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.£92.9m
Last close59.50p
High / Low (52 weeks)197.4p / 56.0p
Stock market listingLN
Forecast net debt (US$m)144.9
Forecast gearing ratio (%)23
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual3.7(6.3)(69.5)
Relative *5.7(5.9)(72.4)

* % Relative to local index

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Company news

Green Dragon Gas Remains In Active Talks To Extend USD88 Million Debt

Fri, 17 Nov 2017 15:33:45 GMT

Green Dragon Gas extends debt maturities as it works towards Hong Kong IPO

Mon, 30 Oct 2017 10:38:51 GMT

Green Dragon Gas hits key milestone as it finalises agreement with CNOOC

Wed, 20 Sep 2017 08:17:54 GMT

Green Dragon Gas expects expedited project development after regulatory decision

Mon, 31 Jul 2017 08:51:56 GMT

Green Dragon sees strong gas sales in China

Thu, 27 Apr 2017 07:08:29 GMT

Investment summary

Green Dragon Gas (GDG) has announced that it has progressed discussions with the majority of its debt holders to extend existing debt maturities to 20 November 2018. Extensions are subject to the execution of amendments and an inter-creditor agreement between debt holders, and are expected to be finalised on or before 15 November 2017. GDG’s Nordic Bond (US$88m) will be extended to 20 November 2018 and the put option on GDG’s convertible bond (US$50m) will be extended to allow for conclusion of an inter-creditor agreement to provide it with the same security as the Nordic Bond Trustee but subordinated. Our current valuation and financial forecasts (shown below) are under review.

Last updated on 31/10/2017

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 0.2
2017E 31.9 16.1 (4.6) 0.0 N/A 0.7
2018E 51.3 35.1 7.3 0.0 N/A 0.4

Last updated on 20/09/2017

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 03/10/2017

Key management

Randeep Grewal, Chairman & CEO
Alfred Yan, CFO

Company address

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