Financials CNOOC Limited

Equities

883 HK0883013259

Oil & Gas Exploration and Production

Market Closed - Hong Kong S.E. Other stock markets 04:08:28 2024-05-24 am EDT			5-day change	1st Jan Change
19.62 ^HKD	+2.29%		+1.34%	+50.92%

May. 24	China's CNOOC signs oil exploration contract with Mozambique	RE
May. 24	Guyana says it could reallocate gas areas if Exxon does not move project forward	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	517,106	269,808	292,125	438,283	589,493	895,471	-	-
Enterprise Value (EV) ¹	632,169	382,019	378,915	444,731	559,108	820,966	787,408	752,478
P/E ratio	8.45 x	10.8 x	4.17 x	2.91 x	4.54 x	5.98 x	5.97 x	6.13 x
Yield	6.18%	6.27%	3.72%	16.5%	10.6%	7.34%	7.46%	7.16%
Capitalization / Revenue	2.22 x	1.74 x	1.19 x	1.04 x	1.41 x	2.03 x	1.98 x	2 x
EV / Revenue	2.71 x	2.46 x	1.54 x	1.05 x	1.34 x	1.87 x	1.75 x	1.68 x
EV / EBITDA	4.46 x	4.31 x	2.47 x	1.73 x	2.36 x	3.03 x	2.85 x	2.75 x
EV / FCF	14.1 x	55.2 x	5.79 x	-	6.29 x	9.42 x	7.66 x	9.11 x
FCF Yield	7.11%	1.81%	17.3%	-	15.9%	10.6%	13.1%	11%
Price to Book	1.15 x	0.62 x	0.61 x	0.69 x	0.84 x	1.13 x	1.02 x	0.94 x
Nbr of stocks (in thousands)	44,647,456	44,647,456	44,647,456	47,566,764	47,566,764	47,566,764	-	-
Reference price ²	11.58	6.043	6.543	8.814	11.82	18.19	18.19	18.19
Announcement Date	3/25/20	3/25/21	3/30/22	3/29/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	233,199	155,372	246,111	422,200	416,609	440,091	451,232	448,052
EBITDA ¹	141,894	88,695	153,215	256,436	236,716	271,078	276,014	273,640
EBIT ¹	84,195	36,389	95,979	194,925	167,769	196,112	201,227	192,697
Operating Margin	36.1%	23.42%	39%	46.17%	40.27%	44.56%	44.59%	43.01%
Earnings before Tax (EBT) ¹	85,649	34,907	95,821	194,770	172,974	204,785	214,719	226,756
Net income ¹	61,045	24,956	70,300	141,700	123,843	144,721	145,649	142,102
Net margin	26.18%	16.06%	28.56%	33.56%	29.73%	32.88%	32.28%	31.72%
EPS ²	1.370	0.5600	1.570	3.030	2.600	3.043	3.048	2.965
Free Cash Flow ¹	44,943	6,920	65,456	-	88,868	87,108	102,840	82,628
FCF margin	19.27%	4.45%	26.6%	-	21.33%	19.79%	22.79%	18.44%
FCF Conversion (EBITDA)	31.67%	7.8%	42.72%	-	37.54%	32.13%	37.26%	30.2%
FCF Conversion (Net income)	73.62%	27.73%	93.11%	-	71.76%	60.19%	70.61%	58.15%
Dividend per Share ²	0.7153	0.3792	0.2433	1.450	1.250	1.335	1.356	1.301
Announcement Date	3/25/20	3/25/21	3/30/22	3/29/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	124,319	-	80,812	110,233	135,878	111,457	202,355	108,790	111,060	219,875	-	94,353	192,064	114,753	109,792	224,545	111,468	112,164	197,802	112,164	134,597	208,776
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	40,885	15,579	-	45,449	50,530	-	97,064	-	43,498	96,261	-	-	84,273	-	-	83,496	-	-	93,500	-	-	89,740
Operating Margin	32.89%	-	-	41.23%	37.19%	-	47.97%	-	39.17%	43.78%	-	-	43.88%	-	-	37.18%	-	-	47.27%	-	-	42.98%
Earnings before Tax (EBT)	41,607	14,946	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	30,792	10,383	14,573	33,329	-	-	71.89	-	32,932	-	32,113	31,648	63,761	33,382	-	-	39,719	-	-	-	-	-
Net margin	24.77%	-	18.03%	30.24%	-	-	0.04%	-	29.65%	-	-	33.54%	33.2%	29.09%	-	-	35.63%	-	-	-	-	-
EPS	-	0.2300	-	-	-	-	1.570	-	0.6900	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	0.1786	0.2106	-	-	-	0.7000	-	0.7500	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/25/20	8/19/20	3/25/21	8/19/21	3/30/22	8/25/22	8/25/22	10/27/22	3/29/23	3/29/23	4/27/23	8/17/23	8/17/23	10/24/23	3/21/24	3/21/24	4/25/24	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	115,063	112,211	86,790	6,448	-	-	-	-
Net Cash position ¹	-	-	-	-	30,385	74,505	108,063	142,993
Leverage (Debt/EBITDA)	0.8109 x	1.265 x	0.5665 x	0.0251 x	-	-	-	-
Free Cash Flow ¹	44,943	6,920	65,456	-	88,868	87,108	102,840	82,628
ROE (net income / shareholders' equity)	14.1%	5.66%	15.4%	26%	19.6%	20.1%	18.2%	15.9%
ROA (Net income/ Total Assets)	8.45%	3.37%	9.33%	16.5%	12.8%	13%	12.3%	11.4%
Assets ¹	722,059	739,503	753,708	857,800	967,523	1,112,243	1,179,600	1,246,693
Book Value Per Share ²	10.00	9.710	10.80	12.80	14.00	16.10	17.80	19.40
Cash Flow per Share ²	2.770	1.840	3.310	4.400	4.410	4.580	4.630	4.640
Capex ¹	78,578	75,418	82,437	94,661	120,875	127,294	127,131	129,670
Capex / Sales	33.7%	48.54%	33.5%	22.42%	29.01%	28.92%	28.17%	28.94%
Announcement Date	3/25/20	3/25/21	3/30/22	3/29/23	3/21/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CNOOC Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.19 CNY

Average target price

19.37 CNY

Spread / Average Target

+6.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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