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China Coal Energy Co Ltd (601898) Fair Value & Analysis

Energy · CN · Market cap 166B CNY (≈ $24.8B) · ISIN CNE100000957

What is China Coal Energy Co Ltd really worth?

CC China Coal Energy Co Ltd 601898 · SHG
Price¥15.18
Fair Value¥13.91
Upside−8.4%
Quality53/100

A solid business, currently priced close to our fair value of ¥13.91.

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Strengths

Solidly profitable · 12.3% net margin
Low debt · generates free cash flow
Ranks above peers (10/15)

Risks

!Weak Growth (revenue 5y +0.9 %/yr)
!Moderate moat 50/100
!Weak on valuation: 22 out of 100

For context

·2.52% dividend yield
Evidence: High Range ¥9.98 – ¥19.98

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from ¥13.97 to ¥13.91 (−0.4%) since Jul 19, 2026. Share price +13.8% over the past month.

What runs behind every stock

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

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (¥9.98 to ¥19.98) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

¥19.36 ¥4.80 Fair Value ¥13.91 Mar 2021 Sep 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 ¥4.80 – ¥19.36 · fair‑value band ¥9.98 – ¥19.98 · the ¥15.18 price screens above the ¥13.91 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

China Coal Energy Co Ltd (601898) currently trades at ¥15.18, while our model-based Fair Value estimate is ¥13.91, implying the stock looks roughly 9.1% fairly valued today. The Quality Score stands at 53/100 (solid quality), in the Energy sector. Bull case: the Earnings-Based group reads highest at a median of ¥25.01 per share, and 20 of the 25 models we run sit above the ¥15.18 price. Bear case: the Dividend Discount group reads lowest at ¥8.43, and 5 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, China Coal Energy Co Ltd generated revenue of 144B CNY at a net margin of 12.3%. Revenue declined 10.9% year over year. It earns a return on equity of 10.7%. Net debt stands at 76.6B CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥9.98 (bear case) to ¥19.98 (bull case); at ¥15.18, 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 23% below its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −27% fair-value upside, at −8%, 601898 screens cheaper 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 ¥0.4784 per share, which is 3.4 % 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 ¥11.52 ¥17.20 ¥25.34 80
Growth DCF ¥11.87 ¥17.13 ¥24.33 79
Owner Earnings ¥7.11 ¥10.79 ¥16.06 76
All 25 models by family
DCF Models
FCF DCF ¥11.52 ¥17.20 ¥25.34 80
Owner Earnings ¥7.11 ¥10.79 ¥16.06 76
5Y Revenue Exit ¥11.62 ¥18.39 ¥26.75 72
5Y EBITDA Exit ¥13.71 ¥22.12 ¥31.55 75
5Y P/E Exit ¥15.01 ¥24.44 ¥33.89 70
10Y Revenue Exit ¥11.08 ¥17.13 ¥24.67 66
10Y EBITDA Exit ¥12.77 ¥19.66 ¥28.18 68
10Y P/E Exit ¥13.59 ¥21.23 ¥29.89 64
Earnings-Based
Graham-Dodd ¥13.29 ¥32.06 ¥41.41 65
PEG = 1.0 ¥5.66 ¥8.09 ¥10.52 57
EPV ¥21.30 ¥25.01 ¥28.26 74
Dividend Discount
Gordon GGM ¥5.64 ¥10.06 ¥15.72 67
DDM Multi-Stage ¥5.64 ¥8.43 ¥11.49 66
Multiples
P/E Multiple ¥20.52 ¥27.36 ¥34.20 63
P/S Multiple ¥14.46 ¥19.28 ¥24.10 58
P/B Multiple ¥23.62 ¥31.49 ¥39.37 55
EV/EBIT ¥20.45 ¥27.60 ¥34.75 66
EV/EBITDA ¥17.20 ¥23.26 ¥29.33 67
EV/Revenue ¥12.50 ¥18.28 ¥24.07 53
Asset-Based
NCAV (Graham) ¥8.75 ¥11.72 ¥17.50 54
Growth DCF
Growth DCF ¥11.87 ¥17.13 ¥24.33 79
Rev-Margin DCF ¥11.62 ¥18.50 ¥25.91 72
Economic Profit
Residual Income ¥15.86 ¥18.23 ¥33.13 73
ROIC Compounder ¥21.87 ¥27.23 ¥33.39 72
Growth Earnings
Growth-Adj P/E ¥16.21 ¥23.16 ¥30.11 67

Widest divergence: Earnings-Based (¥25.01) versus Dividend Discount (¥8.43). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 15.4 as of Jun 7, 2026
P/S ratio 1.88 P/E × margin
EPS (TTM) ¥1.09 price ÷ EPS = P/E 15.4
Dividend yield 2.5% payout 35.1%
Net margin 12.2% FY2025
Return on equity 10.7% TTM
More key figures
Profitability
Return on assets (EBIT) 8.6% avg 5y
Operating margin 16.0% TTM
Growth
Revenue (TTM) 144B CNY TTM
Revenue growth (YoY) −10.9% 3y avg −12.6%
EPS growth (YoY) −3.3%
Balance sheet & cash flow
Free cash flow 10.7B CNY FY2025
Net debt 76.6B CNY FY2025 · ≈ 7.2 yrs of FCF

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

Quality Score breakdown

Overall quality 53/100

Of which business quality 52 · Market factors (momentum, volatility) 52

Profitability 37
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 55
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

China Coal Energy Company Limited, together with its subsidiaries, engages in the production and sale of coal in China and internationally. The company operates through four segments: Coal, Coal Chemical, Coal Mining Equipment, and Finance.

