Financials CNOOC Energy Technology & Services Limited

Equities

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-05-05 EDT			5-day change	1st Jan Change
4.12 ^CNY	+1.23%		+1.73%	+44.56%

04-24	CNOOC Energy Technology & Services Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-16	CNOOC Energy’s Attributable Profit Jumps 28% in 2023; Shares Jump 10%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,784	24,295	29,784	29,276	28,971	41,880	-	-
Enterprise Value (EV) ¹	29,945	24,295	29,784	29,276	28,971	41,880	41,880	41,880
P/E ratio	24.4 x	16 x	23.2 x	12.1 x	9.4 x	11.7 x	10.3 x	9.09 x
Yield	1.26%	1.88%	1.88%	2.95%	-	2.79%	3.16%	4.13%
Capitalization / Revenue	0.89 x	0.73 x	0.77 x	0.61 x	0.59 x	0.76 x	0.69 x	0.6 x
EV / Revenue	0.89 x	0.73 x	0.77 x	0.61 x	0.59 x	0.76 x	0.69 x	0.6 x
EV / EBITDA	8.47 x	6.24 x	7.44 x	5.91 x	5.31 x	7.13 x	6.45 x	6.05 x
EV / FCF	15,824,561 x	-	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-	-
Price to Book	1.61 x	1.25 x	1.47 x	1.31 x	-	1.55 x	1.4 x	1.28 x
Nbr of stocks (in thousands)	10,165,104	10,165,104	10,165,104	10,165,104	10,165,104	10,165,104	-	-
Reference price ²	2.930	2.390	2.930	2.880	2.850	4.120	4.120	4.120
Announcement Date	20-04-09	21-04-19	22-04-18	23-04-10	24-04-15	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,463	33,208	38,739	47,784	49,308	55,151	60,694	70,308
EBITDA ¹	3,515	3,892	4,003	4,957	5,457	5,873	6,488	6,919
EBIT ¹	1,719	2,065	1,934	2,998	3,860	4,596	5,238	5,801
Operating Margin	5.14%	6.22%	4.99%	6.27%	7.83%	8.33%	8.63%	8.25%
Earnings before Tax (EBT) ¹	1,724	2,098	1,920	2,984	3,854	4,590	5,233	5,794
Net income ¹	1,233	1,522	1,284	2,416	3,081	3,565	4,071	4,635
Net margin	3.68%	4.58%	3.31%	5.06%	6.25%	6.46%	6.71%	6.59%
EPS ²	0.1200	0.1497	0.1263	0.2377	0.3031	0.3525	0.4000	0.4533
Free Cash Flow	1,882	-	-	-	-	-	-	-
FCF margin	5.62%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	53.54%	-	-	-	-	-	-	-
FCF Conversion (Net income)	152.64%	-	-	-	-	-	-	-
Dividend per Share ²	0.0370	0.0450	0.0550	0.0850	-	0.1150	0.1300	0.1700
Announcement Date	20-04-09	21-04-19	22-04-18	23-04-10	24-04-15	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	161	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0457 x	-	-	-	-	-	-	-
Free Cash Flow	1,882	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	7.71%	8.01%	6.3%	11.1%	13.1%	13.3%	13.8%	14.2%
ROA (Net income/ Total Assets)	4.29%	4.89%	3.76%	6.33%	-	7.53%	7.9%	8.1%
Assets ¹	28,742	31,135	34,125	38,172	-	47,321	51,526	57,217
Book Value Per Share ²	1.820	1.920	2.000	2.200	-	2.670	2.940	3.210
Cash Flow per Share ²	0.2000	0.2900	0.2600	0.3400	-	0.5900	0.6100	0.5800
Capex ¹	1,049	545	1,376	2,269	2,219	1,788	1,791	1,200
Capex / Sales	3.14%	1.64%	3.55%	4.75%	4.5%	3.24%	2.95%	1.71%
Announcement Date	20-04-09	21-04-19	22-04-18	23-04-10	24-04-15	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.12 CNY

Average target price

4.75 CNY

Spread / Average Target

+15.29%

	1st Jan change	Capi.
CNOOC ENERGY TECHNOLOGY & SERVICES LIMITED	+44.56%	5.81B
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