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Henan Shenhuo Coal & Power Co Ltd (000933) Fair Value & Analysis

Basic Materials · CN · Market cap 55.5B CNY (≈ $8.3B) · ISIN CNE000001097

What is Henan Shenhuo Coal & Power Co Ltd really worth?

HS Henan Shenhuo Coal & Power Co Ltd 000933 · SHE
Price¥27.36
Fair Value¥30.28
Upside+10.7%
Quality76/100

A strong business, trading 10% below our fair value of ¥30.28.

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Strengths

Healthy Growth (revenue 5y +16.9 %/yr)
Solidly profitable · 12.7% net margin
Low debt · generates free cash flow
Ranks above peers (13/15)
Wide moat 75/100

For context

·2.92% dividend yield
Evidence: High Range ¥22.71 – ¥41.61

Fair value as of: Sep 5, 2026

From 26 valuation models · updated today

Share price +6.5% over the past month.

What runs behind every stock

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

What matters now

  • A fairly wide model range (¥22.71 to ¥41.61) leaves room in how you read the outcome.
  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

¥37.02 ¥6.59 Fair Value ¥30.28 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range ¥6.59 – ¥37.02 · fair‑value band ¥22.71 – ¥41.61 · the ¥27.36 price screens below the ¥30.28 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 Sep 5, 2026.

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Analysis

Henan Shenhuo Coal & Power Co Ltd (000933) currently trades at ¥27.36, while our model-based Fair Value estimate is ¥30.28, implying the stock looks roughly 9.6% undervalued today. The Quality Score stands at 76/100 (high quality), in the Basic Materials sector. Bull case: the DCF Models group reads highest at a median of ¥54.97 per share, and 20 of the 26 models we run sit above the ¥27.36 price. Bear case: the Asset-Based group reads lowest at ¥7.32, and 6 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Henan Shenhuo Coal & Power Co Ltd generated revenue of 44.0B CNY at a net margin of 12.7%. Revenue grew 28.8% year over year. It earns a return on equity of 23.1%. Net debt stands at 8.8B CNY. Fundamentals as of Sep 5, 2026

Our scenario range runs from ¥22.71 (bear case) to ¥41.61 (bull case); at ¥27.36, the current price sits within 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 about 29% below its 52-week high and 75% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 28% fair-value upside, at 11%, 000933 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥1.28 per share, which is 4.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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 best evidence ¥47.90 ¥89.52 ¥164.01 77
Growth DCF ¥47.29 ¥84.78 ¥149.62 75
5Y EBITDA Exit ¥35.82 ¥61.69 ¥94.14 74
All 26 models by family
DCF Models
FCF DCF best evidence ¥47.90 ¥89.52 ¥164.01 77
Owner Earnings ¥31.35 ¥58.56 ¥107.24 73
5Y Revenue Exit ¥28.26 ¥45.77 ¥69.02 72
5Y EBITDA Exit ¥35.82 ¥61.69 ¥94.14 74
5Y P/E Exit ¥29.64 ¥48.67 ¥70.29 70
10Y Revenue Exit ¥33.72 ¥52.82 ¥81.39 66
10Y EBITDA Exit ¥39.45 ¥64.63 ¥102.85 67
10Y P/E Exit ¥35.32 ¥54.97 ¥82.48 63
Earnings-Based
Graham-Dodd ¥12.11 ¥60.25 ¥83.12 64
Lynch FV ¥16.27 ¥23.24 ¥30.21 61
PEG = 1.0 ¥16.27 ¥23.24 ¥30.21 57
EPV ¥23.78 ¥27.72 ¥31.17 74
Dividend Discount
Gordon GGM ¥4.56 ¥9.48 ¥15.04 66
DDM Multi-Stage ¥4.56 ¥8.00 ¥9.95 66
Multiples
P/E Multiple ¥22.71 ¥30.28 ¥37.85 63
P/S Multiple ¥20.54 ¥27.39 ¥34.24 58
P/B Multiple ¥22.71 ¥30.28 ¥37.85 55
EV/EBIT ¥35.47 ¥47.25 ¥59.03 66
EV/EBITDA ¥32.54 ¥43.34 ¥54.15 67
EV/Revenue ¥19.31 ¥27.52 ¥35.74 53
Asset-Based
NCAV (Graham) ¥5.46 ¥7.32 ¥10.92 54
Growth DCF
Growth DCF ¥47.29 ¥84.78 ¥149.62 75
Rev-Margin DCF ¥28.26 ¥45.69 ¥68.78 72
Economic Profit
Residual Income ¥11.78 ¥15.57 ¥48.64 64
ROIC Compounder ¥27.35 ¥37.01 ¥49.54 71
Growth Earnings
Growth-Adj P/E ¥22.40 ¥32.01 ¥41.61 67

Widest divergence: DCF Models (¥54.97) versus Asset-Based (¥7.32). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 10.9
P/S ratio 1.06 P/E × margin
EPS (TTM) ¥2.52 price ÷ EPS = P/E 10.9
Dividend yield 2.9% payout 31.7%
Net margin 9.8% FY2025
Return on equity 23.1% TTM
More key figures
Profitability
Return on assets (EBIT) 14.1% avg 5y
Operating margin 29.1% TTM
Growth
Revenue (TTM) 44.0B CNY TTM
Revenue growth (YoY) +28.8% 3y avg −1.3%
EPS growth (YoY) +223%
Balance sheet & cash flow
Free cash flow 8.1B CNY FY2025
Net debt 8.8B CNY FY2025 · ≈ 1.1 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 76/100

Of which business quality 73 · Market factors (momentum, volatility) 54

Profitability 51
Margins and returns on capital today
Quality Growth 66
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 88
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

Henan Shenhuo Coal Industry and Electricity Power Co. Ltd, together with its subsidiaries, produces, process, and sells electrolytic aluminum, aluminum alloys, aluminum profiles, and related products in China. It operates in six segments: Electrolytic Aluminum, Coal, Trading, Power Generation, Aluminum, and Headquarters and Others.

