Financials CNOOC Limited

Equities

883 HK0883013259

Oil & Gas Exploration and Production

Market Closed - Hong Kong S.E. Other stock markets 01:38:06 30/04/2024 pm IST			5-day change	1st Jan Change
20.3 ^HKD	+2.73%		+11.78%	+56.15%

30/04	Exxon to shut 2 platforms in Guyana for 2 weeks each to connect pipeline	RE
29/04	PetroChina's First-Quarter Net Profit Rose on Higher Sales	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,17,106	2,69,808	2,92,125	4,38,283	5,89,493	9,26,908	-	-
Enterprise Value (EV) ¹	6,32,169	3,82,019	3,78,915	4,44,731	5,59,108	8,64,378	8,05,598	7,73,842
P/E ratio	8.45 x	10.8 x	4.17 x	2.91 x	4.54 x	6.15 x	6.16 x	6.35 x
Yield	6.18%	6.27%	3.72%	16.5%	10.6%	7.13%	7.19%	6.88%
Capitalization / Revenue	2.22 x	1.74 x	1.19 x	1.04 x	1.41 x	2.1 x	2.06 x	2.05 x
EV / Revenue	2.71 x	2.46 x	1.54 x	1.05 x	1.34 x	1.96 x	1.79 x	1.71 x
EV / EBITDA	4.46 x	4.31 x	2.47 x	1.73 x	2.36 x	3.18 x	2.93 x	2.84 x
EV / FCF	14.1 x	55.2 x	5.79 x	-	6.29 x	10 x	7.9 x	9.5 x
FCF Yield	7.11%	1.81%	17.3%	-	15.9%	9.99%	12.7%	10.5%
Price to Book	1.15 x	0.62 x	0.61 x	0.69 x	0.84 x	1.17 x	1.05 x	0.96 x
Nbr of stocks (in thousands)	4,46,47,456	4,46,47,456	4,46,47,456	4,75,66,764	4,75,66,764	4,75,66,764	-	-
Reference price ²	11.58	6.043	6.543	8.814	11.82	18.79	18.79	18.79
Announcement Date	25/03/20	25/03/21	30/03/22	29/03/23	21/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,33,199	1,55,372	2,46,111	4,22,200	4,16,609	4,41,925	4,50,122	4,52,200
EBITDA ¹	1,41,894	88,695	1,53,215	2,56,436	2,36,716	2,71,828	2,75,121	2,72,190
EBIT ¹	84,195	36,389	95,979	1,94,925	1,67,769	1,96,985	2,00,391	1,91,672
Operating Margin	36.1%	23.42%	39%	46.17%	40.27%	44.57%	44.52%	42.39%
Earnings before Tax (EBT) ¹	85,649	34,907	95,821	1,94,770	1,72,974	2,04,099	2,14,718	2,26,754
Net income ¹	61,045	24,956	70,300	1,41,700	1,23,843	1,44,419	1,45,301	1,41,598
Net margin	26.18%	16.06%	28.56%	33.56%	29.73%	32.68%	32.28%	31.31%
EPS ²	1.370	0.5600	1.570	3.030	2.600	3.054	3.050	2.957
Free Cash Flow ¹	44,943	6,920	65,456	-	88,868	86,364	1,01,956	81,476
FCF margin	19.27%	4.45%	26.6%	-	21.33%	19.54%	22.65%	18.02%
FCF Conversion (EBITDA)	31.67%	7.8%	42.72%	-	37.54%	31.77%	37.06%	29.93%
FCF Conversion (Net income)	73.62%	27.73%	93.11%	-	71.76%	59.8%	70.17%	57.54%
Dividend per Share ²	0.7153	0.3792	0.2433	1.450	1.250	1.340	1.350	1.292
Announcement Date	25/03/20	25/03/21	30/03/22	29/03/23	21/03/24	-	-	-

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	1,24,319	-	80,812	1,10,233	1,35,878	1,11,457	2,02,355	1,08,790	1,11,060	2,19,875	-	94,353	1,92,064	1,14,753	1,09,792	2,24,545	1,11,468	1,12,164	1,93,704	1,12,164	1,34,597	1,87,865
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	40,885	15,579	-	45,449	50,530	-	97,064	-	43,498	96,261	-	-	84,273	-	-	83,496	-	-	85,382	-	-	87,953
Operating Margin	32.89%	-	-	41.23%	37.19%	-	47.97%	-	39.17%	43.78%	-	-	43.88%	-	-	37.18%	-	-	44.08%	-	-	46.82%
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	25/03/20	19/08/20	25/03/21	19/08/21	30/03/22	25/08/22	25/08/22	27/10/22	29/03/23	29/03/23	27/04/23	17/08/23	17/08/23	24/10/23	21/03/24	21/03/24	25/04/24	-	-	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,15,063	1,12,211	86,790	6,448	-	-	-	-
Net Cash position ¹	-	-	-	-	30,385	62,530	1,21,310	1,53,065
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	86,364	1,01,956	81,477
ROE (net income / shareholders' equity)	14.1%	5.66%	15.4%	26%	19.6%	20.1%	18.2%	15.8%
ROA (Net income/ Total Assets)	8.45%	3.37%	9.33%	16.5%	12.8%	13%	12.3%	11.4%
Assets ¹	7,22,059	7,39,503	7,53,708	8,57,800	9,67,523	11,09,918	11,76,787	12,42,274
Book Value Per Share ²	10.00	9.710	10.80	12.80	14.00	16.10	17.80	19.50
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	1,20,875	1,28,096	1,27,932	1,29,670
Capex / Sales	33.7%	48.54%	33.5%	22.42%	29.01%	28.99%	28.42%	28.68%
Announcement Date	25/03/20	25/03/21	30/03/22	29/03/23	21/03/24	-	-	-

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

18.79 CNY

Average target price

19.15 CNY

Spread / Average Target

+1.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Exploration and Production

	1st Jan change	Capi.
CNOOC LIMITED	+56.15%	128B
CHEVRON CORPORATION	+8.12%	297B
CONOCOPHILLIPS	+8.23%	147B
CANADIAN NATURAL RESOURCES LIMITED	+20.17%	81.38B
EOG RESOURCES, INC.	+9.24%	76B
PIONEER NATURAL RESOURCES COMPANY	+19.76%	62.92B
OCCIDENTAL PETROLEUM CORPORATION	+10.77%	58.63B
HESS CORPORATION	+9.25%	48.36B
DIAMONDBACK ENERGY, INC.	+29.69%	35.87B
WOODSIDE ENERGY GROUP LTD	-11.46%	34.81B

Other Oil & Gas Exploration and Production