CLP Holdings Limited CLPHY

UtilitiesElectric Utilities & IPPsHong Kong

Last close 9.88 USD on Nov 1, 2026, +13.5% year to date

Quant rating

Quant rating C Rank 52 of 89 in Utilities

Growth D 64 of 89
Valuation C 36 of 89
Quality D 70 of 89
Revisions B 30 of 89
Momentum B 25 of 89

Wall Street consensus Buy (2.00)Average target 10.51 USD +6.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 24.9B
Enterprise value: 33.7B
52-week range: 8.33 – 10.44
3-year range: 7.29 – 10.44
Dividend yield: 4.13%
Beta (5 years): 0.43
Shares outstanding: 2,526M
Next earnings: Feb 24, 2027

About the company

CLP Holdings Ltd is an investment holding company principally engaged in the generation and supply of electricity. The Company has a portfolio of power generation that includes coal, gas, nuclear and renewable sources. The Company is also engaged in the operation in the transmission, distribution, and retail of energy, and offers smart energy services. The Company operates its business in Hong Kong, Mainland China, Australia, India, Southeast Asia, and Taiwan.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	11,310	11,711	11,163	12,890	10,770	–
Revenue growth	−3.4%	4.9%	−13.4%	19.7%	4.9%	2.0%
EPS (basic, normalized)	0.53	0.57	0.34	0.05	0.48	–
EPS growth	−7.2%	70.2%	614.9%	−90.3%	–	–
Gross margin	–	–	–	–	–	–
Net margin	11.9%	12.9%	7.6%	0.9%	10.1%	8.7%
ROE	9.9%	11.3%	6.3%	0.9%	7.4%	7.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	11,310	−3.4%	3.0x	3,241	+9.0%	10.4x	0.53	−7.2%	18.6x
2026	11,408	+0.9%	3.0x	3,134	−3.3%	10.8x	0.58	+8.9%	17.1x
2027	11,606	+1.7%	2.9x	3,288	+4.9%	10.3x	0.59	+1.7%	16.8x
2028	12,269	+5.7%	2.8x	3,413	+3.8%	9.9x	0.62	+6.3%	15.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	11,408	0.0%	−0.1%	−3.1%	0.58	0.0%	+0.9%	0.0%
2027	11,606	0.0%	−0.1%	−2.6%	0.59	0.0%	0.0%	+3.1%
2028	12,269	0.0%	0.0%	–	0.62	0.0%	0.0%	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CLPHY CLP Holdings Limited	24.9B	–	11.9%	1.71x	17.1x	16.8x	10.8x	10.3x
ETR Entergy Corp	52.6B	5.42x	13.6%	2.77x	25.0x	21.3x	13.6x	11.3x
XEL Xcel Energy Inc	51.2B	7.12x	13.8%	1.99x	19.3x	17.5x	13.4x	11.3x
SSEZY SSE PLC	42.9B	–	11.9%	2.03x	13.6x	11.7x	10.5x	8.8x
FTS Fortis Inc.	30.1B	7.16x	14.1%	1.66x	22.8x	21.1x	13.3x	12.3x
AXIAY Axia Energia SA	24.0B	2.50x	15.9%	0.87x	16.5x	11.2x	4.6x	3.6x
Mean		5.55x	13.5%	1.84x	19.0x	16.6x	11.0x	9.6x
Median		6.27x	13.7%	1.85x	18.2x	17.2x	12.0x	10.8x