Full company description

Henan Shenhuo Coal Industry and Electricity Power Co. Ltd, together with its subsidiaries, produces, process, and sells electrolytic aluminum, aluminum alloys, aluminum profiles, and related products in China. It operates in six segments: Electrolytic Aluminum, Coal, Trading, Power Generation, Aluminum, and Headquarters and Others. The company engages in the production of aluminum ingots, liquid aluminum, and carbon products, as well as non-ferrous metal composite materials, such as aluminum foil and aluminum alloy materials; and transportation business. It is also involved in the mining, washing, processing, production, and selling of coal products; trading of raw and auxiliary materials, including alumina, aluminum ingots, primary aluminum, coal, and coal-derived products; thermal power generation; and sales of electricity and heat products. In addition, the company processes scrap aluminum; and imports and exports goods and technologies. Further, it engages in mining, equity, and coal investment; investment management; coal bed methane power generation; electrolytic aluminum smelting; management; and mineral sales activities. The company was formerly known as Henan Shenhuo Coal & Power Co.,Ltd and changed its name to Henan Shenhuo Coal Industry and Electricity Power Co. Ltd in February 2024. Henan Shenhuo Coal Industry and Electricity Power Co. Ltd was founded in 1998 is headquartered in Yongcheng, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Henan Shenhuo Coal & Power Co Ltd reported revenue of 41.1B CNY in FY2025 versus 34.5B CNY in FY2021, a compound +4.5%/yr. Reported net income was 4.0B CNY in FY2025, compounding +5.5%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
41.1B CNY
Latest YoY
+7.0%
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.
−1.3%
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.
+16.9%
Avg. revenue growth/yr (29Y) 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.
+17.4%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+23.6% (20.7 + 2.9)
Revenue +4.5%/yr
FY21 34.5B CNY
FY22 42.7B CNY
FY23 37.6B CNY
FY24 38.4B CNY
FY25 41.1B CNY
Net income +5.5%/yr
FY21 3.2B CNY
FY22 7.6B CNY
FY23 5.9B CNY
FY24 4.3B CNY
FY25 4.0B CNY

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Cite: Fair Value Calculator (2026). "Henan Shenhuo Coal & Power Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/000933

Peer Group

Aluminum · 83 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 76 · Top 25%
Fair Value upside +11% · Top 25%
Return on equity (TTM) 23% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 29% · Top 25%
Revenue growth 29% · Top 25%
Dividend yield (TTM) 2.9% · Above median
Debt / equity 0.11× · Lower than median

Valuation Multiples vs Aluminum median · lower = cheaper

P/E (TTM) 10.9× · Cheaper than median
P/B 2.26× · Pricier than median
P/S (TTM) 1.26× · Pricier than median
P/FCF 1.0× · Cheaper than 75% of peers
EV/EBITDA 4.6× · Cheaper than median
PEG 0.36× · Cheaper 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
VALUE48 · sector 8
FUTURE100 · sector 28
PAST92 · sector 34
HEALTH94 · sector 91
DIVIDEND58 · sector 38

Insider activity: 40/100

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 Aluminum stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock Price Fair Value vs Fair Value
Shandong Hongqiao Aluminum Industry Holding 002379 ¥18.28 ¥23.44 +28%
China Hongqiao Group 1378 HK$22.64 HK$45.69 +102%
Hindalco Industries Limited HINDALCO ₹1,028 ₹997.35 −3%
Aluminum Corporation 601600 ¥9.45 ¥16.30 +72%
Norsk Hydro ASA NHY kr 92.30 kr 58.10 −37%
Press Metal Aluminium Holdings 8869 7.90 MYR 3.88 MYR −51%
Alcoa Corporation AAI A$73.19 A$49.53 −32%
Yunnan Aluminium Co 000807 ¥25.88 ¥29.68 +15%
Tianshan Aluminum Group 002532 ¥12.67 ¥21.86 +73%
Shandong Nanshan Aluminium Co 600219 ¥4.73 ¥7.01 +48%

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Frequently asked questions

Is Henan Shenhuo Coal & Power Co Ltd (000933) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of ¥30.28 versus a price of ¥27.36, about +11% upside (undervalued).
What is the fair value of 000933?
Our model-based fair value for Henan Shenhuo Coal & Power Co Ltd is ¥30.28 (as of Sep 5, 2026), built from audited fundamentals. The current price: ¥27.36.
What is the quality score of 000933?
Henan Shenhuo Coal & Power Co Ltd has a Quality Score of 76/100. 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 Henan Shenhuo Coal & Power Co Ltd (000933)?
Henan Shenhuo Coal & Power Co Ltd reported trailing-twelve-month revenue of about 44.0B CNY (latest available figure, as of Sep 5, 2026).
What is the net profit margin of 000933?
The net profit margin of Henan Shenhuo Coal & Power Co Ltd is about 12.7%, meaning it keeps roughly 12.7% of revenue as net income. Based on the latest reported figures.
Does Henan Shenhuo Coal & Power Co Ltd pay a dividend?
Henan Shenhuo Coal & Power Co Ltd currently shows a dividend yield of about 2.92% relative to its recent price (as of Sep 5, 2026).
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