Anhui Province Natural Gas Development Co Ltd (603689) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Anhui Province Natural Gas Development Co Ltd ¥8.01, price ¥7.59, upside +5.5%, quality 50 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 23, 2026.
How to read this chart
60‑month range ¥6.06 – ¥9.68 · fair‑value band ¥5.61 – ¥10.42 · the ¥7.59 price screens below the ¥8.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Anhui Province Natural Gas DevelopmentCo.,Ltd. engages in the investment, construction, and operation of long-distance natural gas pipelines in China.
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Anhui Province Natural Gas DevelopmentCo.,Ltd. engages in the investment, construction, and operation of long-distance natural gas pipelines in China. The company sells natural gas to downstream customers, such as urban gas companies and direct industrial users through self-built long-distance pipelines; natural gas, LNG, and CNG to large industrial customers, urban gas operators, transportation operators, gas-fired power plants, industrial and commercial, residential customers on demand, and gas terminal customers. It also engages in the investment and construction of natural gas distributed energy, central heating, contract energy management, and other projects; and energy vehicle charging and replacement, as well as provides comprehensive integrated energy services for users. The company was formerly known as Anhui Natural Gas Development Co., Ltd. Anhui Province Natural Gas DevelopmentCo.,Ltd. was founded in 2002 and is based in Hefei, China.
Stock analysis
Anhui Province Natural Gas Development Co Ltd (603689) currently trades at ¥7.59, while our model-based Fair Value estimate is ¥8.01, implying the stock looks roughly 5.2% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ¥8.64 per share, and 7 of the 16 models we run sit above the ¥7.59 price.
Bear case: the Earnings-Based group reads lowest at ¥3.96, and 9 of the 16 models stay below the price. Evidence for this calculation is medium.
Scenario range: ¥5.61 (bear) to ¥10.42 (bull), the price of ¥7.59 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 50/100 (solid quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Anhui Province Natural Gas Development Co Ltd reported revenue of 5.1B CNY in FY2025 versus 4.9B CNY in FY2021, a compound +0.9%/yr. Reported net income was 324M CNY in FY2025, compounding +12.0%/yr from FY2021.
Key figures
Market cap 4.0B CNY (≈ $596M) · P/E ratio 13.3 · P/S ratio 0.85 · EPS (TTM) ¥0.5700 · Dividend yield 4.6% · Net margin 6.4% · Return on equity 8.2% · Return on assets (EBIT) 5.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −11% fair-value upside, at 6%, 603689 screens cheaper than that median.
Fair Value models
Bear ¥5.61Fair Value ¥8.01Bull ¥10.42
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 (¥0.1609 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.41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+5.5%
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.
+6.8%
Revenue growth 13 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.
+14.8%
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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.
+11.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.8%
Dividend (yield on the price)4.6%
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.7% vs 7%, steady
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% → 9%
Compare Anhui Province Natural Gas Development Co Ltd 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.Oil & Gas Midstream · 86 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+4% · Above median
Profitability
Return on equity (TTM)8% · Below median
Return on assets4% · Below median
Net margin (TTM)7% · Below median
Operating margin (TTM)12% · Below median
Growth and dividend
Revenue growth−8% · Bottom 25%
Dividend yield (TTM)4.6% · Above median
Balance sheet
Debt / equity0.37× · Below median
Valuation Multiplesvs Oil & Gas Midstream 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). "Anhui Province Natural Gas Development Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603689
Frequently asked questions
Is Anhui Province Natural Gas Development Co Ltd (603689) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of ¥8.01 versus a price of ¥7.59, about +6% upside (fairly valued).
What is the fair value of 603689?
Our model-based fair value for Anhui Province Natural Gas Development Co Ltd is ¥8.01 (as of Sep 23, 2026), built from audited fundamentals. The current price: ¥7.59.
What is the quality score of 603689?
Anhui Province Natural Gas Development Co Ltd has a Quality Score of 50/100. 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 Anhui Province Natural Gas Development Co Ltd (603689)?
Our model-based price target is the fair value of ¥8.01 (as of Sep 23, 2026) from 17 valuation models. Cautious scenario ¥5.61, optimistic scenario ¥10.42. It is a calculation from audited fundamentals, not an analyst target.
What is the Anhui Province Natural Gas Development Co Ltd stock forecast for 2026?
Our models put fair value at ¥8.01, about +6% upside versus a price of ¥7.59 (fairly valued). Cautious scenario ¥5.61, optimistic scenario ¥10.42. The calculation is refreshed regularly with new filings.
What is the revenue of Anhui Province Natural Gas Development Co Ltd (603689)?
Anhui Province Natural Gas Development Co Ltd reported trailing-twelve-month revenue of about 5.0B CNY (latest available figure, as of Sep 23, 2026).
Does Anhui Province Natural Gas Development Co Ltd pay a dividend?
Anhui Province Natural Gas Development Co Ltd currently shows a dividend yield of about 4.61% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Anhui Province Natural Gas Development Co Ltd (603689)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Anhui Province Natural Gas Development Co Ltd it is ¥8.01 per share (as of Sep 23, 2026), against a price of ¥7.59. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Anhui Province Natural Gas Development Co Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 603689 trades below its calculated fair value: price ¥7.59, fair value ¥8.01, a gap of about +6% (fairly valued). 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 603689?
