Company Valuation: CNOOC Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 517,254 269,931 292,076 438,969 588,717 853,226 853,226 -
Change - -47.81% 8.2% 50.29% 34.11% 44.93% 0% -
Enterprise Value (EV) 1 632,317 382,142 378,866 445,417 558,332 787,130 749,621 707,696
Change - -39.56% -0.86% 17.57% 25.35% 40.98% -4.77% -5.59%
P/E ratio 8.46x 10.8x 4.17x 2.91x 4.54x 5.69x 5.76x 5.75x
PBR 1.15x 0.62x 0.61x 0.69x 0.84x 1.09x 0.99x 0.9x
PEG - -0.2x 0x 0x -0.3x 0.3x -4.56x 23.97x
Capitalization / Revenue 2.22x 1.74x 1.19x 1.04x 1.41x 1.9x 1.88x 1.83x
EV / Revenue 2.71x 2.46x 1.54x 1.05x 1.34x 1.75x 1.65x 1.52x
EV / EBITDA 4.46x 4.31x 2.47x 1.74x 2.36x 2.93x 2.79x 2.56x
EV / EBIT 7.51x 10.5x 3.95x 2.29x 3.33x 4.03x 3.91x 3.65x
EV / FCF 14.1x 55.2x 5.79x - 6.28x 9.06x 7.99x 7.21x
FCF Yield 7.11% 1.81% 17.3% - 15.9% 11% 12.5% 13.9%
Dividend per Share 2 0.7153 0.3792 0.2433 1.45 1.25 1.313 1.33 1.359
Rate of return 6.17% 6.27% 3.72% 16.4% 10.6% 7.57% 7.67% 7.83%
EPS 2 1.37 0.56 1.57 3.03 2.6 3.049 3.01 3.017
Distribution rate 52.2% 67.7% 15.5% 47.9% 48.1% 43.1% 44.2% 45%
Net sales 1 233,199 155,372 246,111 422,200 416,609 449,194 453,096 466,352
EBITDA 1 141,894 88,695 153,215 256,436 236,716 268,273 268,245 276,312
EBIT 1 84,195 36,389 95,979 194,925 167,769 195,267 191,717 193,883
Net income 1 61,045 24,956 70,300 141,700 123,843 145,738 146,647 146,912
Net Debt 1 115,063 112,211 86,790 6,448 -30,385 -66,096 -103,605 -145,531
Reference price 2 11.59 6.05 6.54 8.83 11.80 17.35 17.35 17.35
Nbr of stocks (in thousands) 44,647,456 44,647,456 44,647,456 47,566,764 47,566,764 47,529,954 47,529,954 -
Announcement Date 3/25/20 3/25/21 3/30/22 3/29/23 3/21/24 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

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P/E ratio (Y) EV / Sales (Y) EV / EBITDA (Y) Yield (Y) Capi.($)
5.69x1.75x2.93x7.57% 118B
12.13x2.44x5.64x3.23% 123B
11.1x2.93x5.44x2.86% 72.42B
12.65x3.04x6.38x4.91% 63.56B
10.29x5.43x7.75x4.57% 45.84B
13.98x2.62x5.12x1.77% 45.1B
16.58x4.11x7.13x1.29% 45.01B
203.83x7.4x11.79x1.2% 31.88B
8.42x2.86x3.88x8.37% 29.65B
Average 32.74x 3.62x 6.23x percentage-no-prefix 63.77B
Weighted average by Cap. 21.54x 3.11x 5.64x percentage-no-prefix
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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