Financials Equinor ASA

Equities

EQNR

NO0010096985

Integrated Oil & Gas

Market Closed - Oslo Bors 10:45:00 2024-05-23 am EDT 5-day change 1st Jan Change
310.4 NOK +2.09% Intraday chart for Equinor ASA +3.90% -3.63%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 65,679 55,304 86,445 113,762 93,611 83,249 - -
Enterprise Value (EV) 1 82,108 74,797 87,312 100,474 86,542 87,207 91,162 94,099
P/E ratio 36.2 x -10.1 x 10.2 x 3.98 x 8.06 x 8.44 x 8.17 x 8.64 x
Yield 5.27% 2.41% 2.65% 8.08% 10.7% 9.19% 5.69% 5.52%
Capitalization / Revenue 1.02 x 1.21 x 0.95 x 0.75 x 0.87 x 0.82 x 0.87 x 0.91 x
EV / Revenue 1.28 x 1.63 x 0.96 x 0.67 x 0.81 x 0.85 x 0.95 x 1.03 x
EV / EBITDA 3.65 x 6.33 x 1.92 x 1.18 x 1.86 x 2.18 x 2.31 x 2.48 x
EV / FCF 23.2 x 39.2 x 4.2 x 3.81 x 6.13 x 11.1 x 15.2 x 22.3 x
FCF Yield 4.32% 2.55% 23.8% 26.3% 16.3% 9.02% 6.59% 4.48%
Price to Book 1.6 x 1.63 x 2.23 x 2.11 x 1.98 x 1.79 x 1.68 x 1.6 x
Nbr of stocks (in thousands) 3,299,021 3,253,801 3,227,308 3,168,394 2,953,894 2,925,558 - -
Reference price 2 19.91 17.00 26.79 35.91 31.69 28.46 28.46 28.46
Announcement Date 2/6/20 2/10/21 2/9/22 2/7/23 2/7/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 64,357 45,818 90,924 150,806 107,174 102,103 95,784 91,561
EBITDA 1 22,503 11,812 45,382 85,202 46,404 39,934 39,477 37,987
EBIT 1 13,484 3,938 33,486 74,940 36,220 30,241 29,489 27,861
Operating Margin 20.95% 8.59% 36.83% 49.69% 33.8% 29.62% 30.79% 30.43%
Earnings before Tax (EBT) 1 9,292 -4,259 31,583 78,604 37,884 30,335 29,370 26,820
Net income 1 1,843 -5,510 8,563 28,746 11,885 9,458 9,237 8,462
Net margin 2.86% -12.03% 9.42% 19.06% 11.09% 9.26% 9.64% 9.24%
EPS 2 0.5500 -1.690 2.630 9.030 3.930 3.371 3.484 3.294
Free Cash Flow 1 3,545 1,910 20,776 26,378 14,126 7,866 6,008 4,219
FCF margin 5.51% 4.17% 22.85% 17.49% 13.18% 7.7% 6.27% 4.61%
FCF Conversion (EBITDA) 15.75% 16.17% 45.78% 30.96% 30.44% 19.7% 15.22% 11.11%
FCF Conversion (Net income) 192.35% - 242.63% 91.76% 118.86% 83.17% 65.05% 49.86%
Dividend per Share 2 1.050 0.4100 0.7100 2.900 3.400 2.614 1.620 1.570
Announcement Date 2/6/20 2/10/21 2/9/22 2/7/23 2/7/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q1 2025 Q2
Net sales 1 32,608 36,393 36,459 43,633 34,321 29,224 22,872 26,024 29,054 25,135 23,902 24,400 25,306 - -
EBITDA 1 18,355 20,409 19,873 28,243 17,768 14,717 9,294 10,822 11,569 9,976 9,230 9,269 9,390 11,970 9,802
EBIT 1 14,989 17,991 17,590 24,301 15,059 11,973 7,543 8,024 8,681 7,533 6,857 6,885 7,657 9,352 7,367
Operating Margin 45.97% 49.44% 48.25% 55.69% 43.88% 40.97% 32.98% 30.83% 29.88% 29.97% 28.69% 28.22% 30.26% - -
Earnings before Tax (EBT) 1 13,135 17,223 19,756 27,156 14,469 13,707 7,374 7,466 9,337 7,998 6,190 6,286 7,205 - -
Net income 1 3,368 4,710 6,760 9,384 7,895 4,962 1,830 2,497 2,603 2,668 2,156 2,107 2,383 2,605 2,056
Net margin 10.33% 12.94% 18.54% 21.51% 23% 16.98% 8% 9.59% 8.96% 10.61% 9.02% 8.64% 9.42% - -
EPS 2 1.040 1.460 2.110 2.970 2.510 1.590 0.6000 0.8400 0.8800 0.9100 0.7534 0.7532 0.8690 1.017 0.9145
Dividend per Share 2 0.2000 0.4000 0.7000 0.9000 0.9000 0.9000 0.9000 0.9000 0.7000 0.7000 0.7000 0.6000 0.4693 0.3700 0.3700
Announcement Date 2/9/22 5/4/22 7/27/22 10/27/22 2/7/23 5/4/23 7/26/23 10/27/23 2/7/24 4/25/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 16,429 19,493 867 - - 3,959 7,914 10,850
Net Cash position 1 - - - 13,288 7,069 - - -
Leverage (Debt/EBITDA) 0.7301 x 1.65 x 0.0191 x - - 0.0991 x 0.2005 x 0.2856 x
Free Cash Flow 1 3,545 1,910 20,776 26,378 14,126 7,866 6,008 4,219
ROE (net income / shareholders' equity) 11.7% 2.46% 27.4% 61.8% 23.2% 19.8% 19.2% 17.7%
ROA (Net income/ Total Assets) 4.27% 0.77% 7.35% 18.8% 7.88% 6.96% 6.5% 6.19%
Assets 1 43,115 -715,584 116,426 152,571 150,800 135,980 142,194 136,726
Book Value Per Share 2 12.40 10.40 12.00 17.00 16.00 15.90 17.00 17.80
Cash Flow per Share 2 4.130 3.170 8.860 11.00 8.160 6.760 6.990 7.090
Capex 1 10,204 8,476 8,040 8,758 10,575 12,692 14,072 14,570
Capex / Sales 15.86% 18.5% 8.84% 5.81% 9.87% 12.43% 14.69% 15.91%
Announcement Date 2/6/20 2/10/21 2/9/22 2/7/23 2/7/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
24
Last Close Price
28.46 USD
Average target price
27.58 USD
Spread / Average Target
-3.09%
Consensus
1st Jan change Capi.
-3.63% 83.25B
-9.24% 1,939B
+48.64% 245B
+7.95% 225B
+6.90% 163B
+0.75% 95.53B
+31.48% 52.13B
-.--% 51.95B
-5.43% 50.01B
+24.50% 37.17B
Integrated Oil & Gas
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