No. The price is what the market pays today (¥7.59); the fair value is what the company's own numbers justify (¥8.01). For Anhui Province Natural Gas Development Co Ltd the two are ¥0.4200 per share apart. That gap is exactly why we show both numbers side by side.
How much is Anhui Province Natural Gas Development Co Ltd worth?
The market values Anhui Province Natural Gas Development Co Ltd at about 4.0B CNY (market capitalisation, as of Sep 23, 2026). Per share that is ¥7.59; our models calculate a fair value of ¥8.01 per share.
What do the bullish and bearish scenarios say about 603689?
Our models span a range for Anhui Province Natural Gas Development Co Ltd: cautious scenario ¥5.61, base ¥8.01, optimistic ¥10.42 per share (as of Sep 23, 2026, price ¥7.59). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603689?
Anhui Province Natural Gas Development Co Ltd trades at a price-to-earnings ratio of 13.3 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥8.01 is built from several models across several years. Other multiples: P/B 1.1, P/S 0.8, EV/EBITDA 7.5.
How solid is the balance sheet of Anhui Province Natural Gas Development Co Ltd (603689)?
Balance-sheet figures for Anhui Province Natural Gas Development Co Ltd (as of Sep 23, 2026): return on equity 8.2%, debt of 0.37 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is 603689 from its 52-week high?
Anhui Province Natural Gas Development Co Ltd trades at ¥7.59, about 21% below its 52-week high of ¥9.56 and 10% above the low of ¥6.93 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥8.01 is for.
Which stocks are comparable to Anhui Province Natural Gas Development Co Ltd?
From the same area (Energy) we also value Enbridge Inc, The Williams Companies, Inc, Enterprise Products Partners L.P., Kinder Morgan, Inc, 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 Anhui Province Natural Gas Development Co Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price ¥7.59, calculated fair value ¥8.01 (+6%), Quality Score 50/100, from 17 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 603689 calculated?
We run Anhui Province Natural Gas Development Co Ltd through 17 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 ¥8.01, 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. Anhui Province Natural Gas Development Co Ltd currently trades 6 % 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 Anhui Province Natural Gas Development Co Ltd (603689)?
The closing price on Sep 23, 2026 was ¥7.59. Our model-based fair value is ¥8.01, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Anhui Province Natural Gas Development Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (¥5.61 to ¥10.42) leaves room in how you read the outcome.
Where does the earnings growth of Anhui Province Natural Gas Development Co Ltd (603689) come from?
Earnings per share at Anhui Province Natural Gas Development Co Ltd grew +6.5 % a year from 2013 to 2024. Broken into its drivers: revenue per share +5.5 %, EBIT margin +1.5 %, tax rate +0.3 %, residual (interest, one-offs) −0.7 %. 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 Anhui Province Natural Gas Development Co Ltd
How large is the market capitalisation of Anhui Province Natural Gas Development Co Ltd (603689)?
The market capitalisation of Anhui Province Natural Gas Development Co Ltd is 4.0B CNY (≈ $596M). 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 Anhui Province Natural Gas Development Co Ltd (603689)?
The price-to-sales ratio of Anhui Province Natural Gas Development Co Ltd is 0.85 (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 Anhui Province Natural Gas Development Co Ltd (603689)?
Earnings per share at Anhui Province Natural Gas Development Co Ltd are ¥0.5700 (price ÷ EPS = P/E 13.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Anhui Province Natural Gas Development Co Ltd (603689)?
The dividend yield of Anhui Province Natural Gas Development Co Ltd is 4.6% (payout 61.4%). 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 Anhui Province Natural Gas Development Co Ltd (603689)?
The net margin of Anhui Province Natural Gas Development Co Ltd is 6.4% (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 Anhui Province Natural Gas Development Co Ltd (603689)?
The return on equity (ROE) of Anhui Province Natural Gas Development Co Ltd is 8.2% (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 Anhui Province Natural Gas Development Co Ltd (603689)?
On an EBIT basis the return on assets of Anhui Province Natural Gas Development Co Ltd is 5.9% (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 Anhui Province Natural Gas Development Co Ltd (603689)?
The operating margin of Anhui Province Natural Gas Development Co Ltd is 11.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Anhui Province Natural Gas Development Co Ltd (603689)?
Revenue at Anhui Province Natural Gas Development Co Ltd is growing −8.2% versus a year earlier (3y avg −4.8%). 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 Anhui Province Natural Gas Development Co Ltd (603689)?
Earnings per share at Anhui Province Natural Gas Development Co Ltd are growing +11.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Anhui Province Natural Gas Development Co Ltd (603689) generate?
The free cash flow of Anhui Province Natural Gas Development Co Ltd is −64.7M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Anhui Province Natural Gas Development Co Ltd (603689) carry?
The net debt of Anhui Province Natural Gas Development Co Ltd is 1.1B CNY (fiscal year 2025). 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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