Company Valuation: CNOOC Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 269,931 292,076 438,969 588,717 888,485 955,169 955,169 -
Change - 8.2% 50.29% 34.11% 50.92% 7.51% 0% -
Enterprise Value (EV) 1 382,142 378,866 479,298 558,332 826,176 884,291 852,517 814,357
Change - -0.86% 26.51% 16.49% 47.97% 7.03% -3.59% -4.48%
P/E ratio 10.8x 4.17x 2.91x 4.54x 6.2x 7.13x 7.36x 7.15x
PBR 0.62x 0.61x 0.69x 0.84x 1.14x 1.11x 1.02x 0.93x
PEG - 0x 0x -0.3x 0.5x -1.23x -2.32x 2.39x
Capitalization / Revenue 1.74x 1.19x 1.04x 1.41x 2.11x 2.36x 2.36x 2.28x
EV / Revenue 2.46x 1.54x 1.14x 1.34x 1.96x 2.18x 2.11x 1.95x
EV / EBITDA 4.31x 2.47x 1.87x 2.36x 3.19x 3.5x 3.39x 3.15x
EV / EBIT 10.5x 3.95x 2.48x 3.33x 4.47x 5.13x 5.11x 4.73x
EV / FCF 55.2x 5.79x - 6.28x 8.47x 12.1x 10.9x 8.71x
FCF Yield 1.81% 17.3% - 15.9% 11.8% 8.28% 9.2% 11.5%
Dividend per Share 2 0.3792 0.2433 1.45 1.151 1.308 1.217 1.187 1.222
Rate of return 6.27% 3.72% 16.4% 9.75% 7.28% 6.25% 6.09% 6.27%
EPS 2 0.56 1.57 3.03 2.6 2.9 2.731 2.645 2.724
Distribution rate 67.7% 15.5% 47.9% 44.3% 45.1% 44.6% 44.9% 44.9%
Net sales 1 155,372 246,111 422,230 416,609 420,506 405,315 404,070 418,230
EBITDA 1 88,695 153,215 256,177 236,716 259,311 252,445 251,249 258,357
EBIT 1 36,389 95,979 193,325 167,769 184,705 172,344 166,994 172,162
Net income 1 24,956 70,300 141,700 123,843 137,936 130,795 126,574 132,842
Net Debt 1 112,211 86,790 40,329 -30,385 -62,309 -70,877 -102,652 -140,812
Reference price 2 6.05 6.54 8.83 11.80 17.97 19.48 19.48 19.48
Nbr of stocks (in thousands) 44,647,456 44,647,456 47,566,764 47,566,764 47,529,954 47,529,954 47,529,954 -
Announcement Date 3/25/21 3/30/22 3/29/23 3/21/24 3/27/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.13x2.18x3.5x6.25% 137B
15.19x2.25x5.48x3.24% 121B
14.02x3.03x6.54x4.91% 71.56B
10.54x2.74x5.1x3.94% 57.15B
11.36x3.83x5.69x2.66% 43.33B
20.9x2.21x4.38x2.2% 42.07B
16.78x4.62x7.23x1.25% 31.54B
12.46x2.97x4.34x6.09% 30.08B
Average 13.55x 2.98x 5.28x 3.82% 66.77B
Weighted average by Cap. 12.55x 2.70x 5.04x 4.22%
See all sector valuations

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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