Stock 9937 NATIONAL PETROLEUM CO., LTD.
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Financials National Petroleum Co., Ltd.

Equities

9937

TW0009937003

Oil & Gas Refining and Marketing

End-of-day quote Taiwan S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
66.4 TWD +1.22% Intraday chart for National Petroleum Co., Ltd. +2.31% -5.55%
Mar. 14 National Petroleum Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Correction to TotalEnergies Article DJ

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 12,470 13,907 15,638 15,143 15,916 21,726
Enterprise Value (EV) 1 11,604 16,888 17,884 17,081 17,466 23,312
P/E ratio 17 x 19 x 19.8 x 18.8 x 22 x 27.8 x
Yield 4.96% 4.44% 4.55% 4.29% 4.08% 2.99%
Capitalization / Revenue 0.55 x 0.61 x 0.85 x 0.71 x 0.66 x 0.89 x
EV / Revenue 0.51 x 0.74 x 0.97 x 0.81 x 0.72 x 0.95 x
EV / EBITDA 13.4 x 19.2 x 20.8 x 16.9 x 18.6 x 23.1 x
EV / FCF 8.48 x -18.2 x 91.7 x 13.4 x 16.6 x 28.5 x
FCF Yield 11.8% -5.51% 1.09% 7.46% 6.04% 3.51%
Price to Book 2.59 x 2.8 x 3 x 2.84 x 2.97 x 3.92 x
Nbr of stocks (in thousands) 309,043 309,043 309,043 309,043 309,043 309,043
Reference price 2 40.35 45.00 50.60 49.00 51.50 70.30
Announcement Date 3/29/19 3/27/20 3/30/21 3/29/22 3/13/23 3/14/24
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 22,759 22,932 18,358 21,199 24,165 24,535
EBITDA 1 865.2 879.9 861.5 1,012 937.7 1,009
EBIT 1 756.5 744.3 709 823.5 736.3 816.4
Operating Margin 3.32% 3.25% 3.86% 3.88% 3.05% 3.33%
Earnings before Tax (EBT) 1 895.8 921.6 968.7 1,015 906.6 972.9
Net income 1 735.5 737.6 793.1 810.7 724.8 783
Net margin 3.23% 3.22% 4.32% 3.82% 3% 3.19%
EPS 2 2.370 2.370 2.560 2.610 2.340 2.530
Free Cash Flow 1 1,369 -930.2 195 1,275 1,055 818.2
FCF margin 6.01% -4.06% 1.06% 6.01% 4.36% 3.33%
FCF Conversion (EBITDA) 158.21% - 22.63% 125.97% 112.45% 81.09%
FCF Conversion (Net income) 186.12% - 24.59% 157.22% 145.48% 104.5%
Dividend per Share 2 2.000 2.000 2.300 2.100 2.100 2.100
Announcement Date 3/29/19 3/27/20 3/30/21 3/29/22 3/13/23 3/14/24
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - 2,981 2,246 1,938 1,550 1,587
Net Cash position 1 866 - - - - -
Leverage (Debt/EBITDA) - 3.387 x 2.607 x 1.916 x 1.653 x 1.573 x
Free Cash Flow 1 1,369 -930 195 1,275 1,055 818
ROE (net income / shareholders' equity) 15.4% 15.1% 15.2% 15.2% 13.5% 14.4%
ROA (Net income/ Total Assets) 5.04% 4% 3.48% 4.11% 3.67% 4.13%
Assets 1 14,601 18,436 22,809 19,718 19,738 18,946
Book Value Per Share 2 15.60 16.10 16.90 17.30 17.30 17.90
Cash Flow per Share 2 2.840 3.230 2.870 3.350 2.440 2.240
Capex 1 545 877 461 316 177 329
Capex / Sales 2.39% 3.82% 2.51% 1.49% 0.73% 1.34%
Announcement Date 3/29/19 3/27/20 3/30/21 3/29/22 3/13/23 3/14/24
1TWD in Million2TWD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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