Financials CNOOC Energy Technology & Services Limited

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-07-14 pm EDT			5-day change	1st Jan Change
4.3 ^CNY	+1.90%		+1.65%	+50.88%

Jun. 21	CNOOC Names Chief Financial Officer	MT
May. 29	CNOOC Energy Technology and Services' Chairman Resigns	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,784	24,295	29,784	29,276	28,971	43,710	-	-
Enterprise Value (EV) ¹	29,945	24,295	29,784	29,276	28,971	43,710	43,710	43,710
P/E ratio	24.4 x	16 x	23.2 x	12.1 x	9.4 x	12.2 x	10.8 x	9.56 x
Yield	1.26%	1.88%	1.88%	2.95%	3.86%	2.71%	3.1%	3.84%
Capitalization / Revenue	0.89 x	0.73 x	0.77 x	0.61 x	0.59 x	0.8 x	0.72 x	0.63 x
EV / Revenue	0.89 x	0.73 x	0.77 x	0.61 x	0.59 x	0.8 x	0.72 x	0.63 x
EV / EBITDA	8.47 x	6.24 x	7.44 x	5.91 x	5.31 x	7.44 x	6.74 x	6.32 x
EV / FCF	15.8 x	-	-	-	-	34.7 x	15.2 x	12.3 x
FCF Yield	6.32%	-	-	-	-	2.88%	6.59%	8.1%
Price to Book	1.61 x	1.25 x	1.47 x	1.31 x	1.18 x	1.62 x	1.47 x	1.34 x
Nbr of stocks (in thousands)	10,165,104	10,165,104	10,165,104	10,165,104	10,165,104	10,165,104	-	-
Reference price ²	2.930	2.390	2.930	2.880	2.850	4.300	4.300	4.300
Announcement Date	4/9/20	4/19/21	4/18/22	4/10/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,463	33,208	38,739	47,784	49,308	54,953	60,472	69,148
EBITDA ¹	3,515	3,892	4,003	4,957	5,457	5,873	6,488	6,919
EBIT ¹	1,719	2,065	1,934	2,998	3,860	4,554	5,178	5,757
Operating Margin	5.14%	6.22%	4.99%	6.27%	7.83%	8.29%	8.56%	8.33%
Earnings before Tax (EBT) ¹	1,724	2,098	1,920	2,984	3,854	4,549	5,174	5,752
Net income ¹	1,233	1,522	1,284	2,416	3,081	3,556	4,048	4,603
Net margin	3.68%	4.58%	3.31%	5.06%	6.25%	6.47%	6.69%	6.66%
EPS ²	0.1200	0.1497	0.1263	0.2377	0.3031	0.3520	0.3980	0.4500
Free Cash Flow ¹	1,882	-	-	-	-	1,260	2,880	3,539
FCF margin	5.62%	-	-	-	-	2.29%	4.76%	5.12%
FCF Conversion (EBITDA)	53.54%	-	-	-	-	21.45%	44.39%	51.16%
FCF Conversion (Net income)	152.64%	-	-	-	-	35.43%	71.14%	76.88%
Dividend per Share ²	0.0370	0.0450	0.0550	0.0850	0.1100	0.1167	0.1333	0.1650
Announcement Date	4/9/20	4/19/21	4/18/22	4/10/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	161	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0457 x	-	-	-	-	-	-	-
Free Cash Flow ¹	1,882	-	-	-	-	1,260	2,880	3,539
ROE (net income / shareholders' equity)	7.71%	8.01%	6.3%	11.1%	13.1%	13.3%	13.8%	14.2%
ROA (Net income/ Total Assets)	4.29%	4.89%	3.76%	6.33%	7.2%	7.53%	7.9%	8.1%
Assets ¹	28,742	31,135	34,125	38,172	42,788	47,202	51,245	56,833
Book Value Per Share ²	1.820	1.920	2.000	2.200	2.420	2.660	2.930	3.210
Cash Flow per Share ²	0.2000	0.2900	0.2600	0.3400	0.7600	0.5900	0.6100	0.5800
Capex ¹	1,049	545	1,376	2,269	2,219	1,859	1,860	1,600
Capex / Sales	3.14%	1.64%	3.55%	4.75%	4.5%	3.38%	3.08%	2.31%
Announcement Date	4/9/20	4/19/21	4/18/22	4/10/23	4/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.3 CNY

Average target price

5.117 CNY

Spread / Average Target

+18.99%

	1st Jan change	Capi.
CNOOC ENERGY TECHNOLOGY & SERVICES LIMITED	+50.88%	5.92B
SCHLUMBERGER LIMITED	-7.84%	66.35B
BAKER HUGHES COMPANY	+4.48%	34.43B
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TECHNIPFMC PLC	+40.42%	11.49B
WEATHERFORD INTERNATIONAL PLC	+35.68%	9.34B
NOV INC.	-5.33%	7.33B
CHAMPIONX CORPORATION	+16.16%	6.22B
TIDEWATER INC.	+45.44%	5.25B
SAIPEM S.P.A.	+63.47%	5.12B