Financials CNOOC Energy Technology & Services Limited

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
4.18 ^CNY	-2.34%		-9.52%	+46.67%

Apr. 24	CNOOC Energy Technology & Services Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 16	CNOOC Energy’s Attributable Profit Jumps 28% in 2023; Shares Jump 10%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,784	24,295	29,784	29,276	28,971	42,490	-	-
Enterprise Value (EV) ¹	29,945	24,295	29,784	29,276	28,971	42,490	42,490	42,490
P/E ratio	24.4 x	16 x	23.2 x	12.1 x	9.4 x	12.2 x	10.9 x	9.61 x
Yield	1.26%	1.88%	1.88%	2.95%	-	2.75%	2.99%	-
Capitalization / Revenue	0.89 x	0.73 x	0.77 x	0.61 x	0.59 x	0.77 x	0.71 x	0.6 x
EV / Revenue	0.89 x	0.73 x	0.77 x	0.61 x	0.59 x	0.77 x	0.71 x	0.6 x
EV / EBITDA	8.47 x	6.24 x	7.44 x	5.91 x	5.31 x	6.74 x	6.29 x	5.7 x
EV / FCF	15,824,561 x	-	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-	-
Price to Book	1.61 x	1.25 x	1.47 x	1.31 x	-	1.57 x	1.43 x	1.32 x
Nbr of stocks (in thousands)	10,165,104	10,165,104	10,165,104	10,165,104	10,165,104	10,165,104	-	-
Reference price ²	2.930	2.390	2.930	2.880	2.850	4.180	4.180	4.180
Announcement Date	4/9/20	4/19/21	4/18/22	4/10/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,463	33,208	38,739	47,784	49,308	54,964	59,938	70,419
EBITDA ¹	3,515	3,892	4,003	4,957	5,457	6,301	6,752	7,451
EBIT ¹	1,719	2,065	1,934	2,998	3,860	4,541	5,056	5,567
Operating Margin	5.14%	6.22%	4.99%	6.27%	7.83%	8.26%	8.44%	7.91%
Earnings before Tax (EBT) ¹	1,724	2,098	1,920	2,984	3,854	4,534	5,049	5,557
Net income ¹	1,233	1,522	1,284	2,416	3,081	3,487	3,888	4,450
Net margin	3.68%	4.58%	3.31%	5.06%	6.25%	6.34%	6.49%	6.32%
EPS ²	0.1200	0.1497	0.1263	0.2377	0.3031	0.3433	0.3833	0.4350
Free Cash Flow	1,882	-	-	-	-	-	-	-
FCF margin	5.62%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	53.54%	-	-	-	-	-	-	-
FCF Conversion (Net income)	152.64%	-	-	-	-	-	-	-
Dividend per Share ²	0.0370	0.0450	0.0550	0.0850	-	0.1150	0.1250	-
Announcement Date	4/9/20	4/19/21	4/18/22	4/10/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	161	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0457 x	-	-	-	-	-	-	-
Free Cash Flow	1,882	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	7.71%	8.01%	6.3%	11.1%	13.1%	13.1%	13.3%	13.8%
ROA (Net income/ Total Assets)	4.29%	4.89%	3.76%	6.33%	-	7.4%	7.6%	7.8%
Assets ¹	28,742	31,135	34,125	38,172	-	47,117	51,155	57,049
Book Value Per Share ²	1.820	1.920	2.000	2.200	-	2.660	2.930	3.170
Cash Flow per Share ²	0.2000	0.2900	0.2600	0.3400	-	0.5800	0.6000	0.5700
Capex ¹	1,049	545	1,376	2,269	2,219	1,788	1,791	1,200
Capex / Sales	3.14%	1.64%	3.55%	4.75%	4.5%	3.25%	2.99%	1.7%
Announcement Date	4/9/20	4/19/21	4/18/22	4/10/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.18 CNY

Average target price

4.5 CNY

Spread / Average Target

+7.66%

	1st Jan change	Capi.
CNOOC ENERGY TECHNOLOGY & SERVICES LIMITED	+46.67%	5.86B
SCHLUMBERGER LIMITED	-5.46%	70.32B
HALLIBURTON COMPANY	+6.61%	34.12B
BAKER HUGHES COMPANY	-3.92%	32.77B
TECHNIPFMC PLC	+32.03%	11.62B
WEATHERFORD INTERNATIONAL PLC	+30.81%	9.36B
NOV INC.	-6.95%	7.46B
CHAMPIONX CORPORATION	+19.34%	6.64B
TIDEWATER INC.	+32.74%	5B
SAIPEM S.P.A.	+48.78%	4.66B