Financials Phillips 66

Equities

PSX

US7185461040

Oil & Gas Refining and Marketing

Real-time Estimate Cboe BZX Other stock markets 10:44:23 2024-04-29 am EDT			5-day change	1st Jan Change
150.5 ^USD	-0.60%		-3.90%	+13.35%

12:58pm	Barclays Adjusts Price Target on Phillips 66 to $147 From $155, Keeps Equalweight Rating	MT
Apr. 26	Energy Drops After Mixed Earnings -- Energy Roundup	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,506	30,550	31,752	49,192	58,576	64,198	-	-
Enterprise Value (EV) ¹	59,655	43,929	43,053	60,249	74,612	81,311	78,775	76,846
P/E ratio	16.5 x	-7.72 x	24.4 x	4.47 x	8.6 x	11.8 x	11.1 x	10.8 x
Yield	3.14%	5.15%	5.02%	3.68%	3.15%	2.93%	3.04%	3.13%
Capitalization / Revenue	0.45 x	0.47 x	0.28 x	0.28 x	0.39 x	0.45 x	0.47 x	0.48 x
EV / Revenue	0.54 x	0.67 x	0.37 x	0.34 x	0.5 x	0.57 x	0.58 x	0.57 x
EV / EBITDA	7.87 x	24 x	6.84 x	3.99 x	5.89 x	8.14 x	7.52 x	7.45 x
EV / FCF	63.8 x	-53.6 x	10.4 x	6.99 x	16.2 x	22.4 x	14 x	13.8 x
FCF Yield	1.57%	-1.87%	9.66%	14.3%	6.18%	4.47%	7.16%	7.27%
Price to Book	1.97 x	1.61 x	1.66 x	1.64 x	1.86 x	2.05 x	1.87 x	1.66 x
Nbr of stocks (in thousands)	444,358	436,800	438,202	472,632	439,956	424,000	-	-
Reference price ²	111.4	69.94	72.46	104.1	133.1	151.4	151.4	151.4
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	109,559	65,494	114,852	175,702	149,890	142,369	136,845	133,951
EBITDA ¹	7,582	1,834	6,291	15,090	12,672	9,991	10,475	10,314
EBIT ¹	4,636	-4,465	2,321	15,258	10,366	6,908	8,304	8,311
Operating Margin	4.23%	-6.82%	2.02%	8.68%	6.92%	4.85%	6.07%	6.2%
Earnings before Tax (EBT) ¹	4,178	-4,964	1,740	14,639	9,469	6,822	7,482	7,603
Net income ¹	3,076	-3,975	1,317	11,024	7,015	5,179	5,501	5,666
Net margin	2.81%	-6.07%	1.15%	6.27%	4.68%	3.64%	4.02%	4.23%
EPS ²	6.770	-9.060	2.970	23.27	15.48	12.87	13.65	14.04
Free Cash Flow ¹	935	-820	4,157	8,619	4,611	3,634	5,642	5,587
FCF margin	0.85%	-1.25%	3.62%	4.91%	3.08%	2.55%	4.12%	4.17%
FCF Conversion (EBITDA)	12.33%	-	66.08%	57.12%	36.39%	36.37%	53.86%	54.17%
FCF Conversion (Net income)	30.4%	-	315.64%	78.18%	65.73%	70.17%	102.55%	98.61%
Dividend per Share ²	3.500	3.600	3.640	3.830	4.200	4.439	4.606	4.740
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	31,472	33,568	36,722	49,309	48,764	40,907	35,089	35,740	40,322	38,739	33,560	36,454	35,986	35,405	35,389
EBITDA ¹	2,468	2,445	1,664	5,228	4,870	3,328	3,287	3,085	3,606	2,694	2,115	2,713	2,844	2,388	2,419
EBIT ¹	599	1,768	963	4,239	7,316	2,745	2,843	2,510	3,034	1,979	1,532	1,773	2,133	1,806	1,871
Operating Margin	1.9%	5.27%	2.62%	8.6%	15%	6.71%	8.1%	7.02%	7.52%	5.11%	4.57%	4.86%	5.93%	5.1%	5.29%
Earnings before Tax (EBT) ¹	448	1,627	828	4,106	7,158	2,547	2,651	2,244	2,813	1,761	1,371	1,549	1,914	1,593	1,614
Net income ¹	402	1,273	582	3,167	5,391	1,884	1,961	1,697	2,097	1,260	1,038	1,277	1,559	1,202	1,177
Net margin	1.28%	3.79%	1.58%	6.42%	11.06%	4.61%	5.59%	4.75%	5.2%	3.25%	3.09%	3.5%	4.33%	3.4%	3.33%
EPS ²	0.9100	2.880	1.290	6.530	11.16	3.970	4.200	3.720	4.690	2.860	2.202	3.590	3.753	2.673	2.740
Dividend per Share ²	0.9200	0.9200	0.9200	0.9700	0.9700	0.9700	1.050	1.050	1.050	1.050	1.077	1.122	1.134	1.134	1.167
Announcement Date	10/29/21	1/28/22	4/29/22	7/29/22	11/1/22	1/31/23	5/3/23	8/2/23	10/27/23	1/31/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,149	13,379	11,301	11,057	16,036	17,113	14,577	12,649
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.339 x	7.295 x	1.796 x	0.7327 x	1.265 x	1.713 x	1.392 x	1.226 x
Free Cash Flow ¹	935	-820	4,157	8,619	4,611	3,634	5,642	5,587
ROE (net income / shareholders' equity)	14.8%	-1.74%	13.2%	36.6%	23.8%	17.8%	18.6%	17.2%
ROA (Net income/ Total Assets)	6.47%	-0.67%	4.57%	13.5%	9.23%	7.3%	8.06%	-
Assets ¹	47,533	590,200	28,815	81,764	75,972	70,925	68,246	-
Book Value Per Share ²	56.50	43.50	43.80	63.30	71.50	74.00	80.90	91.10
Cash Flow per Share ²	12.40	5.540	8.850	22.70	19.50	18.70	20.80	20.80
Capex ¹	3,873	2,920	1,860	2,194	2,418	2,170	2,085	2,140
Capex / Sales	3.54%	4.46%	1.62%	1.25%	1.61%	1.52%	1.52%	1.6%
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Phillips 66

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

151.4 USD

Average target price

165.6 USD

Spread / Average Target

+9.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
PHILLIPS 66	+13.38%	64.2B
RELIANCE INDUSTRIES LTD	+13.35%	221B
BP PLC	+12.90%	107B
CHINA PETROLEUM & CHEMICAL CORPORATION	+14.18%	103B
MARATHON PETROLEUM CORPORATION	+35.00%	71.49B
VALERO ENERGY CORPORATION	+29.25%	54.22B
IMPERIAL OIL LIMITED	+27.93%	37.8B
INDIAN OIL CORPORATION LIMITED	+36.12%	28.33B
FORMOSA PETROCHEMICAL CORPORATION	-11.77%	20.79B
REPSOL S.A.	+10.56%	19.12B

Other Oil & Gas Refining and Marketing