ENN Energy Holdings Ltd (2688) Fair Value & Analysis

Utilities · HK · Market cap HK$44.8B (≈ $5.7B) · ISIN KYG3066L1014

What is ENN Energy Holdings Ltd really worth?

EE ENN Energy Holdings Ltd 2688 · HK

PriceHK$49.60

Fair ValueHK$108.19

Upside+118.1%

Quality58/100

A solid business, trading 54% below our fair value of HK$108.19.

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Strengths

✓Healthy Growth (revenue 5y +9.3 %/yr)

✓Low debt · generates free cash flow

✓Ranks above peers (12/15)

Risks

!Thin margins · 5.3% net margin

!Narrow moat 40/100

!Weak on future: 9 out of 100

For context

·6.05% dividend yield

Evidence: High Range HK$68.63 – HK$137.76

Fair value as of: Aug 30, 2026

From 26 valuation models · updated 6 days ago

Fair value updated Aug 30, 2026, revised from HK$107.98 to HK$108.19 (+0.2%) since Aug 13, 2026. Share price +2.8% 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 is below even our cautious bear case (HK$68.63). The market is more pessimistic than our downside scenario.
Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
A fairly wide model range (HK$68.63 to HK$137.76) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range HK$40.46 – HK$144.77 · fair‑value band HK$68.63 – HK$137.76 · the HK$49.60 price screens below the HK$108.19 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.

Full chart & analysis →

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Analysis

ENN Energy Holdings Ltd (2688) currently trades at HK$49.60, while our model-based Fair Value estimate is HK$108.19, implying the stock looks roughly 54.2% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of HK$133.47 per share, and 23 of the 26 models we run sit above the HK$49.60 price. Bear case: the Asset-Based group reads lowest at HK$28.83, and 3 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, ENN Energy Holdings Ltd generated revenue of HK$112B at a net margin of 5.3%. Revenue grew 1.7% year over year. It earns a return on equity of 13.0%. Net debt stands at HK$11.2B. Fundamentals as of Aug 30, 2026

Our scenario range runs from HK$68.63 (bear case) to HK$137.76 (bull case); at HK$49.60, the current price sits below 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 30% below its 52-week high and 23% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −24% fair-value upside, at 118%, 2688 screens cheaper 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$44.84 HK$77.92 HK$170.28 75

EPV HK$49.84 HK$58.42 HK$65.93 74

Growth DCF HK$42.84 HK$86.82 HK$169.52 74

All 26 models by family

DCF Models

FCF DCF HK$44.84 HK$77.92 HK$170.28 75

Owner Earnings HK$30.32 HK$69.93 HK$152.00 70

5Y Revenue Exit HK$59.33 HK$119.15 HK$229.89 68

5Y EBITDA Exit HK$64.72 HK$130.95 HK$245.33 71

5Y P/E Exit HK$61.61 HK$132.83 HK$224.16 68

10Y Revenue Exit HK$52.28 HK$118.73 HK$207.67 64

10Y EBITDA Exit HK$58.64 HK$128.74 HK$257.00 64

10Y P/E Exit HK$56.45 HK$122.95 HK$236.82 60

Earnings-Based

Graham-Dodd HK$36.11 HK$245.69 HK$344.42 63

Lynch FV HK$72.15 HK$103.07 HK$133.99 61

PEG = 1.0 HK$72.15 HK$103.07 HK$133.99 57

EPV HK$49.84 HK$58.42 HK$65.93 74

Dividend Discount

Gordon GGM HK$25.26 HK$52.52 HK$83.32 66

DDM Multi-Stage HK$25.26 HK$44.29 HK$55.13 66

Multiples

P/E Multiple HK$71.69 HK$95.58 HK$119.48 63

P/S Multiple HK$67.70 HK$90.27 HK$112.84 58

P/B Multiple HK$58.09 HK$77.46 HK$96.82 55

EV/EBIT HK$77.29 HK$103.61 HK$129.93 66

EV/EBITDA HK$74.49 HK$99.87 HK$125.26 67

EV/Revenue HK$62.20 HK$89.57 HK$116.94 53

Asset-Based

NCAV (Graham) HK$21.52 HK$28.83 HK$43.03 54

Growth DCF

Growth DCF HK$42.84 HK$86.82 HK$169.52 74

Rev-Margin DCF HK$59.33 HK$123.35 HK$218.10 69

Economic Profit

Residual Income HK$40.30 HK$47.79 HK$92.58 72

ROIC Compounder HK$55.57 HK$81.08 HK$102.56 72

Growth Earnings

Growth-Adj P/E HK$93.43 HK$133.47 HK$173.51 67

Widest divergence: Growth Earnings (HK$133.47) versus Asset-Based (HK$28.83). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 6.6 as of Jul 2, 2026

P/S ratio 0.35 P/E × margin

EPS (TTM) HK$2.19 price ÷ EPS = P/E 6.6

Dividend yield 6.0% payout 137%

Net margin 5.3% FY2025

Return on equity 13.0% TTM

More key figures

Profitability

Return on assets (EBIT) 8.5% avg 5y

Operating margin 7.6% TTM

Growth

Revenue (TTM) HK$112B TTM

Revenue growth (YoY) +1.7% 3y avg +0.6%

EPS growth (YoY) +1.9%

Balance sheet & cash flow

Free cash flow HK$3.3B FY2025

Net debt HK$11.2B FY2025 · ≈ 3.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 56 · Market factors (momentum, volatility) 39

Profitability 45

Margins and returns on capital today

Quality Growth 43

Are margins and returns improving?

