CNNC International Limited (2302) fair value: what the stock is really worth
We calculate from audited financials what CNNC International Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range HK$0.8500 – HK$8.55 · fair‑value band HK$8.09 – HK$20.29 · the HK$3.61 price screens below the HK$13.32 fair value. Dashed = 300-day average. As of Sep 13, 2026.
CNNC International Limited, an investment holding company, engages in the exploration, sale, and trading of uranium in People's Republic of China, Hong Kong, the United States, The United Kingdom, Kazakhstan, Germany, Netherlands, and Canada.
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CNNC International Limited, an investment holding company, engages in the exploration, sale, and trading of uranium in People's Republic of China, Hong Kong, the United States, The United Kingdom, Kazakhstan, Germany, Netherlands, and Canada. The company operates through Trading of Mineral Properties, and Exploration and Selling of Mineral Properties segments. It is also involved in the provision of electricity transmission services. The company was formerly known as United Metals Holdings Limited and changed its name to CNNC International Limited in August 2008. CNNC International Limited was incorporated in 2002 and is headquartered in Wan Chai, Hong Kong. CNNC International Limited operates as a subsidiary of CNNC Overseas Limited.
Stock analysis
CNNC International Limited (2302) currently trades at HK$3.61, while our model-based Fair Value estimate is HK$13.32, implying the stock looks roughly 72.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$18.00 per share, and 23 of the 26 models we run sit above the HK$3.61 price.
Bear case: the Economic Profit group reads lowest at HK$3.88, and 3 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$8.09 (bear) to HK$20.29 (bull), the price of HK$3.61 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 72/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
CNNC International Limited reported revenue of HK$2.5B in FY2025 versus HK$281M in FY2021, a compound +72.6%/yr. Reported net income was HK$192M in FY2025, compounding +319.4%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap HK$2.1B (≈ $268M) · P/E ratio 11.0 · P/S ratio 0.85 · Dividend yield 0.2% · Net margin 7.7% · Return on equity 25.0% · Return on assets (EBIT) 12.5% · Operating margin 11.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 59% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −74% fair-value upside, at 269%, 2302 screens cheaper than that median.
Fair Value models
Bear HK$8.09Fair Value HK$13.32Bull HK$20.29
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (HK$0.0141 per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+35.2%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+40.1%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+30.3%
Revenue growth 23 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+13.5%
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What shareholders gained per year (last 3 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+34.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+34.0%
Dividend (yield on the price)0.2%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−1% → 9%
2025 sits 81% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−18.4%
Yearly growth needed for the next five years to justify today's price.
Compare CNNC International Limited with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Uranium · 25 stocks
Beats the industry median on 7/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+104% · Top 25%
Profitability
Return on equity (TTM)25% · Top 25%
Return on assets15% · Top 25%
Net margin (TTM)8% · Below median
Operating margin (TTM)12% · Top 25%
Growth and dividend
Revenue growth3% · Top 25%
Valuation Multiplesvs Uranium median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "CNNC International Limited Fair Value". https://www.fairvalue-calculator.com/stock/2302.HK
Frequently asked questions
Is CNNC International Limited (2302) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of HK$13.32 versus a price of HK$3.61, about +269% upside (undervalued).
What is the fair value of 2302?
Our model-based fair value for CNNC International Limited is HK$13.32 (as of Sep 13, 2026), built from audited fundamentals. The current price: HK$3.61.
What is the quality score of 2302?
CNNC International Limited has a Quality Score of 72/100. 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 price target for CNNC International Limited (2302)?
Our model-based price target is the fair value of HK$13.32 (as of Sep 13, 2026) from 26 valuation models. Cautious scenario HK$8.09, optimistic scenario HK$20.29. It is a calculation from audited fundamentals, not an analyst target.
What is the CNNC International Limited stock forecast for 2026?
Our models put fair value at HK$13.32, about +269% upside versus a price of HK$3.61 (undervalued). Cautious scenario HK$8.09, optimistic scenario HK$20.29. The calculation is refreshed regularly with new filings.
What is the revenue of CNNC International Limited (2302)?
CNNC International Limited reported trailing-twelve-month revenue of about HK$2.5B (latest available figure, as of Sep 13, 2026).
Does CNNC International Limited pay a dividend?
