Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd ¥5.73, price ¥4.61, upside +24.3%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 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 24, 2026.
How to read this chart
60‑month range ¥2.07 – ¥7.92 · fair‑value band ¥3.76 – ¥7.16 · the ¥4.61 price screens below the ¥5.73 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Inner Mongolia MengDian HuaNeng Thermal Power Corporation Limited engages in thermal power generation and heating businesses in China.
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Inner Mongolia MengDian HuaNeng Thermal Power Corporation Limited engages in thermal power generation and heating businesses in China. The company is involved in the production, supply, sale, maintenance, and management of steam and hot water, wind and solar power, and other energy power generation assets; and development, construction, operation, and management of coal, coal chemical, and deep coal processing projects. It also invests in limestone and raw materials related to power production; engages in railway supporting infrastructure; and provision of management and consulting services. The company was founded in 1993 and is headquartered in Hohhot, China. Inner Mongolia MengDian HuaNeng Thermal Power Corporation Limited operates as a subsidiary of Northern United Electric Power Co., Ltd.
Stock analysis
Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863) currently trades at ¥4.61, while our model-based Fair Value estimate is ¥5.73, implying the stock looks roughly 19.5% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ¥6.67 per share, and 17 of the 26 models we run sit above the ¥4.61 price.
Bear case: the Asset-Based group reads lowest at ¥1.35, and 9 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: ¥3.76 (bear) to ¥7.16 (bull), the price of ¥4.61 sits inside 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 57/100 (solid quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd reported revenue of 21.1B CNY in FY2025 versus 19.0B CNY in FY2021, a compound +2.6%/yr. Reported net income was 2.5B CNY in FY2025, compounding +49.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 37.0B CNY (≈ $5.5B) · P/E ratio 14.9 · P/S ratio 1.76 · EPS (TTM) ¥0.3100 · Dividend yield 4.8% · Net margin 11.8% · Return on equity 11.0% · Return on assets (EBIT) 6.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −48% fair-value upside, at 24%, 600863 screens cheaper than that median.
Fair Value models
Bear ¥3.76Fair Value ¥5.73Bull ¥7.16
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 9 months old). Earnings retained since then (¥0.0658 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−5.6%
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.
−3.0%
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.
+6.5%
Start year 2020 (pandemic). Over 10 years: +6.9% a year
Revenue growth 31 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.
+14.2%
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What shareholders gained per year (last 5 years) ⓘ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 5 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.
+28.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.9%
Dividend (yield on the price)4.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.24% vs 12%, picking up
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.6% → 19%
Start year 2020 (pandemic)
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).
+1.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −0.4% a year for the price.
Compare Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd with another stock
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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.Utilities - Independent Power Producers · 76 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+24% · Above median
Profitability
Return on equity (TTM)11% · Above median
Return on assets5% · Top 25%
Net margin (TTM)11% · Above median
Operating margin (TTM)21% · Above median
Growth and dividend
Revenue growth−14% · Below median
Dividend yield (TTM)4.8% · Above median
Balance sheet
Debt / equity0.52× · Below median
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600863
Frequently asked questions
Is Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ¥5.73 versus a price of ¥4.61, about +24% upside (undervalued).
What is the fair value of 600863?
Our model-based fair value for Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd is ¥5.73 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥4.61.
What is the quality score of 600863?
Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd has a Quality Score of 57/100. 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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
Our model-based price target is the fair value of ¥5.73 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ¥3.76, optimistic scenario ¥7.16. It is a calculation from audited fundamentals, not an analyst target.
What is the Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd stock forecast for 2026?
Our models put fair value at ¥5.73, about +24% upside versus a price of ¥4.61 (undervalued). Cautious scenario ¥3.76, optimistic scenario ¥7.16. The calculation is refreshed regularly with new filings.
What is the revenue of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd reported trailing-twelve-month revenue of about 20.3B CNY (latest available figure, as of Sep 24, 2026).
Does Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd pay a dividend?
Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd currently shows a dividend yield of about 4.77% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
For today's price to be fair in a discounted-cash-flow model, Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd would have to grow free cash flow by +1.3 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 600863 use?
Our models discount Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd at 9.1 %: a base by market capitalisation (mid), damped by beta 0.26, country premium for China. 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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd that is +1.3 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863) delivered so far?
Over the past 5 years revenue at Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd grew +6.5 % a year. The price currently implies +1.3 % 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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863) growing?
The median revenue growth in the sector is +0.7 % a year. That is the yardstick for the growth priced into Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (+1.3 % 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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
The free-cash-flow yield on the price is 9.84 %: that much free cash flow Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd it is ¥5.73 per share (as of Sep 24, 2026), against a price of ¥4.61. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 600863 trades below its calculated fair value: price ¥4.61, fair value ¥5.73, a gap of about +24% (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 600863?
No. The price is what the market pays today (¥4.61); the fair value is what the company's own numbers justify (¥5.73). For Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd the two are ¥1.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd worth?
The market values Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd at about 37.0B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥4.61; our models calculate a fair value of ¥5.73 per share.
What do the bullish and bearish scenarios say about 600863?
Our models span a range for Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd: cautious scenario ¥3.76, base ¥5.73, optimistic ¥7.16 per share (as of Sep 24, 2026, price ¥4.61). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 600863?
Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd trades at a price-to-earnings ratio of 14.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥5.73 is built from several models across several years. Other multiples: P/B 2.4, P/S 1.8, EV/EBITDA 7.4.
How solid is the balance sheet of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
Balance-sheet figures for Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (as of Sep 24, 2026): return on equity 11.0%, debt of 0.52 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 600863 from its 52-week high?
Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd trades at ¥4.61, about 42% below its 52-week high of ¥7.92 and 14% above the low of ¥4.03 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥5.73 is for.
Which stocks are comparable to Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, Adani Power Limited, CGN Power Co, 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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price ¥4.61, calculated fair value ¥5.73 (+24%), Quality Score 57/100, 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 600863 calculated?
We run Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd 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 ¥5.73, 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 14.1 % above its aggregate fair value. Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd currently trades 24 % 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 is the share price of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
The closing price on Sep 23, 2026 was ¥4.61. Our model-based fair value is ¥5.73, about +24% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd right now?
Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (¥3.76 to ¥7.16) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863) come from?
Earnings per share at Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd grew +5.1 % a year from 2013 to 2024. Broken into its drivers: revenue per share +5.1 %, EBIT margin −4.3 %, tax rate +1.4 %, residual (interest, one-offs) +3.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd
How large is the market capitalisation of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
The market capitalisation of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd is 37.0B CNY (≈ $5.5B). 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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
The price-to-sales ratio of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd is 1.76 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
Earnings per share at Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd are ¥0.3100 (price ÷ EPS = P/E 14.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
The dividend yield of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd is 4.8% (payout 71.0%). 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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
The net margin of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd is 11.8% (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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
The return on equity (ROE) of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd is 11.0% (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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
On an EBIT basis the return on assets of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd is 6.2% (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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
The operating margin of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd is 20.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
Revenue at Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd is growing −13.6% versus a year earlier (3y avg −3.0%). 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 Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863)?
Earnings per share at Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd are growing −26.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd (600863) carry?
The net debt of Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd is 10.3B CNY (fiscal year 2025, ≈ 3.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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