Company Valuation: PetroChina Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 854,682 871,381 1,241,993 1,568,723 1,844,493 1,986,678 - -
Change - 1.95% 42.53% 26.31% 17.58% 7.71% - -
Enterprise Value (EV) 1 1,157,469 1,124,692 1,377,104 1,633,101 1,865,894 2,010,000 1,953,076 1,880,751
Change - -2.83% 22.44% 18.59% 14.25% 7.72% -2.83% -3.7%
P/E 5.65x 3.85x 5.32x 6.38x 8.76x 8.02x 8.56x 8.46x
PBR 0.41x 0.42x 0.59x 0.67x 0.87x 0.9x 0.87x 0.84x
PEG - 0.1x 0.73x 2.81x -1.97x 0.4x -1.35x 7.12x
Capitalization / Revenue 0.33x 0.27x 0.41x 0.53x 0.64x 0.61x 0.66x 0.67x
EV / Revenue 0.44x 0.35x 0.46x 0.56x 0.65x 0.62x 0.65x 0.63x
EV / EBITDA 3.1x 2.47x 2.85x 3.42x 3.99x 4.05x 3.99x 3.77x
EV / EBIT 6.35x 5.19x 5.85x 6.98x 8.51x 7.78x 8.07x 7.75x
EV / FCF 12.8x 9.41x 7.6x 12.5x 13x 12.2x 11.8x 11.2x
FCF Yield 7.8% 10.6% 13.2% 8% 7.69% 8.18% 8.49% 8.96%
Dividend per Share 2 0.2266 0.4226 0.44 0.47 0.47 0.5284 0.5023 0.5085
Rate of return 8.02% 13.4% 9.39% 8.19% 6.24% 6.5% 6.18% 6.25%
EPS 2 0.5 0.82 0.88 0.9 0.86 1.014 0.9496 0.9609
Distribution rate 45.3% 51.5% 50% 52.2% 54.7% 52.1% 52.9% 52.9%
Net sales 1 2,614,349 3,239,167 3,011,012 2,937,981 2,864,469 3,262,645 3,002,100 2,978,877
EBITDA 1 373,400 454,696 482,918 477,163 467,366 495,878 489,309 498,385
EBIT 1 182,180 216,660 235,466 233,954 219,241 258,198 242,082 242,769
Net income 1 92,170 149,380 161,146 164,684 157,318 182,249 173,644 177,384
Net Debt 1 302,787 253,311 135,111 64,378 21,401 23,322 -33,602 -105,927
Reference price 2 2.827 3.158 4.684 5.742 7.530 8.130 8.130 8.130
Nbr of stocks (in thousands) 183,020,978 183,020,978 183,020,978 183,020,978 183,020,978 183,020,978 - -
Announcement Date 3/31/22 3/29/23 3/25/24 3/28/25 3/29/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.02x0.6x3.95x6.5% 296B
13.07x3.37x6.5x5.44% 1,629B
12.23x1.82x5.93x3.45% 405B
7.79x0.92x4.04x3.28% 273B
7.28x0.98x4.04x4.84% 186B
5.98x1.65x2.64x7.63% 148B
4.03x1.63x3.06x7.96% 134B
7.54x0.81x1.96x3.76% 99.44B
8.51x0.84x4.14x4.72% 79.35B
Average 8.27x 1.40x 4.03x 5.29% 361.16B
Weighted average by Cap. 10.75x 2.29x 5.33x 5.21%

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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