Financials Imperial Oil Limited

Equities

IMO

CA4530384086

Oil & Gas Refining and Marketing

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-05-17 pm EDT			5-day change	1st Jan Change
95.24 ^CAD	+0.99%		-0.21%	+26.18%

May. 16	Wildfires could impact over half of Canada's oil sands output - report	RE
May. 15	Why is fire-threatened Fort McMurray so important to Canada's oil industry?	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,633	17,735	31,604	38,525	40,445	51,033	-	-
Enterprise Value (EV) ¹	29,105	22,148	34,627	38,931	43,713	53,130	52,679	51,534
P/E ratio	11.9 x	-9.55 x	13.1 x	5.76 x	8.89 x	9.87 x	9.26 x	9.1 x
Yield	2.39%	3.64%	2.26%	2.21%	2.57%	2.5%	2.61%	2.73%
Capitalization / Revenue	0.75 x	0.79 x	0.84 x	0.65 x	0.79 x	0.87 x	0.81 x	0.9 x
EV / Revenue	0.85 x	0.99 x	0.92 x	0.65 x	0.86 x	0.91 x	0.83 x	0.91 x
EV / EBITDA	7.79 x	23.8 x	6.52 x	3.48 x	5.24 x	6.35 x	6.23 x	6.82 x
EV / FCF	17.1 x	3,691 x	7.99 x	5.21 x	9.4 x	11.1 x	10.1 x	9.06 x
FCF Yield	5.84%	0.03%	12.5%	19.2%	10.6%	9.03%	9.89%	11%
Price to Book	1.05 x	0.83 x	1.42 x	1.72 x	1.82 x	2.12 x	1.92 x	1.73 x
Nbr of stocks (in thousands)	746,241	734,077	692,765	584,153	535,837	535,837	-	-
Reference price ²	34.35	24.16	45.62	65.95	75.48	95.24	95.24	95.24
Announcement Date	1/31/20	2/2/21	2/1/22	1/31/23	2/2/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	34,139	22,388	37,590	59,670	50,969	58,413	63,097	56,644
EBITDA ¹	3,737	929	5,314	11,172	8,345	8,371	8,457	7,552
EBIT ¹	2,139	-2,344	3,337	9,275	6,438	6,461	6,016	5,418
Operating Margin	6.27%	-10.47%	8.88%	15.54%	12.63%	11.06%	9.53%	9.56%
Earnings before Tax (EBT) ¹	2,046	-2,408	3,283	9,484	6,369	6,340	6,013	5,452
Net income ¹	2,200	-1,857	2,479	7,340	4,889	4,771	4,520	4,059
Net margin	6.44%	-8.29%	6.59%	12.3%	9.59%	8.17%	7.16%	7.17%
EPS ²	2.880	-2.530	3.480	11.44	8.490	9.653	10.28	10.47
Free Cash Flow ¹	1,701	6	4,336	7,471	4,650	4,797	5,211	5,688
FCF margin	4.98%	0.03%	11.53%	12.52%	9.12%	8.21%	8.26%	10.04%
FCF Conversion (EBITDA)	45.52%	0.65%	81.6%	66.87%	55.72%	57.3%	61.62%	75.33%
FCF Conversion (Net income)	77.32%	-	174.91%	101.78%	95.11%	100.55%	115.28%	140.15%
Dividend per Share ²	0.8200	0.8800	1.030	1.460	1.940	2.380	2.487	2.602
Announcement Date	1/31/20	2/2/21	2/1/22	1/31/23	2/2/24	-	-	-

¹CAD in Million²CAD

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	12,312	12,686	17,307	15,224	14,453	12,121	11,819	13,920	13,109	12,283	17,156	17,355	17,733	8,601	8,916
EBITDA ¹	1,678	1,967	3,628	2,819	2,770	2,151	1,353	2,577	2,247	2,074	2,021	2,062	2,036	1,870	1,890
EBIT ¹	1,133	1,541	3,177	2,264	2,305	1,661	900	2,119	1,758	1,584	1,658	1,896	1,762	1,408	1,421
Operating Margin	9.2%	12.15%	18.36%	14.87%	15.95%	13.7%	7.61%	15.22%	13.41%	12.9%	9.67%	10.92%	9.94%	16.37%	15.93%
Earnings before Tax (EBT) ¹	-	1,534	3,166	2,505	-	-	884	2,100	1,740	1,572	1,647	1,885	1,751	1,397	1,410
Net income ¹	813	1,173	2,409	2,031	1,727	1,248	675	1,601	1,365	1,195	1,181	1,356	1,261	1,006	1,017
Net margin	6.6%	9.25%	13.92%	13.34%	11.95%	10.3%	5.71%	11.5%	10.41%	9.73%	6.88%	7.81%	7.11%	11.7%	11.4%
EPS ²	1.180	1.750	3.630	3.240	2.860	2.130	1.150	2.760	2.470	2.230	2.135	2.277	2.300	2.157	2.225
Dividend per Share ²	0.2700	0.3400	0.3400	0.3400	0.4400	0.4400	0.4400	0.5000	0.5000	0.6000	0.6000	0.6000	0.6000	0.6000	0.6000
Announcement Date	2/1/22	4/29/22	7/29/22	10/28/22	1/31/23	4/28/23	7/28/23	10/27/23	2/2/24	4/26/24	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,472	4,413	3,023	406	3,268	2,097	1,646	501
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9291 x	4.75 x	0.5689 x	0.0363 x	0.3916 x	0.2505 x	0.1946 x	0.0663 x
Free Cash Flow ¹	1,701	6	4,336	7,471	4,650	4,797	5,211	5,689
ROE (net income / shareholders' equity)	9.02%	-3.51%	11.5%	33.3%	21.9%	20.1%	18.2%	14.5%
ROA (Net income/ Total Assets)	5.26%	-2%	6.31%	17.4%	11.5%	10.1%	9.82%	-
Assets ¹	41,821	92,989	39,312	42,153	42,366	47,285	46,018	-
Book Value Per Share ²	32.60	29.20	32.10	38.40	41.50	45.00	49.60	54.90
Cash Flow per Share ²	4.590	1.200	7.170	14.00	11.20	13.30	14.00	19.00
Capex ¹	1,814	874	1,140	1,526	1,785	1,723	1,673	1,631
Capex / Sales	5.31%	3.9%	3.03%	2.56%	3.5%	2.95%	2.65%	2.88%
Announcement Date	1/31/20	2/2/21	2/1/22	1/31/23	2/2/24	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Imperial Oil Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

95.24 CAD

Average target price

99.06 CAD

Spread / Average Target

+4.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
IMPERIAL OIL LIMITED	+26.18%	37.51B
RELIANCE INDUSTRIES LTD	+11.01%	233B
BP PLC	+5.40%	102B
CHINA PETROLEUM & CHEMICAL CORPORATION	+27.38%	102B
MARATHON PETROLEUM CORPORATION	+21.10%	63.3B
PHILLIPS 66	+10.47%	62.35B
VALERO ENERGY CORPORATION	+27.74%	54.3B
INDIAN OIL CORPORATION LIMITED	+26.99%	27.12B
FORMOSA PETROCHEMICAL CORPORATION	-13.38%	20.68B
REPSOL S.A.	+10.56%	19.67B

Other Oil & Gas Refining and Marketing