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China Everbright Water Limited (U9E) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of China Everbright Water Limited S$0.50, price S$0.22, upside +132.6%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Utilities · SG · ISIN BMG2116Y1057

CE Thin data Sep 24, 2026

China Everbright Water Limited

U9E · SG

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value 0.5000 SGD · Strongly undervalued (+132.6%)
!Quality 56/100
!Mixed Growth (revenue 5y +4.3 %/yr)
✓Solidly profitable · 15.7% net margin (TTM)
✓Moderate debt · generates free cash flow
!Moderate moat 62/100
!Evidence only low, so the estimate is less certain

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

0.2621 SGD 0.1470 SGD Fair Value 0.5000 SGD Jul 2021 Oct 2026

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 0.1470 SGD – 0.2621 SGD · fair‑value band 0.2700 SGD – 0.7700 SGD · the 0.2150 SGD price screens below the 0.5000 SGD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

China Everbright Water Limited engages in the water environment management business in Mainland China and Germany.

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China Everbright Water Limited engages in the water environment management business in Mainland China and Germany. It is involved in municipal wastewater treatment, industrial wastewater treatment, water supply, reusable water, sludge treatment and disposal, sponge city construction, river-basin ecological restoration, livestock and poultry manure resources utilization, and research and development of water environmental technologies and engineering construction. The company was incorporated in 2003 and is based in Shenzhen, the People's Republic of China. China Everbright Water Limited operates as a subsidiary of China Everbright Environment Group Limited.

Stock analysis

China Everbright Water Limited (U9E) currently trades at 0.2150 SGD, while our model-based Fair Value estimate is 0.5000 SGD, implying the stock looks roughly 57.0% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 0.7600 SGD per share, and 24 of the 24 models we run sit above the 0.2150 SGD price.

Bear case: the Economic Profit group reads lowest at 0.2300 SGD, and 0 of the 24 models stay below the price. Evidence for this calculation is low.

Scenario range: 0.2700 SGD (bear) to 0.7700 SGD (bull), the price of 0.2150 SGD 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 56/100 (solid quality), in the Utilities sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

China Everbright Water Limited reported revenue of HK$5.4B in FY2025 versus HK$6.9B in FY2021, a compound −6.2%/yr. Reported net income was HK$842M in FY2025, compounding −8.5%/yr from FY2021.

Key figures

Market cap 615M SGD (≈ $481M) · P/E ratio 4.3 · P/S ratio 0.68 · EPS (TTM) 0.0500 SGD · Net margin 15.7% · Return on equity 6.2% · Return on assets (EBIT) 5.7% · Operating margin 35.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).

What moves the price

The share trades about 18% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −41% fair-value upside, at 133%, U9E screens cheaper than that median.

Fair Value models

Bear 0.2700 SGD Fair Value 0.5000 SGD Bull 0.7700 SGD
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. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. 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.
Highest evidence
Residual Income 0.5800 SGD 0.5900 SGD 0.6200 SGD 76
FCF DCF 0.1200 SGD 0.3600 SGD 0.6600 SGD 75
Growth DCF 0.1200 SGD 0.3400 SGD 0.6000 SGD 74
All 24 models by family
DCF Models
FCF DCF 0.1200 SGD 0.3600 SGD 0.6600 SGD 75
Owner Earnings 0.0900 SGD 0.3200 SGD 0.6200 SGD 71
5Y Revenue Exit 0.0500 SGD 0.3200 SGD 0.6500 SGD 66
5Y EBITDA Exit 0.1900 SGD 0.5700 SGD 1.00 SGD 71
5Y P/E Exit 0.0900 SGD 0.3900 SGD 0.7000 SGD 66
10Y Revenue Exit 0.0600 SGD 0.2900 SGD 0.5900 SGD 61
10Y EBITDA Exit 0.1500 SGD 0.4500 SGD 0.8200 SGD 64
10Y P/E Exit 0.1000 SGD 0.3400 SGD 0.6200 SGD 60
Earnings-Based
Graham-Dodd 0.3300 SGD 0.8800 SGD 1.16 SGD 65
Lynch FV 0.1700 SGD 0.2500 SGD 0.3200 SGD 61
PEG = 1.0 0.1700 SGD 0.2500 SGD 0.3200 SGD 57
EPV 0.1400 SGD 0.2300 SGD 0.3000 SGD 72
Multiples
P/E Multiple 0.6500 SGD 0.8600 SGD 1.08 SGD 63
P/S Multiple 0.5700 SGD 0.7600 SGD 0.9500 SGD 58
P/B Multiple 0.6100 SGD 0.8200 SGD 1.02 SGD 55
EV/EBIT 0.6000 SGD 0.9700 SGD 1.33 SGD 64
EV/EBITDA 0.3400 SGD 0.6200 SGD 0.8900 SGD 65
EV/Revenue 0.0400 SGD 0.2700 SGD 0.5000 SGD 47
Asset-Based
NCAV (Graham) 0.3900 SGD 0.5200 SGD 0.7700 SGD 54
Growth DCF
Growth DCF 0.1200 SGD 0.3400 SGD 0.6000 SGD 74
Rev-Margin DCF 0.0500 SGD 0.3300 SGD 0.6400 SGD 66
Economic Profit
Residual Income 0.5800 SGD 0.5900 SGD 0.6200 SGD 76
ROIC Compounder 0.1400 SGD 0.2300 SGD 0.3000 SGD 71
Growth Earnings
Growth-Adj P/E 0.5200 SGD 0.7400 SGD 0.9600 SGD 67

