Financials Canadian Natural Resources Limited

Equities

CNQ

CA1363851017

Oil & Gas Exploration and Production

Market Closed - Toronto S.E. 04:00:00 2024-05-27 pm EDT 5-day change 1st Jan Change
104.8 CAD +0.12% Intraday chart for Canadian Natural Resources Limited -0.10% +20.71%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 49,743 36,129 62,917 83,238 94,051 111,927 - -
Enterprise Value (EV) 1 70,096 57,093 76,558 93,272 103,448 122,100 121,873 120,815
P/E ratio 9.25 x -82.7 x 8.27 x 7.9 x 11.6 x 15.1 x 11.8 x 11.3 x
Yield 3.57% 5.56% 3.74% 6.12% 4.32% 4.01% 4.14% 4.44%
Capitalization / Revenue 2.17 x 2.14 x 2.09 x 1.97 x 2.61 x 3.14 x 2.99 x 3.06 x
EV / Revenue 3.06 x 3.38 x 2.55 x 2.21 x 2.88 x 3.42 x 3.25 x 3.3 x
EV / EBITDA 6.17 x 10.3 x 4.86 x 4.22 x 6.13 x 7.15 x 6.38 x 6.4 x
EV / FCF 11.2 x 24.6 x 7.67 x 6.36 x 9.94 x 13.6 x 12 x 12.8 x
FCF Yield 8.92% 4.06% 13% 15.7% 10.1% 7.36% 8.3% 7.84%
Price to Book 1.42 x 1.12 x 1.69 x 2.17 x 2.34 x 2.76 x 2.66 x 2.6 x
Nbr of stocks (in thousands) 1,184,356 1,181,058 1,177,118 1,107,031 1,083,415 1,068,104 - -
Reference price 2 42.00 30.59 53.45 75.19 86.81 104.7 104.7 104.7
Announcement Date 3/5/20 3/4/21 3/3/22 3/2/23 2/29/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 22,871 16,893 30,057 42,298 35,968 35,655 37,454 36,632
EBITDA 1 11,361 5,519 15,750 22,113 16,877 17,077 19,104 18,890
EBIT 1 5,815 -527 10,026 14,760 10,464 11,381 12,868 11,428
Operating Margin 25.43% -3.12% 33.36% 34.9% 29.09% 31.92% 34.36% 31.2%
Earnings before Tax (EBT) 1 4,956 -873 9,911 13,704 10,165 9,758 11,410 11,552
Net income 1 5,416 -435 7,664 10,937 8,233 7,365 9,399 8,591
Net margin 23.68% -2.58% 25.5% 25.86% 22.89% 20.66% 25.09% 23.45%
EPS 2 4.540 -0.3700 6.460 9.520 7.470 6.942 8.840 9.232
Free Cash Flow 1 6,254 2,320 9,985 14,655 10,409 8,986 10,120 9,466
FCF margin 27.34% 13.73% 33.22% 34.65% 28.94% 25.2% 27.02% 25.84%
FCF Conversion (EBITDA) 55.05% 42.04% 63.4% 66.27% 61.68% 52.62% 52.97% 50.11%
FCF Conversion (Net income) 115.47% - 130.28% 133.99% 126.43% 122.01% 107.67% 110.19%
Dividend per Share 2 1.500 1.700 2.000 4.600 3.750 4.193 4.337 4.645
Announcement Date 3/5/20 3/4/21 3/3/22 3/2/23 2/29/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q2
Net sales 1 9,213 10,677 11,475 10,457 9,689 8,630 7,890 9,895 9,553 8,244 8,590 9,371 9,188 9,046 9,374
EBITDA 1 5,136 6,007 6,396 6,130 4,270 3,868 3,069 5,243 4,881 3,286 4,065 4,812 5,231 4,487 4,696
EBIT 1 3,663 4,600 5,033 4,676 1,141 2,450 1,672 3,706 2,820 1,753 2,693 3,280 3,165 - -
Operating Margin 39.76% 43.08% 43.86% 44.72% 11.78% 28.39% 21.19% 37.45% 29.52% 21.26% 31.35% 35% 34.45% - -
Earnings before Tax (EBT) 1 3,410 4,077 4,532 3,765 1,330 2,288 1,772 3,147 2,958 1,408 2,330 2,845 2,598 2,514 2,837
Net income 1 2,534 3,101 3,502 2,814 1,520 1,799 1,463 2,344 2,627 987 1,743 2,111 1,888 1,861 2,105
Net margin 27.5% 29.04% 30.52% 26.91% 15.69% 20.85% 18.54% 23.69% 27.5% 11.97% 20.29% 22.53% 20.55% 20.58% 22.45%
EPS 2 2.140 2.630 3.000 2.490 1.360 1.620 1.320 2.130 2.410 0.9100 1.688 2.109 1.993 1.975 2.182
Dividend per Share 2 0.5900 0.7500 0.7500 2.250 0.8500 0.9000 0.9000 0.9000 1.050 - 1.050 1.050 1.070 1.067 1.067
Announcement Date 3/3/22 5/5/22 8/4/22 11/3/22 3/2/23 5/4/23 8/3/23 11/2/23 2/29/24 5/2/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 20,353 20,964 13,641 10,034 9,397 10,173 9,946 8,888
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.791 x 3.799 x 0.8661 x 0.4538 x 0.5568 x 0.5957 x 0.5206 x 0.4705 x
Free Cash Flow 1 6,254 2,320 9,985 14,655 10,409 8,986 10,120 9,466
ROE (net income / shareholders' equity) 16.2% -1.29% 22.1% 28.6% 21.1% 18.9% 23.3% 23.2%
ROA (Net income/ Total Assets) 7.24% -0.57% 9.77% 14.3% 10.8% 10.5% 13.2% -
Assets 1 74,840 76,698 78,469 76,403 76,048 69,931 71,288 -
Book Value Per Share 2 29.50 27.40 31.60 34.60 37.10 37.90 39.30 40.30
Cash Flow per Share 2 8.610 4.130 11.40 17.20 13.90 13.80 15.40 15.70
Capex 1 3,608 2,560 4,493 5,103 4,865 5,584 5,484 4,802
Capex / Sales 15.78% 15.15% 14.95% 12.06% 13.53% 15.66% 14.64% 13.11%
Announcement Date 3/5/20 3/4/21 3/3/22 3/2/23 2/29/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
104.7 CAD
Average target price
113.2 CAD
Spread / Average Target
+8.21%
Consensus
  1. Stock Market
  2. Equities
  3. CNQ Stock
  4. Financials Canadian Natural Resources Limited