Financials Equinor LIQUIDNET SYSTEMS

Equities

STL

NO0010096985

Integrated Oil & Gas

Real-time Estimate Cboe Europe Other stock markets 15:25:55 03/05/2024 BST			5-day change	1st Jan Change
298.2 ^NOK	0.00%		0.00%	0.00%

05-02	Equinor seeks to revive costly Norway, Canada oil prospects	RE
05-02	Subsea 7, Equinor Enter Strategic Collaboration Agreement in Norway	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	65,679	55,304	86,445	113,762	93,611	79,157	-	-
Enterprise Value (EV) ¹	82,108	74,797	87,312	100,474	86,542	82,785	87,568	90,125
P/E ratio	36.2 x	-10.1 x	10.2 x	3.98 x	8.06 x	8.17 x	7.82 x	8.39 x
Yield	5.27%	2.41%	2.65%	8.08%	10.7%	9.65%	5.98%	5.8%
Capitalization / Revenue	1.02 x	1.21 x	0.95 x	0.75 x	0.87 x	0.77 x	0.82 x	0.87 x
EV / Revenue	1.28 x	1.63 x	0.96 x	0.67 x	0.81 x	0.8 x	0.91 x	0.99 x
EV / EBITDA	3.65 x	6.33 x	1.92 x	1.18 x	1.86 x	2.06 x	2.21 x	2.38 x
EV / FCF	23.2 x	39.2 x	4.2 x	3.81 x	6.13 x	11.6 x	14.6 x	21.4 x
FCF Yield	4.32%	2.55%	23.8%	26.3%	16.3%	8.6%	6.84%	4.67%
Price to Book	1.6 x	1.63 x	2.23 x	2.11 x	1.98 x	1.72 x	1.61 x	1.54 x
Nbr of stocks (in thousands)	3,299,021	3,253,801	3,227,308	3,168,394	2,953,894	2,922,763	-	-
Reference price ²	19.91	17.00	26.79	35.91	31.69	27.08	27.08	27.08
Announcement Date	06/02/20	10/02/21	09/02/22	07/02/23	07/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	64,357	45,818	90,924	150,806	107,174	103,312	96,035	90,985
EBITDA ¹	22,503	11,812	45,382	85,202	46,404	40,158	39,586	37,814
EBIT ¹	13,484	3,938	33,486	74,940	36,220	30,424	29,535	27,806
Operating Margin	20.95%	8.59%	36.83%	49.69%	33.8%	29.45%	30.75%	30.56%
Earnings before Tax (EBT) ¹	9,292	-4,259	31,583	78,604	37,884	29,989	29,134	26,588
Net income ¹	1,843	-5,510	8,563	28,746	11,885	9,401	9,184	8,349
Net margin	2.86%	-12.03%	9.42%	19.06%	11.09%	9.1%	9.56%	9.18%
EPS ²	0.5500	-1.690	2.630	9.030	3.930	3.315	3.464	3.228
Free Cash Flow ¹	3,545	1,910	20,776	26,378	14,126	7,122	5,986	4,209
FCF margin	5.51%	4.17%	22.85%	17.49%	13.18%	6.89%	6.23%	4.63%
FCF Conversion (EBITDA)	15.75%	16.17%	45.78%	30.96%	30.44%	17.73%	15.12%	11.13%
FCF Conversion (Net income)	192.35%	-	242.63%	91.76%	118.86%	75.75%	65.18%	50.41%
Dividend per Share ²	1.050	0.4100	0.7100	2.900	3.400	2.614	1.620	1.570
Announcement Date	06/02/20	10/02/21	09/02/22	07/02/23	07/02/24	-	-	-

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	32,608	36,393	36,459	43,633	34,321	29,224	22,872	26,024	29,054	25,135	23,902	24,400	25,306	-	-
EBITDA ¹	18,355	20,409	19,873	28,243	17,768	14,717	9,294	10,822	11,569	9,976	9,230	9,269	9,390	11,970	9,802
EBIT ¹	14,989	17,991	17,590	24,301	15,059	11,973	7,543	8,024	8,681	7,533	6,857	6,885	7,657	9,352	7,367
Operating Margin	45.97%	49.44%	48.25%	55.69%	43.88%	40.97%	32.98%	30.83%	29.88%	29.97%	28.69%	28.22%	30.26%	-	-
Earnings before Tax (EBT) ¹	13,135	17,223	19,756	27,156	14,469	13,707	7,374	7,466	9,337	7,998	6,190	6,286	7,205	-	-
Net income ¹	3,368	4,710	6,760	9,384	7,895	4,962	1,830	2,497	2,603	2,668	2,156	2,107	2,383	2,605	2,056
Net margin	10.33%	12.94%	18.54%	21.51%	23%	16.98%	8%	9.59%	8.96%	10.61%	9.02%	8.64%	9.42%	-	-
EPS ²	1.040	1.460	2.110	2.970	2.510	1.590	0.6000	0.8400	0.8800	0.9100	0.7534	0.7532	0.8690	1.017	0.9145
Dividend per Share ²	0.2000	0.4000	0.7000	0.9000	0.9000	0.9000	0.9000	0.9000	0.7000	-	0.7000	0.6000	0.4693	0.3700	0.3700
Announcement Date	09/02/22	04/05/22	27/07/22	27/10/22	07/02/23	04/05/23	26/07/23	27/10/23	07/02/24	25/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	16,429	19,493	867	-	-	3,628	8,411	10,968
Net Cash position ¹	-	-	-	13,288	7,069	-	-	-
Leverage (Debt/EBITDA)	0.7301 x	1.65 x	0.0191 x	-	-	0.0904 x	0.2125 x	0.2901 x
Free Cash Flow ¹	3,545	1,910	20,776	26,378	14,126	7,122	5,986	4,209
ROE (net income / shareholders' equity)	11.7%	2.46%	27.4%	61.8%	23.2%	19.3%	19.2%	17.9%
ROA (Net income/ Total Assets)	4.27%	0.77%	7.35%	18.8%	7.88%	6.77%	5.93%	5.88%
Assets ¹	43,115	-715,584	116,426	152,571	150,800	138,772	154,937	141,875
Book Value Per Share ²	12.40	10.40	12.00	17.00	16.00	15.70	16.80	17.60
Cash Flow per Share ²	4.130	3.170	8.860	11.00	8.160	6.970	6.990	7.090
Capex ¹	10,204	8,476	8,040	8,758	10,575	12,717	14,051	14,548
Capex / Sales	15.86%	18.5%	8.84%	5.81%	9.87%	12.31%	14.63%	15.99%
Announcement Date	06/02/20	10/02/21	09/02/22	07/02/23	07/02/24	-	-	-

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 Equinor

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

27.08 USD

Average target price

27.37 USD

Spread / Average Target

+1.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
SAUDI ARABIAN OIL COMPANY	-8.79%	1,932B
EXXON MOBIL CORPORATION	+14.36%	458B
PETROCHINA COMPANY LIMITED	+37.79%	249B
SHELL PLC	+11.43%	229B
PETROBRAS	+6.39%	110B
GAZPROM	-.--%	50.9B
ENI S.P.A	-4.16%	50.66B
SUNCOR ENERGY INC.	+22.36%	48.87B
CENOVUS ENERGY INC.	+26.59%	38.34B

Integrated Oil & Gas