Technical analysis

1M+1.2%
3M−0.6%
1Y+20.7%
3Y+55.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CLP Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	11,310	11,711	11,163	12,890	10,770	10,267
Cost of revenue	3,720	4,103	3,948	5,213	3,688	3,506
Gross profit	7,590	7,608	7,216	7,677	7,082	6,760
Selling, general & administrative expenses	769	663	608	598	655	625
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,249	1,194	1,101	1,140	1,194	1,093
Interest expense (income), operating	−59.1	–	–	–	–	–
Unusual expense (income)	–	–	751	552	142	–
Other operating expenses	3,797	3,832	3,562	5,262	3,666	3,144
Operating income	1,834	1,919	1,193	124	1,424	1,898
Net interest income (expense)	23.9	120	203	111	69.4	128
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−33.0	−37.8	−33.0	−32.1	−26.0	−26.3
Net income before taxes	1,825	2,000	1,363	204	1,467	2,000
Provision for taxes	341	363	381	13.2	252	386
Minority interest	−113	−108	−112	−54.3	−108	−118
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,371	1,529	870	136	1,107	1,496
Extraordinary items	–	–	–	–	–	–
Net income	1,371	1,529	870	136	1,107	1,496
EBIT, normalized	1,879	1,994	2,007	731	1,677	1,953
EBITDA, normalized	3,128	3,188	3,108	1,871	2,871	3,047
Basic EPS, normalized	0.53	0.57	0.34	0.05	0.48	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CLP Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	502	641	664	545	1,021	1,441
Receivables	1,487	1,623	1,572	1,839	1,865	1,437
Total inventory	569	695	707	820	760	754
Prepaid expenses	–	–	–	–	–	–
Other current assets	376	496	505	1,209	701	675
Total current assets	2,935	3,455	3,449	4,413	4,347	4,307
Property, plant & equipment	22,729	21,825	20,790	20,031	20,844	20,189
Goodwill	1,030	1,008	1,033	1,778	1,859	1,928
Intangibles	600	594	613	584	669	724
Long-term investments	2,865	2,726	2,924	2,794	2,602	2,678
Note receivable	–	–	–	–	–	–
Other long-term assets	506	479	525	623	440	387
Total assets	30,665	30,088	29,333	30,223	30,761	30,215
Liabilities
Accounts payable	795	882	836	834	785	784
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,264	2,059	1,636	1,478	1,376	1,157
Other current liabilities	2,877	2,827	2,969	3,381	2,687	2,704
Total current liabilities	4,936	5,768	5,440	5,693	4,849	4,645
Long-term debt	6,813	6,455	5,886	6,227	6,119	5,882
Minority interest	764	781	789	808	1,256	1,275
Other liabilities	3,827	3,688	3,615	3,488	3,540	3,438
Total liabilities	16,340	16,692	15,730	16,216	15,763	15,240
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,987	2,992	2,977	2,976	2,981	2,998
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	11,928	11,629	11,033	11,178	12,078	12,032
Treasury stock	–	–	–	–	–	–
Other equity	−589	−1,226	−407	−147	−61.2	−55.7
Total equity	14,325	13,396	13,603	14,007	14,998	14,975
Total liabilities & shareholders' equity	30,665	30,088	29,333	30,223	30,761	30,215

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CLP Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,825	2,000	1,363	204	1,467	2,000
Depreciation, depletion & amortization	1,249	1,194	1,101	1,140	1,194	1,093
Deferred taxes	–	–	–	–	–	–
Non-cash items	199	−10.0	732	530	−45.3	−60.9
Changes in working capital	−140	−206	−178	−243	−332	−146
Cash from operations	3,133	2,979	3,018	1,631	2,284	2,886
Investing activities
Capital expenditures	−2,094	−2,026	−1,610	−1,906	−1,660	−1,424
Other investing cash flows	253	−61.4	397	−63.9	148	123
Cash from investing	−1,841	−2,088	−1,213	−1,970	−1,512	−1,300
Financing activities
Financing cash flow items	−398	−491	−425	−408	−406	−382
Cash dividends paid	−1,023	−1,008	−1,003	−1,003	−1,005	−1,004
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−21.2	593	−255	1,285	322	69.1
Cash from financing	−1,442	−906	−1,683	−126	−1,088	−1,317
Foreign exchange effects	12.8	−11.6	−2.8	−40.1	−3.8	25.2
Net change in cash	−138	−26.5	119	−506	−320	294
Free cash flow	1,039	953	1,408	−275	624	1,462

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.