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Quality Score breakdown

Overall quality 56/100

Of which business quality 51 · Market factors (momentum, volatility) 44

Profitability 28
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 25
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
−0.3%
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.
+4.3%
Revenue growth 11 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.
+16.4%
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.
−3.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.8%
Dividend (yield on the price)0.0%
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.33% → 32%

Growth Forecast

A lot of optimism in the price
The price assumes more 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).
+13.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in HKD, Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about +11.0% a year for the price.

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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 - Regulated Water · 61 stocks

Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 56 · Top 25%
Fair Value upside +200.0% · Top 25%
Profitability
Return on equity (TTM) 6.2% · Below median
Return on assets 3.0% · Above median
Net margin (TTM) 15.7% · Above median
Operating margin (TTM) 35.8% · Top 25%
Growth and dividend
Revenue growth −40.7% · Bottom 25%
Dividend yield (TTM) 46.8% · Top 25%
Balance sheet
Debt / equity 0.80× · Above median

Valuation Multiplesvs Utilities - Regulated Water median · lower = cheaper

P/E (TTM) 4.3× · Cheapest 25%
P/B 0.29× · Cheapest 25%
P/S (TTM) 0.73× · Cheapest 25%
P/FCF 0.6× · Cheapest 25%
EV/EBITDA 6.2× · Cheapest 25%

Context: sector, industry, market

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

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Cite: Fair Value Calculator (2026). "China Everbright Water Limited Fair Value". https://www.fairvalue-calculator.com/stock/U9E

