Stock 601808 CHINA OILFIELD SERVICES LIMITED
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Financials China Oilfield Services Limited Shanghai S.E.

Equities

601808

CNE100000759

Oil & Gas Drilling

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
17.85 CNY -4.29% Intraday chart for China Oilfield Services Limited -8.37% +22.09%
Apr. 26 China Oilfield Services' Q1 Profit Rises 57% on Higher Revenue MT
Apr. 25 Transcript : China Oilfield Services Limited, Q1 2024 Earnings Call, Apr 25, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 76,603 47,787 54,494 64,188 56,475 67,118 - -
Enterprise Value (EV) 1 89,747 66,639 72,256 81,716 70,816 81,498 79,670 71,924
P/E ratio 20.8 x 9.75 x 84.8 x - 11.5 x 9.84 x 7.64 x 6.53 x
Yield 1.47% 3.08% 2.7% - - 3.03% 3.93% 4.81%
Capitalization / Revenue 2.46 x 1.65 x 1.87 x 1.8 x 1.28 x 1.36 x 1.26 x 1.08 x
EV / Revenue 2.88 x 2.3 x 2.47 x 2.29 x 1.61 x 1.66 x 1.5 x 1.16 x
EV / EBITDA 11.5 x 7.44 x 13.4 x 10.9 x 7.01 x 7.54 x 6.14 x 4.78 x
EV / FCF 26.6 x 19.8 x 19.6 x 29.3 x 19 x 31.6 x 18.4 x 13.2 x
FCF Yield 3.77% 5.06% 5.11% 3.41% 5.26% 3.17% 5.43% 7.58%
Price to Book 1.42 x 0.68 x 0.7 x - - 0.85 x 0.77 x 0.71 x
Nbr of stocks (in thousands) 4,771,592 4,771,592 4,771,592 4,771,592 4,771,592 4,771,592 - -
Reference price 2 10.92 5.521 5.565 8.381 7.253 7.881 7.881 7.881
Announcement Date 3/25/20 3/24/21 3/24/22 3/23/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 31,135 28,925 29,203 35,659 44,109 49,177 53,176 62,122
EBITDA 1 7,823 8,958 5,387 7,489 10,107 10,808 12,966 15,043
EBIT 1 3,447 4,142 879.7 2,723 4,855 5,417 6,877 8,067
Operating Margin 11.07% 14.32% 3.01% 7.64% 11.01% 11.02% 12.93% 12.99%
Earnings before Tax (EBT) 1 3,472 3,379 1,090 2,981 4,243 5,243 6,806 8,090
Net income 1 2,502 2,703 313.2 2,353 3,013 3,885 5,019 5,939
Net margin 8.04% 9.35% 1.07% 6.6% 6.83% 7.9% 9.44% 9.56%
EPS 2 0.5244 0.5665 0.0656 - 0.6315 0.8012 1.032 1.207
Free Cash Flow 1 3,380 3,371 3,695 2,790 3,724 2,553 4,327 5,450
FCF margin 10.86% 11.66% 12.65% 7.83% 8.44% 5.19% 8.14% 8.77%
FCF Conversion (EBITDA) 43.2% 37.64% 68.59% 37.26% 36.84% 23.62% 33.37% 36.23%
FCF Conversion (Net income) 135.07% 124.72% 1,179.75% 118.6% 123.58% 65.71% 86.21% 91.77%
Dividend per Share 2 0.1600 0.1700 0.1500 - - 0.2387 0.3101 0.3793
Announcement Date 3/25/20 3/24/21 3/24/22 3/23/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2023 Q1 2023 Q2 2023 S1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 17,572 14,674 14,448 9,321 - - - - - - - - - - - -
EBITDA - - - - - - - - - - - - - - - -
EBIT 2,044 1,997 1,176 -1,129 - - - - - - - - - - - -
Operating Margin 11.63% 13.61% 8.14% -12.11% - - - - - - - - - - - -
Earnings before Tax (EBT) 2,090 2,091 1,288 -913.5 - - - - - - - - - - - -
Net income 1,529 1,714 989 -1,139 - 798.7 1,103 - - 1,035 1,339 - - - - -
Net margin 8.7% 11.68% 6.85% -12.22% - - - - - - - - - - - -
EPS 1 - 0.3593 - - 0.0637 0.1700 - 0.2000 0.0847 0.1959 0.2806 0.2100 0.1600 0.0200 0.8200 0.2900
Dividend per Share - - - - - - - - - - - - - - - -
Announcement Date 3/25/20 8/26/20 3/24/21 3/24/22 4/28/22 8/25/22 8/25/22 10/27/22 4/27/23 8/23/23 8/23/23 - - - - -
1CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 13,144 18,852 17,762 17,529 14,340 14,381 12,553 4,806
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.59 x 2.104 x 3.298 x 2.341 x 1.419 x 1.331 x 0.9682 x 0.3195 x
Free Cash Flow 1 3,380 3,371 3,695 2,790 3,724 2,553 4,327 5,450
ROE (net income / shareholders' equity) 7.06% 7.2% 2.37% 6.09% 7.45% 8.87% 10.6% 11.2%
ROA (Net income/ Total Assets) 3.26% 3.56% 1.22% 3.13% 3.76% 4.2% 4.88% 5%
Assets 1 76,756 76,022 25,748 75,248 80,204 92,506 102,861 118,775
Book Value Per Share 2 7.700 8.070 7.970 - - 9.320 10.20 11.10
Cash Flow per Share 2 1.460 1.580 1.550 - - 1.610 2.090 2.360
Capex 1 3,002 4,174 3,729 4,110 9,372 7,064 5,015 5,759
Capex / Sales 9.64% 14.43% 12.77% 11.52% 21.25% 14.36% 9.43% 9.27%
Announcement Date 3/25/20 3/24/21 3/24/22 3/23/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Oilfield Services Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
7.881 CNY
Average target price
10.08 CNY
Spread / Average Target
+27.97%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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