Full company description

China Coal Energy Company Limited, together with its subsidiaries, engages in the production and sale of coal in China and internationally. The company operates through four segments: Coal, Coal Chemical, Coal Mining Equipment, and Finance. It offers thermal and coking coal products; polyolefin, methanol, urea, and ammonium nitrate; and coal mining machinery and equipment. The company also engages in financial activities; thermal power generation; aluminum processing; import of equipment and related parts; bidding services; iron ore business; road transportation; and waste disposal. It exports its products. The company was founded in 2006 and is headquartered in Beijing, China. China Coal Energy Company Limited operates as a subsidiary of China National Coal Group Corporation.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China Coal Energy Co Ltd reported revenue of 147B CNY in FY2025 versus 240B CNY in FY2021, a compound −11.5%/yr. Reported net income was 17.9B CNY in FY2025, compounding +6.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
147B CNY
Latest YoY
−22.3%
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.
−12.6%
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.
+0.9%
Avg. revenue growth/yr (21Y) 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.
+9.4%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+27.3% (24.8 + 2.5)
Revenue −11.5%/yr
FY21 240B CNY
FY22 221B CNY
FY23 193B CNY
FY24 189B CNY
FY25 147B CNY
Net income +6.8%/yr
FY21 13.7B CNY
FY22 18.3B CNY
FY23 19.5B CNY
FY24 19.3B CNY
FY25 17.9B CNY
Character of growth · EPS growth decomposed (2014-2025) +33.6 % p.a.
Revenue per share +11.6 %

of which total revenue +11.6 % · buybacks/dilution +0.0 %

EBIT margin +19.0 %
Tax rate −0.6 %
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).

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Cite: Fair Value Calculator (2026). "China Coal Energy Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601898

Peer Group

Thermal Coal · 99 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 −8% · Above median
Return on equity (TTM) 11% · Above median
Return on assets 4% · Above median
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 16% · Above median
Revenue growth −11% · Below median
Dividend yield (TTM) 2.5% · Below median
Debt / equity 0.28× · Higher than median

Valuation Multiples vs Thermal Coal median · lower = cheaper

P/E (TTM) 15.4× · Pricier than median
P/B 1.04× · Cheaper than median
P/S (TTM) 1.16× · Pricier than median
P/FCF 2.3× · Cheaper than median
EV/EBITDA 4.9× · Cheaper than median
PEG 2.88× · 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
VALUE22 · sector 8
FUTURE0 · sector 0
PAST43 · sector 21
HEALTH86 · sector 93
DIVIDEND50 · sector 54

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Coal Oil & gas

Similar stocks

10 more Thermal Coal stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
China Shenhua Energy Company 601088 ¥48.05 ¥34.97 −27%
PT Bayan Resources Tbk., BYAN 15,325 IDR 3,542 IDR −77%
Adani Enterprises Limited ADANIENT ₹2,965 ₹891.11 −70%
Shaanxi Coal Industry Company 601225 ¥25.08 ¥23.90 −5%
Yankuang Energy Group 600188 ¥21.60 ¥13.24 −39%
Coal India Limited COALINDIA ₹417.85 ₹464.01 +11%
533278 533278 ₹406.50 ₹660.78 +63%
PT Dian Swastatika Sentosa Tbk, DSSA 1,145 IDR 352.75 IDR −69%
Inner Mongolia Dian Tou Energy Corporation 002128 ¥26.48 ¥20.72 −22%
Shanxi Lu'an Environmental Energy Development Co 601699 ¥16.27 ¥7.20 −56%

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Frequently asked questions

Is China Coal Energy Co Ltd (601898) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥13.91 versus a price of ¥15.18, about −8% upside (fairly valued).
What is the fair value of 601898?
Our model-based fair value for China Coal Energy Co Ltd is ¥13.91 (as of Aug 13, 2026), built from audited fundamentals. The current price: ¥15.18.
What is the quality score of 601898?
China Coal Energy Co Ltd 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 China Coal Energy Co Ltd (601898)?
China Coal Energy Co Ltd reported trailing-twelve-month revenue of about 144B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 601898?
The net profit margin of China Coal Energy Co Ltd is about 12.3%, meaning it keeps roughly 12.3% of revenue as net income. Based on the latest reported figures.
Does China Coal Energy Co Ltd pay a dividend?
China Coal Energy Co Ltd currently shows a dividend yield of about 2.52% relative to its recent price (as of Aug 13, 2026).
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