Financials China Petroleum & Chemical Corporation

Equities

386 CNE1000002Q2

Oil & Gas Refining and Marketing

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
4.8 ^HKD	+0.63%		+3.23%	+17.36%

Apr. 22	Sinopec Finishes Testing Two Hydrogen Heavy Trucks	MT
Apr. 22	Sinopec Acquires 30% of Kazakhstan's Silleno Project	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	595,095	459,434	479,740	496,566	621,264	744,887	-	-
Enterprise Value (EV) ¹	557,146	402,086	405,758	543,632	734,436	1,091,533	1,087,707	1,078,349
P/E ratio	8.82 x	10.7 x	4.98 x	6.09 x	7.63 x	7.87 x	7.54 x	7.47 x
Yield	7.4%	6.85%	15.9%	10.7%	9.28%	8.45%	8.69%	9.08%
Capitalization / Revenue	0.2 x	0.22 x	0.18 x	0.15 x	0.19 x	0.22 x	0.22 x	0.23 x
EV / Revenue	0.19 x	0.19 x	0.15 x	0.16 x	0.23 x	0.33 x	0.33 x	0.33 x
EV / EBITDA	3.05 x	2.78 x	1.89 x	2.82 x	3.96 x	5.05 x	4.84 x	4.59 x
EV / FCF	16.9 x	10.3 x	4.96 x	-9.7 x	-158 x	183 x	42.2 x	28.1 x
FCF Yield	5.92%	9.7%	20.1%	-10.3%	-0.63%	0.55%	2.37%	3.56%
Price to Book	0.69 x	0.48 x	0.46 x	0.51 x	0.55 x	0.65 x	0.63 x	0.6 x
Nbr of stocks (in thousands)	121,071,210	121,071,210	121,071,210	119,896,408	119,349,252	121,699,824	-	-
Reference price ²	4.191	2.921	2.958	3.330	3.717	4.443	4.443	4.443
Announcement Date	3/29/20	3/28/21	3/27/22	3/26/23	3/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,970,000	2,110,000	2,740,884	3,318,168	3,212,215	3,335,681	3,321,282	3,309,538
EBITDA ¹	182,764	144,483	215,122	192,560	185,665	215,980	224,952	235,138
EBIT ¹	86,198	50,331	112,414	96,414	86,744	101,622	107,305	110,440
Operating Margin	2.9%	2.39%	4.1%	2.91%	2.7%	3.05%	3.23%	3.34%
Earnings before Tax (EBT) ¹	90,016	47,969	108,348	94,515	86,116	101,810	106,117	112,679
Net income ¹	57,465	33,100	71,208	66,302	60,463	67,819	71,099	71,945
Net margin	1.93%	1.57%	2.6%	2%	1.88%	2.03%	2.14%	2.17%
EPS ²	0.4750	0.2730	0.5940	0.5470	0.4870	0.5643	0.5893	0.5951
Free Cash Flow ¹	32,957	38,985	81,731	-56,046	-4,655	5,967	25,777	38,442
FCF margin	1.11%	1.85%	2.98%	-1.69%	-0.14%	0.18%	0.78%	1.16%
FCF Conversion (EBITDA)	18.03%	26.98%	37.99%	-	-	2.76%	11.46%	16.35%
FCF Conversion (Net income)	57.35%	117.78%	114.78%	-	-	8.8%	36.25%	53.43%
Dividend per Share ²	0.3100	0.2000	0.4700	0.3550	0.3450	0.3754	0.3861	0.4034
Announcement Date	3/29/20	3/28/21	3/27/22	3/26/23	3/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	1,071,738	-	741,747	737,534	1,479,281	771,386	840,740	-	841,196	864,846	791,331	802,351	-	876,259	742,274	805,468	807,853	837,453	809,855	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-27,723	78,054	-	30,436	18,116	-	33,777	30,424	-	14,576	17,637	31,090	21,262	53,696	26,236	9,842	31,577	27,442	22,729	21,909	-
Operating Margin	-	7.28%	-	4.1%	2.46%	-	4.38%	3.62%	-	1.73%	2.04%	3.93%	2.65%	-	2.99%	1.33%	3.92%	3.4%	2.71%	2.71%	-
Earnings before Tax (EBT)	-28,012	75,981	-	-	14,605	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	-22,882	54,821	39,954	20,727	11,316	-	23,338	21,113	-	13,130	-	20,740	14,371	35,111	-	-	21,200	-	-	-	-
Net margin	-	5.12%	-	2.79%	1.53%	-	3.03%	2.51%	-	1.56%	-	2.62%	1.79%	-	-	-	2.63%	-	-	-	-
EPS ²	-	-	0.3300	0.1710	0.0920	-	0.1930	0.1740	-	0.1080	0.0720	0.1730	0.1200	-	0.1490	0.0360	0.1950	0.1650	0.1250	0.1050	0.2000
Dividend per Share	0.0700	-	0.1600	-	-	0.3100	-	-	0.1600	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/31/20	3/28/21	8/29/21	10/28/21	3/27/22	3/27/22	4/27/22	8/28/22	8/28/22	10/28/22	3/26/23	4/27/23	8/27/23	8/27/23	10/26/23	3/24/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	47,066	113,172	346,646	342,821	333,462
Net Cash position ¹	37,949	57,348	73,982	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.2444 x	0.6095 x	1.605 x	1.524 x	1.418 x
Free Cash Flow ¹	32,957	38,985	81,731	-56,046	-4,655	5,967	25,777	38,442
ROE (net income / shareholders' equity)	7.89%	4.44%	9.47%	8.5%	7.59%	8.2%	8.19%	8.08%
ROA (Net income/ Total Assets)	3.43%	1.89%	3.97%	3.45%	2.93%	3.3%	3.42%	3.65%
Assets ¹	1,675,364	1,755,968	1,794,737	1,918,924	2,061,332	2,057,152	2,078,622	1,969,741
Book Value Per Share ²	6.110	6.120	6.390	6.550	6.730	6.830	7.020	7.410
Cash Flow per Share ²	1.270	1.380	1.860	0.9600	1.350	1.800	1.590	2.260
Capex ¹	141,142	128,533	143,443	172,315	166,130	166,997	160,338	151,559
Capex / Sales	4.75%	6.09%	5.23%	5.19%	5.17%	5.01%	4.83%	4.58%
Announcement Date	3/29/20	3/28/21	3/27/22	3/26/23	3/24/24	-	-	-

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 Petroleum & Chemical Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.443 CNY

Average target price

4.86 CNY

Spread / Average Target

+9.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

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NESTE OYJ	-31.20%	18.17B

Other Oil & Gas Refining and Marketing