Financials Pakistan State Oil Company Limited

Equities

PSO

PK0022501016

Oil & Gas Refining and Marketing

End-of-day quote Pakistan S.E. 03:30:00 29/04/2024 am IST 5-day change 1st Jan Change
176.9 PKR -1.53% Intraday chart for Pakistan State Oil Company Limited -3.28% +0.08%

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 66,364 74,252 1,05,279 80,674 52,116 83,031 - -
Enterprise Value (EV) 1 66,364 74,252 1,05,279 80,674 52,116 4,18,440 3,51,192 3,41,710
P/E ratio 6.27 x -11.5 x 3.61 x 0.94 x 9.2 x 3.96 x 2.76 x 2.25 x
Yield - - 6.69% 5.82% 6.76% 7.18% 10.1% 13.2%
Capitalization / Revenue 0.06 x 0.07 x 0.09 x 0.03 x 0.02 x 0.02 x 0.02 x 0.02 x
EV / Revenue 0.06 x 0.07 x 0.09 x 0.03 x 0.02 x 0.11 x 0.09 x 0.09 x
EV / EBITDA - - 1.88 x - 0.77 x 4.8 x 3.73 x 3.28 x
EV / FCF - - - - - 3.99 x 3.57 x 11.2 x
FCF Yield - - - - - 25.1% 28% 8.97%
Price to Book - - 0.75 x 0.37 x 0.24 x 0.36 x 0.32 x 0.27 x
Nbr of stocks (in thousands) 4,69,473 4,69,473 4,69,473 4,69,473 4,69,473 4,69,473 - -
Reference price 2 141.4 158.2 224.2 171.8 111.0 176.9 176.9 176.9
Announcement Date 25/09/19 01/09/20 24/08/21 26/08/22 23/08/23 - - -
1PKR in Million2PKR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,54,298 11,08,358 12,04,247 24,51,581 33,91,112 36,67,428 38,78,272 39,88,834
EBITDA 1 - - 56,053 - 67,601 87,125 94,196 1,04,265
EBIT 1 - 7,749 39,719 1,44,183 54,369 1,02,356 90,922 1,00,366
Operating Margin - 0.7% 3.3% 5.88% 1.6% 2.79% 2.34% 2.52%
Earnings before Tax (EBT) 1 - - 44,056 1,47,855 24,366 35,726 52,851 81,733
Net income 1 10,587 - 29,139 86,223 5,662 23,784 34,869 44,110
Net margin 0.92% - 2.42% 3.52% 0.17% 0.65% 0.9% 1.11%
EPS 2 22.55 -13.77 62.07 183.7 12.06 44.70 64.00 78.68
Free Cash Flow 1 - - - - - 1,04,972 98,313 30,640
FCF margin - - - - - 2.86% 2.53% 0.77%
FCF Conversion (EBITDA) - - - - - 120.48% 104.37% 29.39%
FCF Conversion (Net income) - - - - - 441.36% 281.95% 69.46%
Dividend per Share 2 - - 15.00 10.00 7.500 12.70 17.93 23.38
Announcement Date 25/09/19 01/09/20 24/08/21 26/08/22 23/08/23 - - -
1PKR in Million2PKR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2021 S1 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3
Net sales 1 5,67,432 4,59,224 6,60,780 11,20,000 5,67,950 9,01,658 14,69,608 8,62,264 8,43,000 17,05,264 8,11,689 7,88,801 9,20,081 9,54,995 19,31,150 9,08,260
EBITDA - 17,377 31,538 - - - - - - - - - - - - -
EBIT 15,391 - 30,024 48,338 39,975 - - 2,639 - - - - - - - -
Operating Margin 2.71% - 4.54% 4.32% 7.04% - - 0.31% - - - - - - - -
Earnings before Tax (EBT) 14,249 17,802 29,386 47,188 46,242 54,425 1,00,667 4,008 -3,881 126.1 - - - - - -
Net income 1 9,522 11,994 20,206 32,200 32,580 21,453 54,034 1,198 -4,559 -3,381 13,646 -4,623 21,888 -14,138 7,750 5,647
Net margin 1.68% 2.61% 3.06% 2.88% 5.74% 2.38% 3.68% 0.14% -0.54% -0.2% 1.68% -0.59% 2.38% -1.48% 0.4% 0.62%
EPS 2 20.28 25.55 43.01 68.56 69.40 45.70 115.1 2.550 -9.710 -7.160 29.07 -9.850 46.62 -30.12 16.51 12.03
Dividend per Share 5.000 - - - - 10.00 10.00 - - - - 7.500 - - - -
Announcement Date 18/02/21 28/10/21 11/02/22 11/02/22 28/04/22 26/08/22 26/08/22 29/10/22 17/02/23 17/02/23 28/04/23 23/08/23 01/11/23 15/02/24 15/02/24 26/04/24
1PKR in Million2PKR
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 3,35,409 2,68,161 2,58,679
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - 3.85 x 2.847 x 2.481 x
Free Cash Flow 1 - - - - - 1,04,972 98,313 30,640
ROE (net income / shareholders' equity) - -5.57% 23% 48.5% 2.62% 10.6% 11.8% 13.5%
ROA (Net income/ Total Assets) - - 8.07% - 0.6% 2% 2% 3%
Assets 1 - - 3,61,067 - 9,42,121 11,89,183 17,43,467 14,70,350
Book Value Per Share 2 - - 298.0 459.0 461.0 497.0 561.0 648.0
Cash Flow per Share - - - - - - - -
Capex 1 - - - - - 9,224 9,044 7,263
Capex / Sales - - - - - 0.25% 0.23% 0.18%
Announcement Date 25/09/19 01/09/20 24/08/21 26/08/22 23/08/23 - - -
1PKR in Million2PKR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

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