Frequently asked questions

Is China Everbright Water Limited (U9E) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.5000 SGD versus a price of 0.2150 SGD, about +133% upside (undervalued).
What is the fair value of U9E?
Our model-based fair value for China Everbright Water Limited is 0.5000 SGD (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.2150 SGD.
What is the quality score of U9E?
China Everbright Water Limited has a Quality Score of 56/100. 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 China Everbright Water Limited (U9E)?
Our model-based price target is the fair value of 0.5000 SGD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 0.2700 SGD, optimistic scenario 0.7700 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the China Everbright Water Limited stock forecast for 2026?
Our models put fair value at 0.5000 SGD, about +133% upside versus a price of 0.2150 SGD (undervalued). Cautious scenario 0.2700 SGD, optimistic scenario 0.7700 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of China Everbright Water Limited (U9E)?
China Everbright Water Limited reported trailing-twelve-month revenue of about HK$5.4B (latest available figure, as of Sep 24, 2026).
What growth is priced into China Everbright Water Limited (U9E)?
For today's price to be fair in a discounted-cash-flow model, China Everbright Water Limited would have to grow free cash flow by +13.4 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of U9E use?
Our models discount China Everbright Water Limited at 9.6 %: a base by market capitalisation (small), damped by beta 0.40, country premium for Singapore. 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 China Everbright Water Limited that is +13.4 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has China Everbright Water Limited (U9E) delivered so far?
Over the past 5 years revenue at China Everbright Water Limited grew -1.1 % a year. The price currently implies +13.4 % 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 China Everbright Water Limited (U9E) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into China Everbright Water Limited (+13.4 % 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 China Everbright Water Limited (U9E)?
The free-cash-flow yield on the price is 20.64 %: that much free cash flow China Everbright Water Limited produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of China Everbright Water Limited (U9E)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Everbright Water Limited it is 0.5000 SGD per share (as of Sep 24, 2026), against a price of 0.2150 SGD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is China Everbright Water Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, U9E trades below its calculated fair value: price 0.2150 SGD, fair value 0.5000 SGD, a gap of about +133% (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 U9E?
No. The price is what the market pays today (0.2150 SGD); the fair value is what the company's own numbers justify (0.5000 SGD). For China Everbright Water Limited the two are 0.2850 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is China Everbright Water Limited worth?
The market values China Everbright Water Limited at about 615M SGD (market capitalisation, as of Sep 24, 2026). Per share that is 0.2150 SGD; our models calculate a fair value of 0.5000 SGD per share.
What do the bullish and bearish scenarios say about U9E?
Our models span a range for China Everbright Water Limited: cautious scenario 0.2700 SGD, base 0.5000 SGD, optimistic 0.7700 SGD per share (as of Sep 24, 2026, price 0.2150 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of U9E?
China Everbright Water Limited trades at a price-to-earnings ratio of 4.3 (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 0.5000 SGD is built from several models across several years. Other multiples: P/B 0.3, P/S 0.7, EV/EBITDA 6.2.
How solid is the balance sheet of China Everbright Water Limited (U9E)?
Balance-sheet figures for China Everbright Water Limited (as of Sep 24, 2026): return on equity 6.2%, debt of 0.80 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is U9E from its 52-week high?
China Everbright Water Limited trades at 0.2150 SGD, about 18% below its 52-week high of 0.2621 SGD and 2% above the low of 0.2100 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 0.5000 SGD is for.
Which stocks are comparable to China Everbright Water Limited?
From the same area (Utilities) we also value American Water Works Company, Essential Utilities, Inc, Guangdong Investment Limited, Grandblue Environment 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 China Everbright Water Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 0.2150 SGD, calculated fair value 0.5000 SGD (+133%), Quality Score 56/100, from 24 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 U9E calculated?
We run China Everbright Water Limited through 24 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 0.5000 SGD, 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 14.5 % above its aggregate fair value. China Everbright Water Limited currently trades 57 % 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 China Everbright Water Limited (U9E)?
The closing price on Oct 2, 2026 was 0.2150 SGD. Our model-based fair value is 0.5000 SGD, about +133% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Everbright Water Limited right now?
The price is below even our cautious bear case (0.2700 SGD). The market is more pessimistic than our downside scenario. The model range is unusually wide (0.2700 SGD to 0.7700 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of China Everbright Water Limited

How large is the market capitalisation of China Everbright Water Limited (U9E)?
The market capitalisation of China Everbright Water Limited is 615M SGD (≈ $481M). 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 China Everbright Water Limited (U9E)?
The price-to-sales ratio of China Everbright Water Limited is 0.68 (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 China Everbright Water Limited (U9E)?
Earnings per share at China Everbright Water Limited are 0.0500 SGD (price ÷ EPS = P/E 4.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of China Everbright Water Limited (U9E)?
The net margin of China Everbright Water Limited is 15.7% (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 China Everbright Water Limited (U9E)?
The return on equity (ROE) of China Everbright Water Limited is 6.2% (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 China Everbright Water Limited (U9E)?
On an EBIT basis the return on assets of China Everbright Water Limited is 5.7% (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 China Everbright Water Limited (U9E)?
The operating margin of China Everbright Water Limited is 35.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Everbright Water Limited (U9E)?
Revenue at China Everbright Water Limited is growing −40.7% versus a year earlier (3y avg −7.3%). 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 China Everbright Water Limited (U9E)?
Earnings per share at China Everbright Water Limited are growing −36.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does China Everbright Water Limited (U9E) carry?
The net debt of China Everbright Water Limited is HK$15.1B (fiscal year 2025, ≈ 19.4 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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