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CLP Holdings (0002) Fair Value & Analysis

Utilities · HK · Market cap HK$185B (≈ $23.6B) · ISIN HK0002007356

What is CLP Holdings really worth?

CH CLP Holdings 0002 · HK
PriceHK$77.25
Fair ValueHK$42.12
Upside−45.5%
Quality53/100

A solid business, but trading 83% above our fair value of HK$42.12.

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Strengths

✓Solidly profitable · 12.1% net margin
✓Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +2.0 %/yr)
!Mixed vs. peers (7/15)
!Moderate moat 52/100

For context

·4.08% dividend yield
Evidence: High Range HK$37.98 – HK$70.74

Fair value as of: Aug 18, 2026

From 24 valuation models · updated 17 days ago

Share price +1.0% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

What matters now

  • The price sits above even our optimistic bull case (HK$70.74). The favourable scenario is already priced in.
  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (HK$37.98 to HK$70.74) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

HK$79.80 HK$43.02 Fair Value HK$42.12 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 18, 2026.

How to read this chart

60‑month range HK$43.02 – HK$79.80 · fair‑value band HK$37.98 – HK$70.74 · the HK$77.25 price screens above the HK$42.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 18, 2026.

Full chart & analysis →

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Analysis

CLP Holdings (0002) currently trades at HK$77.25, while our model-based Fair Value estimate is HK$42.12, implying the stock looks roughly 83.4% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Utilities sector. Bull case: the Multiples group reads highest at a median of HK$71.78 per share, and 0 of the 24 models we run sit above the HK$77.25 price. Bear case: the Growth DCF group reads lowest at HK$23.95, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, CLP Holdings generated revenue of HK$88.0B at a net margin of 12.1%. Revenue declined 3.7% year over year. It earns a return on equity of 10.2%. Net debt stands at HK$62.8B. Fundamentals as of Aug 18, 2026

Our scenario range runs from HK$37.98 (bear case) to HK$70.74 (bull case); at HK$77.25, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −37% fair-value upside, at −45%, 0002 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

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. Evidence
Highest evidence
FCF DCF HK$11.72 HK$23.19 HK$43.07 76
Residual Income HK$37.64 HK$41.62 HK$57.70 76
Growth DCF HK$12.87 HK$23.95 HK$41.89 75
All 24 models by family
DCF Models
FCF DCF HK$11.72 HK$23.19 HK$43.07 76
Owner Earnings — HK$1.05 HK$10.52 73
5Y Revenue Exit HK$20.34 HK$41.11 HK$69.80 70
5Y EBITDA Exit HK$29.55 HK$56.93 HK$91.20 73
5Y P/E Exit HK$23.35 HK$46.28 HK$71.98 69
10Y Revenue Exit HK$15.44 HK$33.17 HK$54.08 64
10Y EBITDA Exit HK$22.45 HK$43.68 HK$68.54 66
10Y P/E Exit HK$18.62 HK$36.61 HK$55.55 62
Earnings-Based
Graham-Dodd HK$28.71 HK$52.43 HK$64.84 66
EPV HK$21.16 HK$27.87 HK$33.74 74
Dividend Discount
Gordon GGM HK$28.92 HK$38.29 HK$47.80 69
DDM Multi-Stage HK$28.92 HK$39.68 HK$52.55 67
Multiples
P/E Multiple HK$57.00 HK$76.00 HK$95.00 63
P/S Multiple HK$53.83 HK$71.78 HK$89.72 58
P/B Multiple HK$53.83 HK$71.78 HK$89.72 55
EV/EBIT HK$40.28 HK$60.07 HK$79.85 65
EV/EBITDA HK$49.34 HK$72.15 HK$94.95 67
EV/Revenue HK$28.93 HK$49.51 HK$70.09 52
Asset-Based
NCAV (Graham) HK$21.30 HK$28.54 HK$42.59 54
Growth DCF
Growth DCF HK$12.87 HK$23.95 HK$41.89 75
Rev-Margin DCF HK$20.34 HK$41.52 HK$66.30 70
Economic Profit
Residual Income HK$37.64 HK$41.62 HK$57.70 76
ROIC Compounder HK$21.16 HK$27.87 HK$33.74 72
Growth Earnings
Growth-Adj P/E HK$40.67 HK$58.09 HK$75.52 67

Widest divergence: Multiples (HK$71.78) versus Growth DCF (HK$23.95). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 17.7 as of Jul 1, 2026
P/S ratio 2.14 P/E × margin
EPS (TTM) HK$2.23 price ÷ EPS = P/E 17.7
Dividend yield 4.1% payout 141%
Net margin 12.1% FY2025
Return on equity 10.2% TTM
More key figures
Profitability
Return on assets (EBIT) 4.2% avg 5y
Operating margin 14.8% TTM
Growth
Revenue (TTM) HK$88.0B TTM
Revenue growth (YoY) −3.7% 3y avg −4.4%
EPS growth (YoY) −16.4%
Balance sheet & cash flow
Free cash flow HK$7.6B FY2025
Net debt HK$62.8B FY2025 · ≈ 8.2 yrs of FCF

Figures from reported company fundamentals · as of Aug 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 51 · Market factors (momentum, volatility) 73

Profitability 33
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 79
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

CLP Holdings Limited, an investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia. The company generates electricity through coal, gas, nuclear, and renewable resources, such as wind, hydro, and solar.

