Green Dragon Gas (GDG)

Business description

Green Dragon Gas is one of the largest independent companies involved in the production and sale of coal bed methane (CBM) gas in China.

Stock data

Market cap.£127m
Last close81.38p
High / Low (52 weeks)273.0p / 81.4p
Stock market listingLN
Forecast net debt (US$m)144.9
Forecast gearing ratio (%)23
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(24)(36.1)(67.8)
Relative *(26.2)(38.8)(73)

* % Relative to local index

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Company news

Green Dragon Gas says Qinshui Basin development plans gets China's approval

Tue, 18 Apr 2017 07:07:30 GMT

Green Dragon Gas readies new block in China

Mon, 26 Sep 2016 15:17:35 GMT

Green Dragon sees strong gas sales in China

Thu, 27 Apr 2017 07:08:29 GMT

Proactive oil weekly: Eland Oil, Green Dragon, LGO Energy...

Sat, 30 Apr 2016 15:00:00 GMT

Proactive weekly oil news – SDX Energy, Sound Energy, Green Dragon Gas…

Sat, 22 Apr 2017 06:22:30 GMT

Investment summary

2017 is likely to be a critical year for Green Dragon Gas (GDG) as management works to deliver on several milestones that will enable a step-up in activity levels. We were encouraged by the CNPC approval and submission of the GCZ CBM Block overall development plan (ODP) in April. Execution of supplementary agreements and GSS ODP submission would provide an incremental reserve base for GDG to leverage in order to refinance outstanding bonds and fund further drilling activity. With regard to funding GDG states that it has multiple term sheets for mezzanine and RBL funding on hand. Our base case valuation of 227p/share rises to 237p/share assuming GSS ODP approval this year and GCZ developed in-line with ODP, this is offset by a delay in GSS development relative to previous forecasts.

Last updated on 28/04/2017

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 37.7 20.1 (0.1) 0.0 N/A 0.1
2016A 29.1 10.5 (12.3) 0.0 N/A 0.3
2017E 31.9 16.1 (4.6) 0.0 N/A 0.9
2018E 51.3 35.1 7.3 0.0 N/A 0.5

Last updated on 19/05/2017

Latest research

Latest video

Executive Interview - Green Dragon Gas

Industry outlook

GDG’s gas price is largely driven by domestic policy; however, we expect that in the medium term, domestic regulated pricing will trend towards LNG import price parity. We assume that current realisations ($7.5/mcf as a blended average of CNG and PNG prices) will remain until 2018, beyond which it will track towards Chinese LNG import price parity.

Last updated on 04/04/2017

Key management

Randeep Grewal, Chairman & CEO
Alfred Yan, CFO

Company address

Suite 3308
Two Exchange Square
Hong Kong
+852 3710 068
View website