Financials CNOOC Limited

Equities

883

HK0883013259

Oil & Gas Exploration and Production

Delayed Hong Kong S.E. 10:05:20 2024-05-29 pm EDT 5-day change 1st Jan Change
20.9 HKD -0.24% Intraday chart for CNOOC Limited +8.97% +60.77%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 517,106 269,808 292,125 438,283 589,493 939,873 - -
Enterprise Value (EV) 1 632,169 382,019 378,915 444,731 559,108 865,368 831,810 796,880
P/E ratio 8.45 x 10.8 x 4.17 x 2.91 x 4.54 x 6.28 x 6.27 x 6.44 x
Yield 6.18% 6.27% 3.72% 16.5% 10.6% 6.99% 7.1% 6.81%
Capitalization / Revenue 2.22 x 1.74 x 1.19 x 1.04 x 1.41 x 2.14 x 2.08 x 2.1 x
EV / Revenue 2.71 x 2.46 x 1.54 x 1.05 x 1.34 x 1.97 x 1.84 x 1.78 x
EV / EBITDA 4.46 x 4.31 x 2.47 x 1.73 x 2.36 x 3.19 x 3.01 x 2.91 x
EV / FCF 14.1 x 55.2 x 5.79 x - 6.29 x 7.27 x 7.04 x 5.88 x
FCF Yield 7.11% 1.81% 17.3% - 15.9% 13.8% 14.2% 17%
Price to Book 1.15 x 0.62 x 0.61 x 0.69 x 0.84 x 1.19 x 1.07 x 0.98 x
Nbr of stocks (in thousands) 44,647,456 44,647,456 44,647,456 47,566,764 47,566,764 47,566,764 - -
Reference price 2 11.58 6.043 6.543 8.814 11.82 19.11 19.11 19.11
Announcement Date 3/25/20 3/25/21 3/30/22 3/29/23 3/21/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 233,199 155,372 246,111 422,200 416,609 440,091 451,232 448,052
EBITDA 1 141,894 88,695 153,215 256,436 236,716 271,078 276,014 273,640
EBIT 1 84,195 36,389 95,979 194,925 167,769 196,112 201,227 192,697
Operating Margin 36.1% 23.42% 39% 46.17% 40.27% 44.56% 44.59% 43.01%
Earnings before Tax (EBT) 1 85,649 34,907 95,821 194,770 172,974 204,785 214,719 226,756
Net income 1 61,045 24,956 70,300 141,700 123,843 144,721 145,649 142,102
Net margin 26.18% 16.06% 28.56% 33.56% 29.73% 32.88% 32.28% 31.72%
EPS 2 1.370 0.5600 1.570 3.030 2.600 3.043 3.048 2.965
Free Cash Flow 1 44,943 6,920 65,456 - 88,868 119,035 118,228 135,598
FCF margin 19.27% 4.45% 26.6% - 21.33% 27.05% 26.2% 30.26%
FCF Conversion (EBITDA) 31.67% 7.8% 42.72% - 37.54% 43.91% 42.83% 49.55%
FCF Conversion (Net income) 73.62% 27.73% 93.11% - 71.76% 82.25% 81.17% 95.42%
Dividend per Share 2 0.7153 0.3792 0.2433 1.450 1.250 1.335 1.356 1.301
Announcement Date 3/25/20 3/25/21 3/30/22 3/29/23 3/21/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2
Net sales 1 124,319 - 80,812 110,233 135,878 111,457 202,355 108,790 111,060 219,875 - 94,353 192,064 114,753 109,792 224,545 111,468 112,164 197,802 112,164 134,597 208,776
EBITDA - - - - - - - - - - - - - - - - - - - - - -
EBIT 40,885 15,579 - 45,449 50,530 - 97,064 - 43,498 96,261 - - 84,273 - - 83,496 - - 93,500 - - 89,740
Operating Margin 32.89% - - 41.23% 37.19% - 47.97% - 39.17% 43.78% - - 43.88% - - 37.18% - - 47.27% - - 42.98%
Earnings before Tax (EBT) 41,607 14,946 - - - - - - - - - - - - - - - - - - - -
Net income 30,792 10,383 14,573 33,329 - - 71.89 - 32,932 - 32,113 31,648 63,761 33,382 - - 39,719 - - - - -
Net margin 24.77% - 18.03% 30.24% - - 0.04% - 29.65% - - 33.54% 33.2% 29.09% - - 35.63% - - - - -
EPS - 0.2300 - - - - 1.570 - 0.6900 - - - - - - - - - - - - -
Dividend per Share - 0.1786 0.2106 - - - 0.7000 - 0.7500 - - - - - - - - - - - - -
Announcement Date 3/25/20 8/19/20 3/25/21 8/19/21 3/30/22 8/25/22 8/25/22 10/27/22 3/29/23 3/29/23 4/27/23 8/17/23 8/17/23 10/24/23 3/21/24 3/21/24 4/25/24 - - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 115,063 112,211 86,790 6,448 - - - -
Net Cash position 1 - - - - 30,385 74,505 108,063 142,993
Leverage (Debt/EBITDA) 0.8109 x 1.265 x 0.5665 x 0.0251 x - - - -
Free Cash Flow 1 44,943 6,920 65,456 - 88,868 119,035 118,228 135,598
ROE (net income / shareholders' equity) 14.1% 5.66% 15.4% 26% 19.6% 20.1% 18.2% 15.9%
ROA (Net income/ Total Assets) 8.45% 3.37% 9.33% 16.5% 12.8% 13% 12.3% 11.4%
Assets 1 722,059 739,503 753,708 857,800 967,523 1,112,243 1,179,600 1,246,693
Book Value Per Share 2 10.00 9.710 10.80 12.80 14.00 16.10 17.80 19.40
Cash Flow per Share 2 2.770 1.840 3.310 4.400 4.410 4.580 4.630 4.640
Capex 1 78,578 75,418 82,437 94,661 120,875 127,294 127,131 129,670
Capex / Sales 33.7% 48.54% 33.5% 22.42% 29.01% 28.92% 28.17% 28.94%
Announcement Date 3/25/20 3/25/21 3/30/22 3/29/23 3/21/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
19.11 CNY
Average target price
19.37 CNY
Spread / Average Target
+1.37%
Consensus
  1. Stock Market
  2. Equities
  3. 883 Stock
  4. Financials CNOOC Limited