Financials PetroChina Company Limited

Equities

857 CNE1000003W8

Integrated Oil & Gas

Market Closed - Hong Kong S.E. Other stock markets 01:39:00 03/05/2024 pm IST			5-day change	1st Jan Change
7.11 ^HKD	+0.14%		-5.70%	+37.79%

03/05	News Highlights : Top Energy News of the Day - Friday at 4 PM ET	DJ
03/05	News Highlights : Top Energy News of the Day - Friday at 11 AM ET	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,17,460	7,14,287	8,54,827	8,70,020	12,43,631	18,01,917	-	-
Enterprise Value (EV) ¹	13,97,773	9,42,839	10,38,369	9,76,385	12,73,751	19,86,195	19,70,727	18,82,049
P/E ratio	14 x	20.2 x	5.65 x	3.85 x	5.33 x	7.16 x	7.34 x	7.48 x
Yield	4.11%	8.66%	8.02%	13.4%	9.38%	7.11%	6.6%	6.54%
Capitalization / Revenue	0.4 x	0.37 x	0.33 x	0.27 x	0.41 x	0.59 x	0.58 x	0.58 x
EV / Revenue	0.56 x	0.49 x	0.4 x	0.3 x	0.42 x	0.65 x	0.64 x	0.6 x
EV / EBITDA	3.74 x	3.74 x	2.76 x	2.2 x	2.73 x	4.05 x	4.05 x	3.79 x
EV / FCF	35 x	14.9 x	11.5 x	6.48 x	7.28 x	9.7 x	9.41 x	10.7 x
FCF Yield	2.86%	6.69%	8.7%	15.4%	13.7%	10.3%	10.6%	9.35%
Price to Book	0.52 x	0.3 x	0.41 x	0.42 x	0.59 x	0.79 x	0.75 x	0.69 x
Nbr of stocks (in thousands)	18,30,20,978	18,30,20,978	18,30,20,978	18,30,20,978	18,30,20,978	18,30,20,978	-	-
Reference price ²	3.494	2.020	2.827	3.153	4.690	6.587	6.587	6.587
Announcement Date	26/03/20	25/03/21	31/03/22	29/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,16,810	19,33,836	26,14,349	32,39,167	30,11,012	30,64,538	30,16,113	29,71,368
EBITDA ¹	3,74,024	2,52,022	3,75,727	4,44,750	4,66,200	4,91,007	4,85,591	5,00,919
EBIT ¹	1,15,520	64,783	1,82,180	2,42,564	2,53,024	2,52,236	2,48,077	2,38,377
Operating Margin	4.59%	3.35%	6.97%	7.49%	8.4%	8.23%	8.23%	8.02%
Earnings before Tax (EBT) ¹	1,03,213	56,069	1,58,194	2,13,272	2,37,458	2,51,652	2,45,712	2,41,144
Net income ¹	45,677	19,002	92,170	1,49,375	1,61,144	1,69,256	1,64,771	1,61,185
Net margin	1.81%	0.98%	3.53%	4.61%	5.35%	5.52%	5.46%	5.42%
EPS ²	0.2500	0.1000	0.5000	0.8200	0.8800	0.9204	0.8973	0.8805
Free Cash Flow ¹	39,924	63,117	90,291	1,50,745	1,75,030	2,04,701	2,09,485	1,75,992
FCF margin	1.59%	3.26%	3.45%	4.65%	5.81%	6.68%	6.95%	5.92%
FCF Conversion (EBITDA)	10.67%	25.04%	24.03%	33.89%	37.54%	41.69%	43.14%	35.13%
FCF Conversion (Net income)	87.41%	332.16%	97.96%	100.92%	108.62%	120.94%	127.14%	109.19%
Dividend per Share ²	0.1437	0.1748	0.2266	0.4226	0.4400	0.4684	0.4350	0.4310
Announcement Date	26/03/20	25/03/21	31/03/22	29/03/23	25/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	-	7,34,008	7,79,368	8,35,253	8,40,780	7,83,766	7,32,471	7,47,400	-	8,02,264	7,28,877	8,12,184	8,25,510	8,26,469	8,61,231	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-19,753	84,536	55,357	57,634	70,371	58,103	56,925	63,744	56,873	1,20,617	68,929	63,478	67,560	65,893	53,216	52,253	-	-
Operating Margin	-	-	7.54%	7.39%	8.43%	6.91%	7.26%	8.7%	7.61%	-	8.59%	8.71%	8.32%	7.98%	6.44%	6.07%	-	-
Earnings before Tax (EBT)	-18,523	74,592	-	-	61,563	-	39,924	-	-	-	-	-	-	-	-	-	-	-
Net income	-29,986	48,988	-	-	43,328	37,878	-	-	41,648	85,276	46,379	-	45,683	-	-	-	-	-
Net margin	-	-	-	-	5.19%	4.51%	-	-	5.57%	-	5.78%	-	5.62%	-	-	-	-	-
EPS ²	-	-	0.0900	0.2100	0.2400	0.2100	0.1600	0.2400	0.2300	-	0.2500	0.1600	0.2500	0.2650	0.2250	0.1650	0.2300	0.2700
Dividend per Share	0.0874	-	-	-	0.2026	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/08/20	25/03/21	31/03/22	29/04/22	25/08/22	27/10/22	29/03/23	28/04/23	30/08/23	30/08/23	30/10/23	25/03/24	29/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,80,313	2,28,552	1,83,542	2,53,311	30,120	1,84,278	1,68,810	80,132
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.017 x	0.9069 x	0.4885 x	0.5571 x	0.0646 x	0.3753 x	0.347 x	0.1616 x
Free Cash Flow ¹	39,924	63,117	90,291	1,19,461	1,75,030	2,04,701	2,09,485	1,75,992
ROE (net income / shareholders' equity)	3.74%	1.6%	7.44%	11.3%	11.4%	11.1%	10.5%	10.3%
ROA (Net income/ Total Assets)	1.77%	0.73%	3.69%	5.77%	5.94%	6.21%	5.92%	5.69%
Assets ¹	25,86,613	26,10,165	24,97,832	25,87,877	27,11,401	27,24,884	27,81,342	28,35,014
Book Value Per Share ²	6.720	6.640	6.900	7.480	7.900	8.370	8.820	9.500
Cash Flow per Share ²	1.960	1.740	1.870	2.160	2.490	1.340	2.200	2.040
Capex ¹	3,19,686	2,55,458	2,51,178	2,74,307	2,81,566	2,64,746	2,61,127	2,62,135
Capex / Sales	12.7%	13.21%	9.61%	8.47%	9.35%	8.64%	8.66%	8.82%
Announcement Date	26/03/20	25/03/21	31/03/22	29/03/23	25/03/24	-	-	-

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 PetroChina Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.587 CNY

Average target price

6.965 CNY

Spread / Average Target

+5.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
PETROCHINA COMPANY LIMITED	+37.79%	249B
SAUDI ARABIAN OIL COMPANY	-9.24%	1,933B
EXXON MOBIL CORPORATION	+16.02%	457B
TOTALENERGIES SE	+7.73%	166B
PETROBRAS	+7.12%	105B
EQUINOR ASA	-7.47%	80.36B
GAZPROM	-.--%	51.18B
ENI S.P.A	-4.17%	50.61B
SUNCOR ENERGY INC.	+23.11%	49.16B
CENOVUS ENERGY INC.	+26.95%	38.11B

Integrated Oil & Gas