Financials BP plc Euronext Paris

Equities

BPLC

GB0007980591

Oil & Gas Refining and Marketing

End-of-day quote Euronext Paris Other stock markets			5-day change	1st Jan Change
- ^PTS	-.--%		-.--%	-.--%

05-08	BP : UBS reiterates its Buy rating	ZD
05-08	BP Sets Sights on Greenlighting Tiber Oil Project in US Gulf of Mexico by 2025	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	125,861	70,274	87,609	104,293	100,459	102,661	-	-
Enterprise Value (EV) ¹	180,835	121,089	126,435	125,715	121,371	129,278	128,265	128,280
P/E ratio	31.7 x	-3.47 x	12 x	-43.8 x	6.91 x	7.55 x	7.26 x	6.81 x
Yield	6.56%	9.04%	4.84%	4.19%	4.79%	4.91%	5.16%	5.41%
Capitalization / Revenue	0.45 x	0.39 x	0.56 x	0.43 x	0.48 x	0.54 x	0.52 x	0.53 x
EV / Revenue	0.65 x	0.67 x	0.8 x	0.52 x	0.58 x	0.67 x	0.65 x	0.66 x
EV / EBITDA	4.94 x	10.1 x	3.4 x	2.08 x	2.82 x	3.1 x	3.05 x	3.09 x
EV / FCF	17.5 x	-841 x	9.94 x	5.11 x	6.84 x	9.18 x	8.93 x	8.78 x
FCF Yield	5.72%	-0.12%	10.1%	19.6%	14.6%	10.9%	11.2%	11.4%
Price to Book	1.29 x	0.99 x	1.2 x	1.61 x	1.42 x	1.47 x	1.35 x	1.23 x
Nbr of stocks (in thousands)	20,126,809	20,169,694	19,593,397	18,157,212	16,930,452	16,418,604	-	-
Reference price ²	6.253	3.484	4.471	5.744	5.934	6.253	6.253	6.253
Announcement Date	04/02/20	02/02/21	08/02/22	07/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	278,397	180,366	157,739	241,392	210,130	191,859	196,868	194,999
EBITDA ¹	36,571	12,041	37,147	60,362	42,964	41,753	42,004	41,465
EBIT ¹	18,791	-2,848	22,342	46,044	27,036	25,915	25,573	26,091
Operating Margin	6.75%	-1.58%	14.16%	19.07%	12.87%	13.51%	12.99%	13.38%
Earnings before Tax (EBT) ¹	8,154	-24,888	15,227	15,405	23,749	23,093	22,356	21,812
Net income ¹	4,026	-20,305	7,565	-2,487	15,239	13,781	13,348	13,739
Net margin	1.45%	-11.26%	4.8%	-1.03%	7.25%	7.18%	6.78%	7.05%
EPS ²	0.1973	-1.004	0.3733	-0.1310	0.8585	0.8279	0.8609	0.9178
Free Cash Flow ¹	10,352	-144	12,725	24,602	17,754	14,087	14,355	14,607
FCF margin	3.72%	-0.08%	8.07%	10.19%	8.45%	7.34%	7.29%	7.49%
FCF Conversion (EBITDA)	28.31%	-	34.26%	40.76%	41.32%	33.74%	34.18%	35.23%
FCF Conversion (Net income)	257.13%	-	168.21%	-	116.5%	102.22%	107.54%	106.32%
Dividend per Share ²	0.4100	0.3150	0.2163	0.2408	0.2842	0.3067	0.3228	0.3383
Announcement Date	04/02/20	02/02/21	08/02/22	07/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	50,554	49,258	67,866	55,011	69,257	56,182	48,538	53,269	52,141	48,880	50,313	49,637	48,618	47,904	50,107
EBITDA ¹	10,912	13,834	16,278	17,217	13,033	13,016	9,770	10,306	10,187	10,100	10,555	10,769	10,212	10,186	10,673
EBIT ¹	7,049	10,209	12,766	13,750	9,319	9,216	5,606	6,087	6,127	5,950	6,452	6,665	6,686	5,957	6,614
Operating Margin	13.94%	20.73%	18.81%	25%	13.46%	16.4%	11.55%	11.43%	11.75%	12.17%	12.82%	13.43%	13.75%	12.44%	13.2%
Earnings before Tax (EBT) ¹	4,042	-17,540	14,063	1,980	16,902	11,847	3,494	7,309	1,099	4,633	6,008	6,270	6,375	5,566	5,904
Net income ¹	2,326	-20,384	9,257	-2,163	10,803	8,218	1,792	4,858	371	2,263	3,491	3,462	3,637	3,333	3,440
Net margin	4.6%	-41.38%	13.64%	-3.93%	15.6%	14.63%	3.69%	9.12%	0.71%	4.63%	6.94%	6.97%	7.48%	6.96%	6.87%
EPS ²	0.1166	-1.045	0.4718	-0.1145	0.5836	0.4506	0.1001	0.2759	0.0215	0.1325	0.2179	0.2086	0.2301	0.2075	0.2167
Dividend per Share ²	0.0546	0.0546	0.0600	0.0601	0.0661	0.0661	0.0727	0.0727	0.0727	-	0.0778	0.0778	0.0778	0.0778	0.0880
Announcement Date	08/02/22	03/05/22	02/08/22	01/11/22	07/02/23	02/05/23	01/08/23	31/10/23	06/02/24	07/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	54,974	50,815	38,826	21,422	20,912	26,617	25,604	25,619
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.503 x	4.22 x	1.045 x	0.3549 x	0.4867 x	0.6375 x	0.6096 x	0.6178 x
Free Cash Flow ¹	10,352	-144	12,725	24,602	17,754	14,087	14,355	14,607
ROE (net income / shareholders' equity)	10.1%	-6.71%	10.3%	38.7%	20.1%	17.5%	18.1%	18.9%
ROA (Net income/ Total Assets)	3.46%	-2.02%	2.73%	9.61%	4.87%	4.7%	4.95%	5.35%
Assets ¹	116,341	1,004,253	277,513	-25,874	313,044	293,217	269,666	256,808
Book Value Per Share ²	4.860	3.520	3.720	3.560	4.180	4.260	4.630	5.070
Cash Flow per Share ²	1.260	0.6000	1.170	2.160	1.810	1.780	1.900	1.980
Capex ¹	15,418	12,306	10,887	16,330	14,285	15,918	16,115	16,490
Capex / Sales	5.54%	6.82%	6.9%	6.76%	6.8%	8.3%	8.19%	8.46%
Announcement Date	04/02/20	02/02/21	08/02/22	07/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BP plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.253 USD

Average target price

7.63 USD

Spread / Average Target

+22.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
RELIANCE INDUSTRIES LTD	+9.75%	227B
CHINA PETROLEUM & CHEMICAL CORPORATION	+19.07%	101B
MARATHON PETROLEUM CORPORATION	+21.95%	63.74B
PHILLIPS 66	+10.37%	61.56B
VALERO ENERGY CORPORATION	+20.82%	51.23B
IMPERIAL OIL LIMITED	+26.76%	37.1B
INDIAN OIL CORPORATION LIMITED	+25.64%	26.4B
FORMOSA PETROCHEMICAL CORPORATION	-12.02%	21.04B
REPSOL S.A.	+8.88%	18.99B

Other Oil & Gas Refining and Marketing