CNNC International Limited currently shows a dividend yield of about 0.21% relative to its recent price (as of Sep 13, 2026).
What growth is priced into CNNC International Limited (2302)?
For today's price to be fair in a discounted-cash-flow model, CNNC International Limited would have to grow free cash flow by -18.4 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +30.3 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of 2302 use?
Our models discount CNNC International Limited at 15.7 %: a base by market capitalisation (micro), damped by beta 1.74, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CNNC International Limited that is -18.4 % per year a year over ten years, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has CNNC International Limited (2302) delivered so far?
Over the past 5 years revenue at CNNC International Limited grew +30.3 % a year. The price currently implies -18.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CNNC International Limited (2302) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into CNNC International Limited (-18.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CNNC International Limited (2302)?
The free-cash-flow yield on the price is 16.97 %: that much free cash flow CNNC International Limited produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CNNC International Limited (2302)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CNNC International Limited it is HK$13.32 per share (as of Sep 13, 2026), against a price of HK$3.61. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is CNNC International Limited stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 2302 trades below its calculated fair value: price HK$3.61, fair value HK$13.32, a gap of about +269% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2302?
No. The price is what the market pays today (HK$3.61); the fair value is what the company's own numbers justify (HK$13.32). For CNNC International Limited the two are HK$9.72 per share apart. That gap is exactly why we show both numbers side by side.
How much is CNNC International Limited worth?
The market values CNNC International Limited at about HK$2.1B (market capitalisation, as of Sep 13, 2026). Per share that is HK$3.61; our models calculate a fair value of HK$13.32 per share.
What do the bullish and bearish scenarios say about 2302?
Our models span a range for CNNC International Limited: cautious scenario HK$8.09, base HK$13.32, optimistic HK$20.29 per share (as of Sep 13, 2026, price HK$3.61). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2302?
CNNC International Limited trades at a price-to-earnings ratio of 11.0 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$13.32 is built from several models across several years. Other multiples: PEG 0.4, P/B 2.4, P/S 0.8, EV/EBITDA 5.4.
What is the PEG ratio of 2302?
The PEG ratio of CNNC International Limited is 0.36 (P/E divided by earnings growth, as of Sep 13, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of CNNC International Limited (2302)?
Balance-sheet figures for CNNC International Limited (as of Sep 13, 2026): return on equity 25.0%. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is 2302 from its 52-week high?
CNNC International Limited trades at HK$3.61, about 59% below its 52-week high of HK$8.80 and 18% above the low of HK$3.06 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$13.32 is for.
Which stocks are comparable to CNNC International Limited?
From the same area (Energy) we also value Cameco Corporation, China National Uranium Co, NexGen Energy Ltd, Sprott Physical Uranium Trust Fund, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CNNC International Limited stock attractive at the current price?
The data as of Sep 13, 2026: price HK$3.61, calculated fair value HK$13.32 (+269%), Quality Score 72/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2302 calculated?
We run CNNC International Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$13.32, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. CNNC International Limited currently trades 269 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with CNNC International Limited right now?
The rarer combination: high quality (72/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (HK$8.09). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (HK$8.09 to HK$20.29) leaves room in how you read the outcome.
Key figures of CNNC International Limited
How large is the market capitalisation of CNNC International Limited (2302)?
The market capitalisation of CNNC International Limited is HK$2.1B (≈ $268M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CNNC International Limited (2302)?
The price-to-sales ratio of CNNC International Limited is 0.85 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of CNNC International Limited (2302)?
The dividend yield of CNNC International Limited is 0.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CNNC International Limited (2302)?
The net margin of CNNC International Limited is 7.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CNNC International Limited (2302)?
The return on equity (ROE) of CNNC International Limited is 25.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CNNC International Limited (2302)?
On an EBIT basis the return on assets of CNNC International Limited is 12.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CNNC International Limited (2302)?
The operating margin of CNNC International Limited is 11.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CNNC International Limited (2302)?
Revenue at CNNC International Limited is growing +3.4% versus a year earlier (3y avg +40.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CNNC International Limited (2302)?
Earnings per share at CNNC International Limited are growing −10.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does CNNC International Limited (2302) hold?
CNNC International Limited holds more cash than debt, HK$904M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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