Cashflow 38

Earnings quality: real cash, not paper profit

Fin. Strength 60

Balance sheet, leverage, solvency risk

Investment 78

Disciplined investing over empire-building

Low Volatility 83

Calm price path (market factor)

Momentum 18

Price trend over the last 3–12 months (market factor)

52W Momentum 22

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

Full company description

ENN Energy Holdings Limited, an investment holding company, engages in the investment, construction, operation, and management of gas pipeline infrastructure in the People's Republic of China. It operates through Retail Gas Sales Business, Integrated Energy Business, Wholesale of Gas, Construction and Installation, and Smart Home Business segments. The company distributes and sells piped gas, liquefied natural gas (LNG), and other multi-energy products; operates vehicle gas refueling stations; and provides services related to low-carbon integrated solutions. It is also involved in the integrated energy business; retail of gas pipelines and intelligent equipment; transportation of oil products and gas; and sourcing and sale of LNG, as well as wholesale and retail of LNG, CNG, gas facilities, equipment, appliances, and others; and provision of financial services. It serves residential, commercial, and industrial customers. The company was formerly known as XinAo Gas Holdings Limited and changed its name to ENN Energy Holdings Limited in September 2010. ENN Energy Holdings Limited was founded in 1989 and is headquartered in Langfang, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ENN Energy Holdings Ltd reported revenue of 112B CNY in FY2025 versus 93.1B CNY in FY2021, a compound +4.7%/yr. Reported net income was 5.9B CNY in FY2025, compounding −6.6%/yr from FY2021.

Growth Quality 79/100

Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Latest Revenue (FY 2025)

HK$112B

Latest YoY

+1.9%

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.

+0.6%

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.

+9.3%

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.

+31.4%

Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.

+5.1% (−0.9 + 6.0)

Revenue +4.7%/yr

FY21 93.1B CNY

FY22 110B CNY

FY23 114B CNY

FY24 110B CNY

FY25 112B CNY

Net income −6.6%/yr

FY21 7.8B CNY

FY22 5.9B CNY

FY23 6.8B CNY

FY24 6.0B CNY

FY25 5.9B CNY

Character of growth · EPS growth decomposed (2014-2025) +11.4 % p.a.

Revenue per share +15.2 %

of which total revenue +15.0 % · buybacks/dilution +0.2 %

EBIT margin −6.1 %

Tax rate +1.6 %

Residual (interest, one-offs) +1.3 %

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).

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ENN Energy Holdings Ltd · Fair Value
HK$108.19 +54%Fair Value
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<a href="https://www.fairvalue-calculator.com/stock/2688" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">ENN Energy Holdings Ltd · Fair Value</span><br><b style="font-size:20px">HK$108.19</b> <span style="color:#7BB290;font-weight:700;font-size:14px">+54%</span></span><span style="font-size:11px;color:#7BB290;font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "ENN Energy Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2688

Peer Group

Utilities - Regulated Gas · 105 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 58 · Top 25%

Fair Value upside +118% · Top 25%

Return on equity (TTM) 13% · Top 25%

Return on assets 5% · Top 25%

Net margin (TTM) 5% · Below median

Operating margin (TTM) 8% · Below median

Revenue growth 2% · Above median

Dividend yield (TTM) 6.0% · Top 25%

Debt / equity 0.22× · Lower than median

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

P/E (TTM) 6.6× · Cheaper than 75% of peers

P/B 0.94× · Cheaper than 75% of peers

P/S (TTM) 0.40× · Cheaper than 75% of peers

P/FCF 1.7× · Pricier than median

EV/EBITDA 4.2× · Cheaper than 75% of peers

PEG 1.25× · Cheaper than median

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.

This stock

Sector peers

VALUE100 · sector 27

FUTURE9 · sector 0

PAST52 · sector 35

HEALTH89 · sector 87

DIVIDEND100 · sector 71

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 Gas stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock	Price	Fair Value	vs Fair Value
Naturgy Energy Group NTGY	€29.60	€31.58	+7%
Atmos Energy Corporation ATO	$166.65	$85.67	−49%
NiSource Inc NI	$40.96	$28.59	−30%
Uniper SE UN0	€47.45	€48.32	+2%
The Hong Kong and China Gas Company 0003	HK$7.31	HK$4.79	−34%
GAIL (India) Limited GAIL	₹171.10	₹130.21	−24%
Italgas S.p.A IG	€8.67	€8.63	−1%
Adani Total Gas Limited ATGL	₹654.05	₹101.36	−85%
ENN Natural Gas Co 600803	¥17.51	¥25.71	+47%
UGI Corporation UGI	$38.01	$26.72	−30%

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Frequently asked questions

Is ENN Energy Holdings Ltd (2688) overvalued or undervalued?

As of Aug 30, 2026, our model estimates a fair value of HK$108.19 versus a price of HK$49.60, about +118% upside (undervalued).

What is the fair value of 2688?

Our model-based fair value for ENN Energy Holdings Ltd is HK$108.19 (as of Aug 30, 2026), built from audited fundamentals. The current price: HK$49.60.

What is the quality score of 2688?

ENN Energy Holdings Ltd has a Quality Score of 58/100. 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 ENN Energy Holdings Ltd (2688)?

ENN Energy Holdings Ltd reported trailing-twelve-month revenue of about HK$112B (latest available figure, as of Aug 30, 2026).

What is the net profit margin of 2688?

The net profit margin of ENN Energy Holdings Ltd is about 5.3%, meaning it keeps roughly 5.3% of revenue as net income. Based on the latest reported figures.

Does ENN Energy Holdings Ltd pay a dividend?

ENN Energy Holdings Ltd currently shows a dividend yield of about 6.05% relative to its recent price (as of Aug 30, 2026).

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