Financials Imperial Oil Limited

Equities

IMO

CA4530384086

Oil & Gas Refining and Marketing

Delayed Toronto S.E. Other stock markets 09:21:27 01/05/2024 pm IST			5-day change	1st Jan Change
92.47 ^CAD	-2.30%		-4.59%	+22.50%

01:52pm	Imperial Oil Price Target Raised to $105 at RBC	MT
12:46pm	RBC Raises Price Target on Imperial Oil to CA$105 From CA$100, Keeps Sector Perform Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,633	17,735	31,604	38,525	40,445	50,717	-	-
Enterprise Value (EV) ¹	29,105	22,148	34,627	38,931	43,713	52,792	51,822	50,952
P/E ratio	11.9 x	-9.55 x	13.1 x	5.76 x	8.89 x	10.2 x	9.64 x	9.02 x
Yield	2.39%	3.64%	2.26%	2.21%	2.57%	2.46%	2.55%	2.68%
Capitalization / Revenue	0.75 x	0.79 x	0.84 x	0.65 x	0.79 x	1 x	0.81 x	0.89 x
EV / Revenue	0.85 x	0.99 x	0.92 x	0.65 x	0.86 x	1.04 x	0.83 x	0.9 x
EV / EBITDA	7.79 x	23.8 x	6.52 x	3.48 x	5.24 x	6.08 x	6.18 x	6.74 x
EV / FCF	17.1 x	3,691 x	7.99 x	5.21 x	9.4 x	11 x	10.2 x	8.96 x
FCF Yield	5.84%	0.03%	12.5%	19.2%	10.6%	9.07%	9.78%	11.2%
Price to Book	1.05 x	0.83 x	1.42 x	1.72 x	1.82 x	2.07 x	1.89 x	1.71 x
Nbr of stocks (in thousands)	7,46,241	7,34,077	6,92,765	5,84,153	5,35,837	5,35,837	-	-
Reference price ²	34.35	24.16	45.62	65.95	75.48	94.65	94.65	94.65
Announcement Date	31/01/20	02/02/21	01/02/22	31/01/23	02/02/24	-	-	-

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	50,700	62,609	56,773
EBITDA ¹	3,737	929	5,314	11,172	8,345	8,690	8,389	7,562
EBIT ¹	2,139	-2,344	3,337	9,275	6,438	6,023	5,994	5,425
Operating Margin	6.27%	-10.47%	8.88%	15.54%	12.63%	11.88%	9.57%	9.56%
Earnings before Tax (EBT) ¹	2,046	-2,408	3,283	9,484	6,369	6,256	5,902	5,461
Net income ¹	2,200	-1,857	2,479	7,340	4,889	4,672	4,441	4,066
Net margin	6.44%	-8.29%	6.59%	12.3%	9.59%	9.21%	7.09%	7.16%
EPS ²	2.880	-2.530	3.480	11.44	8.490	9.302	9.821	10.49
Free Cash Flow ¹	1,701	6	4,336	7,471	4,650	4,791	5,070	5,688
FCF margin	4.98%	0.03%	11.53%	12.52%	9.12%	9.45%	8.1%	10.02%
FCF Conversion (EBITDA)	45.52%	0.65%	81.6%	66.87%	55.72%	55.13%	60.44%	75.23%
FCF Conversion (Net income)	77.32%	-	174.91%	101.78%	95.11%	102.54%	114.17%	139.91%
Dividend per Share ²	0.8200	0.8800	1.030	1.460	1.940	2.332	2.415	2.535
Announcement Date	31/01/20	02/02/21	01/02/22	31/01/23	02/02/24	-	-	-

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	8,757	9,108
EBITDA ¹	1,678	1,967	3,628	2,819	2,770	2,151	1,353	2,577	2,247	2,074	2,211	2,427	2,207	1,855	1,896
EBIT ¹	1,133	1,541	3,177	2,264	2,305	1,661	900	2,119	1,758	1,584	1,623	1,766	1,730	1,391	1,425
Operating Margin	9.2%	12.15%	18.36%	14.87%	15.95%	13.7%	7.61%	15.22%	13.41%	12.9%	9.46%	10.18%	9.76%	15.88%	15.65%
Earnings before Tax (EBT) ¹	-	1,534	3,166	2,505	-	-	884	2,100	1,740	1,572	1,761	1,775	1,646	1,380	1,414
Net income ¹	813	1,173	2,409	2,031	1,727	1,248	675	1,601	1,365	1,195	1,268	1,280	1,188	995.5	1,021
Net margin	6.6%	9.25%	13.92%	13.34%	11.95%	10.3%	5.71%	11.5%	10.41%	9.73%	7.39%	7.37%	6.7%	11.37%	11.21%
EPS ²	1.180	1.750	3.630	3.240	2.860	2.130	1.150	2.760	2.470	2.230	2.120	-	-	2.149	2.232
Dividend per Share ²	0.2700	0.3400	0.3400	0.3400	0.4400	0.4400	0.4400	0.5000	0.5000	-	0.5750	0.5750	0.5750	0.5500	0.5500
Announcement Date	01/02/22	29/04/22	29/07/22	28/10/22	31/01/23	28/04/23	28/07/23	27/10/23	02/02/24	26/04/24	-	-	-	-	-

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	2,075	1,105	235
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9291 x	4.75 x	0.5689 x	0.0363 x	0.3916 x	0.2387 x	0.1317 x	0.0311 x
Free Cash Flow ¹	1,701	6	4,336	7,471	4,650	4,791	5,070	5,689
ROE (net income / shareholders' equity)	9.02%	-3.51%	11.5%	33.3%	21.9%	19.8%	18.1%	14.5%
ROA (Net income/ Total Assets)	5.26%	-2%	6.31%	17.4%	11.5%	9.82%	9.95%	-
Assets ¹	41,821	92,989	39,312	42,153	42,366	47,590	44,626	-
Book Value Per Share ²	32.60	29.20	32.10	38.40	41.50	45.70	50.00	55.40
Cash Flow per Share ²	4.590	1.200	7.170	14.00	11.20	13.60	14.10	19.00
Capex ¹	1,814	874	1,140	1,526	1,785	1,722	1,672	1,631
Capex / Sales	5.31%	3.9%	3.03%	2.56%	3.5%	3.4%	2.67%	2.87%
Announcement Date	31/01/20	02/02/21	01/02/22	31/01/23	02/02/24	-	-	-

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

94.65 CAD

Average target price

98.07 CAD

Spread / Average Target

+3.62%

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	+22.50%	36.9B
RELIANCE INDUSTRIES LTD	+13.50%	238B
BP PLC	+9.28%	107B
CHINA PETROLEUM & CHEMICAL CORPORATION	+15.40%	100B
MARATHON PETROLEUM CORPORATION	+20.15%	64.51B
PHILLIPS 66	+5.13%	60.72B
VALERO ENERGY CORPORATION	+20.20%	52.28B
INDIAN OIL CORPORATION LIMITED	+30.03%	27.86B
FORMOSA PETROCHEMICAL CORPORATION	-10.53%	21.09B
REPSOL S.A.	+9.48%	19.16B

Other Oil & Gas Refining and Marketing