Financials Equinor ASA

Equities

EQNR

NO0010096985

Integrated Oil & Gas

Market Closed - Oslo Bors Other stock markets 10:45:00 2023-11-30 am EST			5-day change	1st Jan Change
348.10 ^NOK	+1.71%		+1.37%	-1.05%

07:48pm	NY launches offshore wind solicitation as strives to meet green goals	RE
06:50pm	Norway's Okea postpones $220 million acquisition from Equinor	RE

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	70 263	65 679	55 304	86 445	113 762	96 626	-	-
Enterprise Value (EV) ¹	81 393	82 108	74 797	87 312	100 474	86 592	89 950	96 341
P/E ratio	9,30x	36,2x	-10,1x	10,2x	3,98x	8,00x	7,98x	8,45x
Yield	4,31%	5,27%	2,41%	2,65%	8,08%	10,9%	9,08%	6,95%
Capitalization / Revenue	0,88x	1,02x	1,21x	0,95x	0,75x	0,90x	0,85x	0,90x
EV / Revenue	1,02x	1,28x	1,63x	0,96x	0,67x	0,80x	0,79x	0,90x
EV / EBITDA	2,77x	3,65x	6,33x	1,92x	1,18x	1,84x	1,90x	2,21x
EV / FCF	9,77x	23,2x	39,2x	4,20x	3,81x	5,97x	7,69x	15,6x
FCF Yield	10,2%	4,32%	2,55%	23,8%	26,3%	16,8%	13,0%	6,41%
Price to Book	1,63x	1,60x	1,63x	2,23x	2,11x	1,96x	1,93x	1,86x
Nbr of stocks (in thousands)	3 328 310	3 299 021	3 253 801	3 227 308	3 168 394	2 960 424	-	-
Reference price ²	21,1	19,9	17,0	26,8	35,9	32,1	32,1	32,1
Announcement Date	06/02/19	06/02/20	10/02/21	09/02/22	07/02/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	79 593	64 357	45 818	90 924	150 806	107 733	113 573	107 120
EBITDA ¹	29 386	22 503	11 812	45 382	85 202	47 082	47 435	43 571
EBIT ¹	17 959	13 484	3 938	33 486	74 940	38 133	38 913	34 634
Operating Margin	22,6%	21,0%	8,59%	36,8%	49,7%	35,4%	34,3%	32,3%
Earnings before Tax (EBT) ¹	18 874	9 292	-4 259	31 583	78 604	38 769	39 009	34 506
Net income ¹	7 500	1 843	-5 510	8 563	28 746	12 152	11 931	10 493
Net margin	9,42%	2,86%	-12,0%	9,42%	19,1%	11,3%	10,5%	9,80%
EPS ²	2,27	0,55	-1,69	2,63	9,03	4,01	4,02	3,80
Free Cash Flow ¹	8 327	3 545	1 910	20 776	26 378	14 516	11 690	6 179
FCF margin	10,5%	5,51%	4,17%	22,8%	17,5%	13,5%	10,3%	5,77%
FCF Conversion (EBITDA)	28,3%	15,8%	16,2%	45,8%	31,0%	30,8%	24,6%	14,2%
FCF Conversion (Net income)	111%	192%	-	243%	91,8%	119%	98,0%	58,9%
Dividend per Share ²	0,91	1,05	0,41	0,71	2,90	3,51	2,91	2,23
Announcement Date	06.02.19	06.02.20	10.02.21	09.02.22	07.02.23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	17 462	23 264	32 608	36 393	36 459	43 633	34 321	29 224	22 872	26 024	28 996	26 922	65 272	64 755	67 104
EBITDA ¹	7 409	11 601	18 355	20 409	19 873	28 243	17 768	14 717	9 294	10 822	12 066	13 461	11 291	10 363	13 007
EBIT ¹	5 298	9 771	14 989	17 991	17 590	24 301	15 059	11 973	7 543	8 024	10 397	11 556	26 482	22 554	20 823
Operating Margin	30,3%	42,0%	46,0%	49,4%	48,2%	55,7%	43,9%	41,0%	33,0%	30,8%	35,9%	42,9%	40,6%	34,8%	31,0%
Earnings before Tax (EBT) ¹	4 905	9 031	13 135	17 223	19 756	27 156	14 469	13 707	7 374	7 466	9 403	11 000	43 000	36 000	30 000
Net income ¹	1 940	1 410	3 368	4 710	6 760	9 384	7 895	4 962	1 830	2 497	2 761	3 127	7 828	6 183	5 527
Net margin	11,1%	6,06%	10,3%	12,9%	18,5%	21,5%	23,0%	17,0%	8,00%	9,59%	9,52%	11,6%	12,0%	9,55%	8,24%
EPS ²	0,60	0,43	1,04	1,46	2,11	2,97	2,51	1,59	0,60	0,84	1,02	1,13	2,93	2,46	2,25
Dividend per Share ²	0,18	0,18	0,20	0,40	0,70	0,90	0,90	0,90	0,90	0,90	0,90	0,80	2,33	1,73	1,01
Announcement Date	07/28/21	10/27/21	02/09/22	05/04/22	07/27/22	10/27/22	02/07/23	05/04/23	07/26/23	10/27/23	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	11 130	16 429	19 493	867	-	-	-	-
Net Cash position ¹	-	-	-	-	13 288	10 034	6 676	285
Leverage (Debt/EBITDA)	0,38x	0,73x	1,65x	0,02x	-	-	-	-
Free Cash Flow ¹	8 327	3 545	1 910	20 776	26 378	14 516	11 690	6 179
ROE (net income / shareholders' equity)	16,2%	11,7%	2,46%	27,4%	61,8%	23,7%	24,6%	22,5%
Shareholders' equity ¹	46 409	15 728	-223 620	31 205	46 499	51 373	48 482	46 633
ROA (Net income/ Total Assets)	5,99%	4,27%	0,77%	7,35%	18,8%	8,10%	8,54%	7,72%
Assets ¹	125 284	43 115	-715 584	116 426	152 571	150 000	139 765	135 975
Book Value Per Share ²	12,9	12,4	10,4	12,0	17,0	16,3	16,6	17,3
Cash Flow per Share ²	5,92	4,13	3,17	8,86	11,0	7,84	8,29	7,41
Capex ¹	11 367	10 204	8 476	8 040	8 758	10 571	12 321	12 919
Capex / Sales	14,3%	15,9%	18,5%	8,84%	5,81%	9,81%	10,8%	12,1%
Announcement Date	02/06/19	02/06/20	02/10/21	02/09/22	02/07/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Equinor ASA

Trading Rating :

Investor Rating :

ESG Refinitiv :

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

32.30USD

Average target price

32.75USD

Spread / Average Target

+1.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
EQUINOR ASA	-1.05%	95 002 M $
SAUDI ARABIAN OIL COMPANY	+13.77%	2147 B $
SHELL PLC	+10.06%	213 B $
PETROCHINA COMPANY LIMITED	+43.70%	174 B $
TOTALENERGIES SE	+6.16%	160 B $
PETROBRAS	+46.57%	96 881 M $
ENI S.P.A	+14.17%	53 672 M $
SUNCOR ENERGY INC.	+4.17%	42 753 M $
ROSNEFT OIL COMPANY	-.--%	37 619 M $
PAO NOVATEK	-.--%	33 519 M $

Integrated Oil & Gas