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ENN Energy Holdings (2688) Fair Value & Analysis

Utilities · HK · Market cap HK$44.8B

EE ENN Energy Holdings 2688 · HK
PriceHK$47.08
Fair ValueHK$107.98
Upside+129.4%
Quality58/100
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Healthy Growth
Thin margins · 5.3% net margin
Low debt · generates free cash flow
6.70% dividend yield
Ranks above peers (12/15)
Narrow moat 40/100
Evidence: Medium Range HK$68.51 – HK$137.50 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from HK$107.86 to HK$107.98 (+0.1%) since Aug 6, 2026. Share price +13.2% over the past month.

A solid business, screening 129% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$68.51). 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$68.51 to HK$137.50) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$144.77 HK$40.46 Fair Value HK$107.98 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$40.46 – HK$144.77 · fair‑value band HK$68.51 – HK$137.50 · the HK$47.08 price screens below the HK$107.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

ENN Energy Holdings (2688) currently trades at HK$47.08, while our model-based Fair Value estimate is HK$107.98, implying the stock looks roughly 129.4% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, ENN Energy Holdings 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 13, 2026

Our scenario range runs from HK$68.51 (bear case) to HK$137.50 (bull case); at HK$47.08, 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 33% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at 2% fair-value upside, at 129%, 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 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.

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
Growth DCF HK$42.84 HK$86.82 HK$169.52 80
Residual Income HK$40.30 HK$47.79 HK$92.58 76
Rev-Margin DCF HK$59.33 HK$123.35 HK$218.10 74
All 26 models by family
DCF Models
FCF DCF HK$44.84 HK$77.92 HK$170.28 38
Owner Earnings HK$30.32 HK$69.93 HK$152.00 31
5Y Revenue Exit HK$59.33 HK$119.15 HK$229.89 39
5Y EBITDA Exit HK$64.72 HK$130.95 HK$245.33 41
5Y P/E Exit HK$61.61 HK$132.83 HK$224.16 38
10Y Revenue Exit HK$52.28 HK$118.73 HK$207.67 36
10Y EBITDA Exit HK$58.64 HK$128.74 HK$257.00 37
10Y P/E Exit HK$56.45 HK$122.95 HK$236.82 35
Earnings-Based
Graham-Dodd HK$36.11 HK$245.69 HK$344.42 54
Lynch FV HK$72.15 HK$103.07 HK$133.99 50
PEG = 1.0 HK$72.15 HK$103.07 HK$133.99 46
EPV HK$49.84 HK$58.42 HK$65.93 59
Dividend Discount
Gordon GGM HK$25.26 HK$52.52 HK$83.32 70
DDM Multi-Stage HK$25.26 HK$44.29 HK$55.13 61
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 53
EV/EBITDA HK$74.49 HK$99.87 HK$125.26 54
EV/Revenue HK$62.20 HK$89.57 HK$116.94 43
Asset-Based
NCAV (Graham) HK$21.52 HK$28.83 HK$43.03 50
Growth DCF
Growth DCF HK$42.84 HK$86.82 HK$169.52 80
Rev-Margin DCF HK$59.33 HK$123.35 HK$218.10 74
Economic Profit
Residual Income HK$40.30 HK$47.79 HK$92.58 76
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 68

Widest divergence: Growth Earnings (HK$133.47) versus Asset-Based (HK$28.83). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$112B
Revenue growth (YoY) +1.7%
Net margin 5.3%
Return on equity 13.0%
Free cash flow HK$3.3B FY2025
P/E ratio 6.6 as of Jul 2, 2026
More key figures
Operating margin 7.6%
EPS (TTM) HK$2.19
Dividend yield 6.7%
EPS growth (YoY) +1.9%
Net debt HK$11.2B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 56 · Market factors (momentum, volatility) 33

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 84
Calm price path (market factor)
Momentum 10
Price trend over the last 3–12 months (market factor)
52W Momentum 16
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.

About the company

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.

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 reported revenue of HK$112B in FY2025 versus HK$93.1B in FY2021, a compound +4.7%/yr. Reported net income was HK$5.9B 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. 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. 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. 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%
Revenue +4.7%/yr
FY21 HK$93.1B
FY22 HK$110B
FY23 HK$114B
FY24 HK$110B
FY25 HK$112B
Net income −6.6%/yr
FY21 HK$7.8B
FY22 HK$5.9B
FY23 HK$6.8B
FY24 HK$6.0B
FY25 HK$5.9B
Character of growth · EPS growth decomposed (2014-2025) +11.4 % p.a.
Revenue per share +15.2 pp

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

EBIT margin −6.1 pp
Tax rate +1.6 pp
Residual (interest, one-offs) +0.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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ENN Energy Holdings · Fair Value
HK$107.98 +129%Fair Value
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Cite: Fair Value Calculator (2026). "ENN Energy Holdings Fair Value". https://www.fairvalue-calculator.com/stock/2688

Peer Group

Utilities - Regulated Gas · 104 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 +129% · 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) 6.7% · 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

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.

VALUE 100 · sector 27
FUTURE 9 · sector 0
PAST 52 · sector 34
HEALTH 89 · sector 87
DIVIDEND 100 · sector 67

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Naturgy Energy Group NTGY €28.94 €31.58 +9%
Atmos Energy Corporation ATO $169.59 $85.67 -49%
NiSource Inc NI $42.01 $28.59 -32%
Uniper SE UN0 €47.45 €48.32 +2%
The Hong Kong and China Gas Company 0003 HK$6.76 HK$4.79 -29%
GAIL (India) Limited GAIL ₹177.95 ₹130.21 -27%
Adani Total Gas Limited ATGL ₹660.35 ₹101.36 -85%
ENN Natural Gas Co 600803 ¥17.32 ¥25.71 +48%
China Suntien Green Energy Corporation 600956 ¥7.26 ¥7.37 +2%
China Resources Gas Group 1193 HK$15.86 HK$28.25 +78%

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Frequently asked questions

Is ENN Energy Holdings (2688) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$107.98 versus a price of HK$47.08, about +129% (undervalued).
What is the fair value of 2688?
Our model-based fair value for ENN Energy Holdings is HK$107.98 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$47.08.
What is the quality score of 2688?
ENN Energy Holdings 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 (2688)?
ENN Energy Holdings reported trailing-twelve-month revenue of about HK$112B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2688?
The net profit margin of ENN Energy Holdings 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 pay a dividend?
ENN Energy Holdings currently shows a dividend yield of about 6.70% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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