Financials PetroChina Company Limited Shanghai S.E.

Equities

601857

CNE1000007Q1

Integrated Oil & Gas

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
10.68 ^CNY	+1.33%		-2.20%	+51.27%

26/04	Vitol to charter supertankers from US to Nigeria's Dangote refinery	RE
25/04	Stranded cargo shows credit challenges at Nigeria's Dangote refinery	RE

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	18,76,589	-	-
Enterprise Value (EV) ¹	13,97,773	9,42,839	10,38,369	9,76,385	12,73,751	20,50,450	20,42,873	19,51,285
P/E ratio	14 x	20.2 x	5.65 x	3.85 x	5.33 x	7.59 x	7.79 x	8.06 x
Yield	4.11%	8.66%	8.02%	13.4%	9.38%	6.15%	6.18%	5.98%
Capitalization / Revenue	0.4 x	0.37 x	0.33 x	0.27 x	0.41 x	0.61 x	0.63 x	0.64 x
EV / Revenue	0.56 x	0.49 x	0.4 x	0.3 x	0.42 x	0.67 x	0.68 x	0.67 x
EV / EBITDA	3.74 x	3.74 x	2.76 x	2.2 x	2.73 x	4.2 x	4.29 x	3.97 x
EV / FCF	35 x	14.9 x	11.5 x	6.48 x	7.28 x	9.5 x	9.91 x	11.4 x
FCF Yield	2.86%	6.69%	8.7%	15.4%	13.7%	10.5%	10.1%	8.75%
Price to Book	0.52 x	0.3 x	0.41 x	0.42 x	0.59 x	0.84 x	0.79 x	0.74 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	6.980	6.980	6.980
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	30,71,724	29,99,405	29,26,273
EBITDA ¹	3,74,024	2,52,022	3,75,727	4,44,750	4,66,200	4,88,455	4,75,784	4,90,973
EBIT ¹	1,15,520	64,783	1,82,180	2,42,564	2,53,024	2,51,498	2,46,325	2,31,948
Operating Margin	4.59%	3.35%	6.97%	7.49%	8.4%	8.19%	8.21%	7.93%
Earnings before Tax (EBT) ¹	1,03,213	56,069	1,58,194	2,13,272	2,37,458	2,48,752	2,45,457	2,37,217
Net income ¹	45,677	19,002	92,170	1,49,375	1,61,144	1,69,175	1,64,548	1,58,587
Net margin	1.81%	0.98%	3.53%	4.61%	5.35%	5.51%	5.49%	5.42%
EPS ²	0.2500	0.1000	0.5000	0.8200	0.8800	0.9200	0.8963	0.8662
Free Cash Flow ¹	39,924	63,117	90,291	1,50,745	1,75,030	2,15,819	2,06,080	1,70,770
FCF margin	1.59%	3.26%	3.45%	4.65%	5.81%	7.03%	6.87%	5.84%
FCF Conversion (EBITDA)	10.67%	25.04%	24.03%	33.89%	37.54%	44.18%	43.31%	34.78%
FCF Conversion (Net income)	87.41%	332.16%	97.96%	100.92%	108.62%	127.57%	125.24%	107.68%
Dividend per Share ²	0.1437	0.1748	0.2266	0.4226	0.4400	0.4290	0.4314	0.4174
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 Q3	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
Net sales ¹	-	-	6,83,760	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	8,33,777	8,00,272	8,07,237	8,41,068	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-19,753	84,536	37,847	55,357	57,634	70,371	58,103	56,925	63,744	56,873	1,20,617	68,929	63,478	58,641	62,742	65,018	52,005	-
Operating Margin	-	-	5.54%	7.54%	7.39%	8.43%	6.91%	7.26%	8.7%	7.61%	-	8.59%	8.71%	7.03%	7.84%	8.05%	6.18%	-
Earnings before Tax (EBT)	-18,523	74,592	-	-	-	61,563	-	39,924	-	-	-	-	-	-	-	-	-	-
Net income ¹	-29,986	48,988	22,086	-	-	43,328	37,878	-	-	41,648	85,276	46,379	-	48.8	-	-	-	-
Net margin	-	-	3.23%	-	-	5.19%	4.51%	-	-	5.57%	-	5.78%	-	0.01%	-	-	-	-
EPS ²	-	-	0.1210	0.0900	0.2100	0.2400	0.2100	0.1600	0.2400	0.2300	-	0.2500	0.1600	0.2400	0.2650	0.2500	0.1700	0.2400
Dividend per Share	0.0874	-	-	-	-	0.2026	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/08/20	25/03/21	28/10/21	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	-	-	-	-	-

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	1,73,861	1,66,284	74,696
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.017 x	0.9069 x	0.4885 x	0.5571 x	0.0646 x	0.3559 x	0.3495 x	0.1521 x
Free Cash Flow ¹	39,924	63,117	90,291	1,19,461	1,75,030	2,15,819	2,06,080	1,70,770
ROE (net income / shareholders' equity)	3.74%	1.6%	7.44%	11.3%	11.4%	11.1%	10.3%	9.32%
ROA (Net income/ Total Assets)	1.77%	0.73%	3.69%	5.77%	5.94%	6.26%	6.12%	5.48%
Assets ¹	25,86,613	26,10,165	24,97,832	25,87,877	27,11,401	27,02,472	26,88,694	28,96,565
Book Value Per Share ²	6.720	6.640	6.900	7.480	7.900	8.330	8.810	9.460
Cash Flow per Share ²	1.960	1.740	1.870	2.160	2.490	2.200	2.260	2.260
Capex ¹	3,19,686	2,55,458	2,51,178	2,74,307	2,81,566	2,55,578	2,52,815	2,54,284
Capex / Sales	12.7%	13.21%	9.61%	8.47%	9.35%	8.32%	8.43%	8.69%
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

6.98 CNY

Average target price

6.742 CNY

Spread / Average Target

-3.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

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Integrated Oil & Gas