Company Valuation: PetroChina Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,54,682 8,71,381 12,41,993 15,68,723 18,44,493 18,69,337 - -
Change - 1.95% 42.53% 26.31% 17.58% 1.35% - -
Enterprise Value (EV) 1 11,57,469 11,24,692 13,77,104 16,33,101 18,65,894 19,35,674 18,41,472 17,72,294
Change - -2.83% 22.44% 18.59% 14.25% 3.74% -4.87% -3.76%
P/E Ratio 5.65x 3.85x 5.32x 6.38x 8.76x 8.41x 9.18x 8.72x
PBR 0.41x 0.42x 0.59x 0.67x 0.87x 0.99x 0.95x 0.91x
PEG - 0.1x 0.73x 2.81x -1.97x 0.4x -1.1x 1.67x
Capitalization / Revenue 0.33x 0.27x 0.41x 0.53x 0.64x 0.57x 0.62x 0.6x
EV / Revenue 0.44x 0.35x 0.46x 0.56x 0.65x 0.59x 0.61x 0.57x
EV / EBITDA 3.1x 2.47x 2.85x 3.42x 3.99x 3.8x 3.75x 3.39x
EV / EBIT 6.35x 5.19x 5.85x 6.98x 8.51x 6.98x 7.41x 6.75x
EV / FCF 12.8x 9.41x 7.6x 12.5x 13x 10x 9.92x 8.81x
FCF Yield 7.8% 10.6% 13.2% 8% 7.69% 9.95% 10.1% 11.4%
Dividend per Share 2 0.2266 0.4226 0.44 0.47 0.47 0.5577 0.5098 0.5434
Rate of return 8.02% 13.4% 9.39% 8.19% 6.24% 6.24% 5.7% 6.08%
EPS 2 0.5 0.82 0.88 0.9 0.86 1.062 0.9737 1.025
Distribution rate 45.3% 51.5% 50% 52.2% 54.7% 52.5% 52.4% 53%
Net sales 1 26,14,349 32,39,167 30,11,012 29,37,981 28,64,469 32,76,912 30,26,132 31,02,724
EBITDA 1 3,73,400 4,54,696 4,82,918 4,77,163 4,67,366 5,09,853 4,91,642 5,22,866
EBIT 1 1,82,180 2,16,660 2,35,466 2,33,954 2,19,241 2,77,347 2,48,482 2,62,745
Net income 1 92,170 1,49,380 1,61,146 1,64,684 1,57,318 1,93,693 1,77,794 1,87,416
Net Debt 1 3,02,787 2,53,311 1,35,111 64,378 21,401 66,337 -27,865 -97,043
Reference price 2 2.827 3.158 4.684 5.742 7.530 8.938 8.938 8.938
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 - -
Announcement Date 31/03/22 29/03/23 25/03/24 28/03/25 29/03/26 - - -
1CNY in Million2CNY
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.41x0.59x3.88x6.24% 28TCr
13.46x3.34x6.46x5.13% 1,75200Cr
12.35x1.69x5.74x3.81% 37TCr
8.11x0.86x3.92x3.6% 24TCr
7.51x1.07x4.12x4.63% 20TCr
6.01x1.73x2.77x7.55% 16TCr
3.24x1.52x2.92x12.6% 11TCr
7.45x0.8x1.87x4.3% 9.15TCr
9.14x0.75x3.86x4.72% 7.9TCr
Average 8.41x 1.37x 3.95x 5.84% 36.39TCr
Weighted average by Cap. 11.18x 2.33x 5.34x 5.27%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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