Financials Chevron Corporation Sao Paulo

Equities

CHVX34

BRCHVXBDR008

Oil & Gas Exploration and Production

Market Closed - Sao Paulo Other stock markets 21:10:00 17/05/2024 BST			5-day change	1st Jan Change
82.78 ^BRL	-0.55%		-3.50%	+14.40%

05-17	Panthera achieves majority stake in Kalaka project	AN
05-17	Sector Update: Energy Stocks Advance Late Friday Afternoon	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	227,869	162,594	226,214	347,069	280,726	299,795	-	-
Enterprise Value (EV) ¹	249,119	201,282	251,908	352,507	293,339	321,207	324,846	325,614
P/E ratio	78.3 x	-28.5 x	14.4 x	9.82 x	13.1 x	12.8 x	11.5 x	11.8 x
Yield	3.95%	6.11%	4.52%	3.16%	4.05%	4.01%	4.22%	4.43%
Capitalization / Revenue	1.56 x	1.72 x	1.39 x	1.41 x	1.4 x	1.5 x	1.51 x	1.53 x
EV / Revenue	1.7 x	2.13 x	1.55 x	1.43 x	1.46 x	1.61 x	1.64 x	1.67 x
EV / EBITDA	6.86 x	14.1 x	6.17 x	5.22 x	6.07 x	6.07 x	5.02 x	5.17 x
EV / FCF	18.9 x	118 x	11.2 x	9.93 x	14.8 x	14.2 x	11.9 x	14.7 x
FCF Yield	5.3%	0.84%	8.93%	10.1%	6.75%	7.05%	8.42%	6.82%
Price to Book	1.58 x	1.2 x	1.62 x	2.18 x	1.74 x	1.79 x	1.75 x	1.7 x
Nbr of stocks (in thousands)	1,890,872	1,925,323	1,927,686	1,933,639	1,882,048	1,842,966	-	-
Reference price ²	120.5	84.45	117.4	179.5	149.2	162.7	162.7	162.7
Announcement Date	31/01/20	29/01/21	28/01/22	27/01/23	02/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	146,516	94,692	162,465	246,252	200,949	199,938	198,002	195,533
EBITDA ¹	36,322	14,289	40,825	67,483	48,293	52,936	64,765	62,936
EBIT ¹	6,334	-6,756	22,351	50,190	30,053	34,123	37,560	38,578
Operating Margin	4.32%	-7.13%	13.76%	20.38%	14.96%	17.07%	18.97%	19.73%
Earnings before Tax (EBT) ¹	5,536	-7,453	21,639	49,674	29,584	32,213	32,417	31,760
Net income ¹	2,924	-5,543	15,625	35,465	21,369	23,882	26,656	24,131
Net margin	2%	-5.85%	9.62%	14.4%	10.63%	11.94%	13.46%	12.34%
EPS ²	1.540	-2.960	8.140	18.28	11.36	12.69	14.14	13.84
Free Cash Flow ¹	13,200	1,700	22,500	35,500	19,800	22,660	27,351	22,217
FCF margin	9.01%	1.8%	13.85%	14.42%	9.85%	11.33%	13.81%	11.36%
FCF Conversion (EBITDA)	36.34%	11.9%	55.11%	52.61%	41%	42.81%	42.23%	35.3%
FCF Conversion (Net income)	451.44%	-	144%	100.1%	92.66%	94.88%	102.61%	92.07%
Dividend per Share ²	4.760	5.160	5.310	5.680	6.040	6.525	6.865	7.199
Announcement Date	31/01/20	29/01/21	28/01/22	27/01/23	02/02/24	-	-	-

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	48,129	54,373	68,762	66,644	56,473	50,793	48,896	54,080	47,180	48,716	51,732	50,732	49,791	49,112	52,128
EBITDA ¹	12,145	13,053	20,028	19,254	15,148	13,350	11,647	13,178	10,118	12,260	12,880	13,534	13,854	-	-
EBIT ¹	7,140	9,190	16,132	14,937	9,931	9,634	7,957	8,852	3,610	8,040	9,562	8,605	8,657	-	-
Operating Margin	14.84%	16.9%	23.46%	22.41%	17.59%	18.97%	16.27%	16.37%	7.65%	16.5%	18.48%	16.96%	17.39%	-	-
Earnings before Tax (EBT) ¹	6,985	9,054	16,003	14,809	9,808	9,519	7,837	8,738	3,490	7,922	8,309	8,890	8,708	7,134	7,508
Net income ¹	5,055	6,259	11,622	11,231	6,353	6,574	6,010	6,526	2,259	5,501	5,986	6,118	5,971	5,175	6,411
Net margin	10.5%	11.51%	16.9%	16.85%	11.25%	12.94%	12.29%	12.07%	4.79%	11.29%	11.57%	12.06%	11.99%	10.54%	12.3%
EPS ²	2.630	3.220	5.950	5.780	3.330	3.460	3.200	3.480	1.220	2.970	3.268	3.309	3.291	3.015	3.455
Dividend per Share ²	1.340	1.420	1.420	1.420	1.420	1.510	1.510	1.510	1.510	-	1.630	1.630	1.634	1.709	1.726
Announcement Date	28/01/22	29/04/22	29/07/22	28/10/22	27/01/23	28/04/23	23/07/23	27/10/23	02/02/24	26/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	21,250	38,688	25,694	5,438	12,613	21,412	25,050	25,819
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.585 x	2.708 x	0.6294 x	0.0806 x	0.2612 x	0.4045 x	0.3868 x	0.4102 x
Free Cash Flow ¹	13,200	1,700	22,500	35,500	19,800	22,660	27,351	22,217
ROE (net income / shareholders' equity)	7.96%	-0.27%	11.5%	23.8%	15.4%	13.8%	14.9%	15%
ROA (Net income/ Total Assets)	4.84%	-0.15%	6.52%	14.3%	9.51%	8.98%	9.81%	10.6%
Assets ¹	60,419	3,593,983	239,662	248,622	224,714	266,055	271,612	227,650
Book Value Per Share ²	76.10	70.40	72.40	82.50	85.90	90.80	93.10	95.60
Cash Flow per Share ²	13.60	6.520	15.90	24.50	20.60	20.80	24.50	25.20
Capex ¹	14,100	8,900	8,100	12,000	15,800	16,317	18,986	18,243
Capex / Sales	9.62%	9.4%	4.99%	4.87%	7.86%	8.16%	9.59%	9.33%
Announcement Date	31/01/20	29/01/21	28/01/22	27/01/23	02/02/24	-	-	-

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 Chevron Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

162.7 USD

Average target price

184 USD

Spread / Average Target

+13.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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