Full company description

CLP Holdings Limited, an investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia. The company generates electricity through coal, gas, nuclear, and renewable resources, such as wind, hydro, and solar. It is also involved in the provision of pumped storage services, energy and infrastructure solutions, and property investment activities, as well as retail of electricity and gas. CLP Holdings Limited was founded in 1901 and is headquartered in Kowloon, Hong Kong.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CLP Holdings reported revenue of HK$88.0B in FY2025 versus HK$84.0B in FY2021, a compound +1.2%/yr. Reported net income was HK$10.7B in FY2025, compounding +5.4%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$88.0B
Latest YoY
−3.2%
Avg. revenue growth/yr (3Y) ⓘ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.
−4.4%
Avg. revenue growth/yr (5Y) ⓘ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.
+2.0%
Avg. revenue growth/yr (25Y) ⓘ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.
+5.3%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+8.4% (4.3 + 4.1)
Revenue +1.2%/yr
FY21 HK$84.0B
FY22 HK$101B
FY23 HK$87.2B
FY24 HK$91.0B
FY25 HK$88.0B
Net income +5.4%/yr
FY21 HK$8.6B
FY22 HK$1.1B
FY23 HK$6.8B
FY24 HK$11.9B
FY25 HK$10.7B
Character of growth · EPS growth decomposed (2014-2025) −3.5 % p.a.
Revenue per share +0.6 %

of which total revenue +0.6 % · buybacks/dilution +0.0 %

EBIT margin −2.1 %
Tax rate −0.9 %
Residual (interest, one-offs) −1.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

0002 screens 83% overvalued. Compare with NextEra Energy, Inc →

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CLP Holdings · Fair Value
HK$42.12 −83%Fair Value
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Cite: Fair Value Calculator (2026). "CLP Holdings Fair Value". https://www.fairvalue-calculator.com/stock/0002

Peer Group

Utilities - Regulated Electric · 153 stocks

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.

Quality Score 53 · Above median
Fair Value upside −46% · Bottom 25%
Return on equity (TTM) 10% · Above median
Return on assets 4% · Above median
Net margin (TTM) 12% · Above median
Operating margin (TTM) 15% · Below median
Revenue growth −4% · Bottom 25%
Dividend yield (TTM) 4.1% · Above median
Debt / equity 0.49× · Lower than median

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 17.7× · Cheaper than median
P/B 1.72× · Pricier than median
P/S (TTM) 2.10× · Pricier than median
P/FCF 3.1× · Pricier than median
EV/EBITDA 10.1× · Pricier than median
PEG 5.59× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE0 · sector 32
PAST41 · sector 39
HEALTH76 · sector 52
DIVIDEND82 · sector 65

VALUE 0: the price sits above our fair-value range.

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

Similar stocks

10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Aug 18, 2026).

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $83.47 $32.94 −61%
The Southern Company SO $88.25 $58.81 −33%
Duke Energy Corporation DUK $120.25 $74.89 −38%
National Grid plc NGG $80.68 $63.94 −21%
American Electric Power Company AEP $122.96 $77.23 −37%
Dominion Energy, Inc D $66.01 $46.34 −30%
Entergy Corporation ETR $105.75 $52.92 −50%
Xcel Energy Inc XEL $76.34 $44.61 −42%
Exelon Corporation EXC $43.96 $37.60 −14%
Endesa, S.A ELE €42.30 €25.72 −39%

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Frequently asked questions

Is CLP Holdings (0002) overvalued or undervalued?
As of Aug 18, 2026, our model estimates a fair value of HK$42.12 versus a price of HK$77.25, about −45% upside (overvalued).
What is the fair value of 0002?
Our model-based fair value for CLP Holdings is HK$42.12 (as of Aug 18, 2026), built from audited fundamentals. The current price: HK$77.25.
What is the quality score of 0002?
CLP Holdings has a Quality Score of 53/100. 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 revenue of CLP Holdings (0002)?
CLP Holdings reported trailing-twelve-month revenue of about HK$88.0B (latest available figure, as of Aug 18, 2026).
What is the net profit margin of 0002?
The net profit margin of CLP Holdings is about 12.1%, meaning it keeps roughly 12.1% of revenue as net income. Based on the latest reported figures.
Does CLP Holdings pay a dividend?
CLP Holdings currently shows a dividend yield of about 4.08% relative to its recent price (as of Aug 18, 2026).
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