Financials BP PLC

Equities

BP.

GB0007980591

Oil & Gas Refining and Marketing

Real-time Estimate Cboe Europe Other stock markets 07:47:32 2024-05-17 am EDT			5-day change	1st Jan Change
490.7 ^GBX	+0.29%		-2.95%	+5.38%

08:01am	Saipem Bags $850 Million Contract with JV of Eni, BP for Development of Oil Field in Angola	MT
01:00am	Chinese firms invest in 'green' jet fuel, anticipating blending rule	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	125,861	70,274	87,609	104,293	100,459	101,664	-	-
Enterprise Value (EV) ¹	180,835	121,089	126,435	125,715	121,371	128,988	127,500	127,301
P/E ratio	31.7 x	-3.47 x	12 x	-43.8 x	6.91 x	7.56 x	7.18 x	6.73 x
Yield	6.56%	9.04%	4.84%	4.19%	4.79%	4.94%	5.22%	5.48%
Capitalization / Revenue	0.45 x	0.39 x	0.56 x	0.43 x	0.48 x	0.51 x	0.52 x	0.53 x
EV / Revenue	0.65 x	0.67 x	0.8 x	0.52 x	0.58 x	0.65 x	0.65 x	0.66 x
EV / EBITDA	4.94 x	10.1 x	3.4 x	2.08 x	2.82 x	3.08 x	3.01 x	3.02 x
EV / FCF	17.5 x	-841 x	9.94 x	5.11 x	6.84 x	9.37 x	8.81 x	8.71 x
FCF Yield	5.72%	-0.12%	10.1%	19.6%	14.6%	10.7%	11.4%	11.5%
Price to Book	1.29 x	0.99 x	1.2 x	1.61 x	1.42 x	1.41 x	1.31 x	1.2 x
Nbr of stocks (in thousands)	20,126,809	20,169,694	19,593,397	18,157,212	16,930,452	16,397,765	-	-
Reference price ²	6.253	3.484	4.471	5.744	5.934	6.200	6.200	6.200
Announcement Date	2/4/20	2/2/21	2/8/22	2/7/23	2/6/24	-	-	-

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	199,559	195,023	192,841
EBITDA ¹	36,571	12,041	37,147	60,362	42,964	41,834	42,318	42,124
EBIT ¹	18,791	-2,848	22,342	46,044	27,036	25,809	26,134	26,370
Operating Margin	6.75%	-1.58%	14.16%	19.07%	12.87%	12.93%	13.4%	13.67%
Earnings before Tax (EBT) ¹	8,154	-24,888	15,227	15,405	23,749	22,460	22,466	22,494
Net income ¹	4,026	-20,305	7,565	-2,487	15,239	13,486	13,213	13,305
Net margin	1.45%	-11.26%	4.8%	-1.03%	7.25%	6.76%	6.77%	6.9%
EPS ²	0.1973	-1.004	0.3733	-0.1310	0.8585	0.8204	0.8631	0.9207
Free Cash Flow ¹	10,352	-144	12,725	24,602	17,754	13,765	14,475	14,617
FCF margin	3.72%	-0.08%	8.07%	10.19%	8.45%	6.9%	7.42%	7.58%
FCF Conversion (EBITDA)	28.31%	-	34.26%	40.76%	41.32%	32.9%	34.21%	34.7%
FCF Conversion (Net income)	257.13%	-	168.21%	-	116.5%	102.06%	109.55%	109.86%
Dividend per Share ²	0.4100	0.3150	0.2163	0.2408	0.2842	0.3064	0.3238	0.3397
Announcement Date	2/4/20	2/2/21	2/8/22	2/7/23	2/6/24	-	-	-

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	50,816	49,283	47,278	46,723	48,815
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	6,432	6,630	6,665	6,160	6,621
Operating Margin	13.94%	20.73%	18.81%	25%	13.46%	16.4%	11.55%	11.43%	11.75%	12.17%	12.66%	13.45%	14.1%	13.18%	13.56%
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	5,598	5,571	5,741	5,870	5,911
Net income ¹	2,326	-20,384	9,257	-2,163	10,803	8,218	1,792	4,858	371	2,263	3,314	3,234	3,395	3,448	3,443
Net margin	4.6%	-41.38%	13.64%	-3.93%	15.6%	14.63%	3.69%	9.12%	0.71%	4.63%	6.52%	6.56%	7.18%	7.38%	7.05%
EPS ²	0.1166	-1.045	0.4718	-0.1145	0.5836	0.4506	0.1001	0.2759	0.0215	0.1325	0.1990	0.1893	0.2050	0.2225	0.2217
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	2/8/22	5/3/22	8/2/22	11/1/22	2/7/23	5/2/23	8/1/23	10/31/23	2/6/24	5/7/24	-	-	-	-	-

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	27,324	25,836	25,637
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.503 x	4.22 x	1.045 x	0.3549 x	0.4867 x	0.6531 x	0.6105 x	0.6086 x
Free Cash Flow ¹	10,352	-144	12,725	24,602	17,754	13,765	14,475	14,617
ROE (net income / shareholders' equity)	10.1%	-6.71%	10.3%	38.7%	20.1%	17.7%	18.1%	19.1%
ROA (Net income/ Total Assets)	3.46%	-2.02%	2.73%	9.61%	4.87%	4.68%	4.96%	5.34%
Assets ¹	116,341	1,004,253	277,513	-25,874	313,044	287,894	266,383	249,073
Book Value Per Share ²	4.860	3.520	3.720	3.560	4.180	4.400	4.720	5.180
Cash Flow per Share ²	1.260	0.6000	1.170	2.160	1.810	1.760	1.910	1.970
Capex ¹	15,418	12,306	10,887	16,330	14,285	15,877	16,066	16,390
Capex / Sales	5.54%	6.82%	6.9%	6.76%	6.8%	7.96%	8.24%	8.5%
Announcement Date	2/4/20	2/2/21	2/8/22	2/7/23	2/6/24	-	-	-

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

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.2 USD

Average target price

7.67 USD

Spread / Average Target

+23.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
BP PLC	+5.37%	102B
RELIANCE INDUSTRIES LTD	+11.07%	231B
CHINA PETROLEUM & CHEMICAL CORPORATION	+27.38%	101B
PHILLIPS 66	+9.52%	61.83B
MARATHON PETROLEUM CORPORATION	+17.79%	61.58B
VALERO ENERGY CORPORATION	+21.92%	51.83B
IMPERIAL OIL LIMITED	+24.95%	37.12B
INDIAN OIL CORPORATION LIMITED	+26.45%	26.86B
FORMOSA PETROCHEMICAL CORPORATION	-12.76%	20.85B
REPSOL S.A.	+9.63%	19.42B

Other Oil & Gas Refining and Marketing