaanxi Provincial Natural Gas Co.,Ltd. was founded in 1995 and is based in Xi'an, China. Shaanxi Provincial Natural Gas Co.,Ltd. is a subsidiary of Shaanxi Gas Group Co.,Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shaanxi Provincial Natural Gas Co reported revenue of ¥8.6B in FY2025 versus ¥7.6B in FY2021, a compound +3.3%/yr. Reported net income was ¥584M in FY2025, compounding +8.5%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
8.6B CNY
Latest YoY
−4.8%
Avg. growth/yr (3Y)
+0.3%
Avg. growth/yr (5Y)
+1.0%
Avg. growth/yr (20Y)
+10.8%
Revenue +3.3%/yr
FY21 ¥7.6B
FY22 ¥8.5B
FY23 ¥7.8B
FY24 ¥9.0B
FY25 ¥8.6B
Net income +8.5%/yr
FY21 ¥421M
FY22 ¥616M
FY23 ¥544M
FY24 ¥724M
FY25 ¥584M

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Cite: Fair Value Calculator (2026). "Shaanxi Provincial Natural Gas Co Fair Value". https://www.fairvalue-calculator.com/stock/002267

Peer Group

Oil & Gas Midstream · 87 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 55 · Above median
Fair Value upside +27% · Top 25%
Return on equity (TTM) 7% · Below median
Return on assets 3% · Below median
Net margin (TTM) 6% · Below median
Operating margin (TTM) 14% · Below median
Revenue growth -11% · Bottom 25%
Dividend yield (TTM) 2.8% · Below median
Debt / equity 0.41× · Lower than median

Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper

P/E (TTM) 15.7× · Pricier than median
P/B 1.19× · Cheaper than median
P/S (TTM) 0.96× · Cheaper than median
P/FCF 2.1× · Cheaper than 75% of peers
EV/EBITDA 7.0× · Cheaper than median

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 69 · sector 0
FUTURE 0 · sector 41
PAST 28 · sector 41
HEALTH 80 · sector 54
DIVIDEND 55 · sector 99

Values & ESG

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

Oil & gas

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

Similar stocks

10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Enbridge Inc ENB $56.46 $47.20 -16%
The Williams Companies, Inc WMB $73.38 $12.03 -84%
Enterprise Products Partners L.P. EPD $38.31 $24.74 -35%
TC Energy Corporation TRP C$97.79 C$42.00 -57%
Kinder Morgan, Inc KMI $32.54 $11.12 -66%
Energy Transfer LP, ET $19.91 $17.69 -11%
ONEOK, Inc OKE $93.52 $64.05 -32%
Targa Resources Corp TRGP $273.35 $79.61 -71%
MPLX LP owns and MPLX $57.17 $37.05 -35%
Cheniere Energy, Inc LNG $255.83 $211.18 -17%

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Frequently asked questions

Is Shaanxi Provincial Natural Gas Co (002267) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of ¥8.97 versus a price of ¥7.08, about +27% (undervalued).
What is the fair value of 002267?
Our model-based fair value for Shaanxi Provincial Natural Gas Co is ¥8.97 (as of Jul 22, 2026), built from audited fundamentals. The current price is ¥7.08.
What is the quality score of 002267?
Shaanxi Provincial Natural Gas Co has a Quality Score of 55/100. 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 Shaanxi Provincial Natural Gas Co (002267)?
Shaanxi Provincial Natural Gas Co reported trailing-twelve-month revenue of about 8.2B CNY (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 002267?
The net profit margin of Shaanxi Provincial Natural Gas Co is about 6.1%, meaning it keeps roughly 6.1% of revenue as net income. Based on the latest reported figures.
Does Shaanxi Provincial Natural Gas Co pay a dividend?
Shaanxi Provincial Natural Gas Co currently shows a dividend yield of about 2.77% relative to its recent price (as of Jul 22, 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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