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 1,989,467 - -
Change - 1.95% 42.53% 26.31% 17.58% 7.86% - -
Enterprise Value (EV) 1 1,157,469 1,124,692 1,377,104 1,633,101 1,865,894 2,012,789 1,955,865 1,883,540
Change - -2.83% 22.44% 18.59% 14.25% 7.87% -2.83% -3.7%
P/E 5.65x 3.85x 5.32x 6.38x 8.76x 8.06x 8.61x 8.51x
PBR 0.41x 0.42x 0.59x 0.67x 0.87x 0.91x 0.87x 0.84x
PEG - 0.1x 0.73x 2.81x -1.97x 0.5x -1.36x 7.16x
Capitalization / Revenue 0.33x 0.27x 0.41x 0.53x 0.64x 0.62x 0.66x 0.68x
EV / Revenue 0.44x 0.35x 0.46x 0.56x 0.65x 0.63x 0.65x 0.64x
EV / EBITDA 3.1x 2.47x 2.85x 3.42x 3.99x 4.06x 4x 3.78x
EV / EBIT 6.35x 5.19x 5.85x 6.98x 8.51x 7.8x 8.08x 7.76x
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% 8.17% 8.48% 8.95%
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% 6.47% 6.15% 6.22%
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 3,209,034 2,993,463 2,940,083
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 92,170 149,380 161,146 164,684 157,318 185,592 175,051 177,725
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 8.172 8.172 8.172
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.($)
13.21x3.41x6.57x5.38% 1,647B
12.11x1.82x5.86x3.46% 405B
8.06x0.62x4x6.47% 296B
7.86x0.92x4.06x3.25% 275B
7.38x0.99x4.09x4.78% 189B
5.95x1.64x2.62x7.67% 148B
4.36x1.73x3.24x7.36% 151B
7.59x0.82x1.97x3.73% 100B
8.59x0.85x4.2x4.67% 79.75B
Average 8.35x 1.42x 4.07x 5.19% 365.64B
Weighted average by Cap. 10.82x 2.32x 5.37x 5.15%

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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