Financials Pakistan State Oil Company Limited

Equities

PSO

PK0022501016

Oil & Gas Refining and Marketing

End-of-day quote Pakistan S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
179.6 PKR -0.44% Intraday chart for Pakistan State Oil Company Limited -1.97% +1.64%

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 66,364 74,252 105,279 80,674 52,116 84,317 - -
Enterprise Value (EV) 1 66,364 74,252 105,279 80,674 52,116 419,726 352,478 342,996
P/E ratio 6.27 x -11.5 x 3.61 x 0.94 x 9.2 x 3.48 x 2.77 x 2.21 x
Yield - - 6.69% 5.82% 6.76% 7.07% 9.99% 13%
Capitalization / Revenue 0.06 x 0.07 x 0.09 x 0.03 x 0.02 x 0.02 x 0.02 x 0.02 x
EV / Revenue 0.06 x 0.07 x 0.09 x 0.03 x 0.02 x 0.11 x 0.09 x 0.09 x
EV / EBITDA - - 1.88 x - 0.77 x 4.82 x 3.74 x 3.29 x
EV / FCF - - - - - 4 x 3.59 x 11.2 x
FCF Yield - - - - - 25% 27.9% 8.93%
Price to Book - - 0.75 x 0.37 x 0.24 x 0.36 x 0.32 x 0.28 x
Nbr of stocks (in thousands) 469,473 469,473 469,473 469,473 469,473 469,473 - -
Reference price 2 141.4 158.2 224.2 171.8 111.0 179.6 179.6 179.6
Announcement Date 9/25/19 9/1/20 8/24/21 8/26/22 8/23/23 - - -
1PKR in Million2PKR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,154,298 1,108,358 1,204,247 2,451,581 3,391,112 3,667,428 3,878,272 3,988,834
EBITDA 1 - - 56,053 - 67,601 87,125 94,196 104,265
EBIT 1 - 7,749 39,719 144,183 54,369 102,356 90,922 100,366
Operating Margin - 0.7% 3.3% 5.88% 1.6% 2.79% 2.34% 2.52%
Earnings before Tax (EBT) 1 - - 44,056 147,855 24,366 35,726 52,851 81,733
Net income 1 10,587 - 29,139 86,223 5,662 23,784 34,869 44,110
Net margin 0.92% - 2.42% 3.52% 0.17% 0.65% 0.9% 1.11%
EPS 2 22.55 -13.77 62.07 183.7 12.06 51.66 64.94 81.10
Free Cash Flow 1 - - - - - 104,972 98,313 30,640
FCF margin - - - - - 2.86% 2.53% 0.77%
FCF Conversion (EBITDA) - - - - - 120.48% 104.37% 29.39%
FCF Conversion (Net income) - - - - - 441.36% 281.95% 69.46%
Dividend per Share 2 - - 15.00 10.00 7.500 12.70 17.93 23.38
Announcement Date 9/25/19 9/1/20 8/24/21 8/26/22 8/23/23 - - -
1PKR in Million2PKR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2021 S1 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3
Net sales 1 567,432 459,224 660,780 1,120,000 567,950 901,658 1,469,608 862,264 843,000 1,705,264 811,689 788,801 920,081 954,995 1,931,150 861,090
EBITDA - 17,377 31,538 - - - - - - - - - - - - -
EBIT 15,391 - 30,024 48,338 39,975 - - 2,639 - - - - - - - -
Operating Margin 2.71% - 4.54% 4.32% 7.04% - - 0.31% - - - - - - - -
Earnings before Tax (EBT) 14,249 17,802 29,386 47,188 46,242 54,425 100,667 4,008 -3,881 126.1 - - - - - -
Net income 1 9,522 11,994 20,206 32,200 32,580 21,453 54,034 1,198 -4,559 -3,381 13,646 -4,623 21,888 -14,138 7,750 1,960
Net margin 1.68% 2.61% 3.06% 2.88% 5.74% 2.38% 3.68% 0.14% -0.54% -0.2% 1.68% -0.59% 2.38% -1.48% 0.4% 0.23%
EPS 2 20.28 25.55 43.01 68.56 69.40 45.70 115.1 2.550 -9.710 -7.160 29.07 -9.850 46.62 -30.12 16.51 4.170
Dividend per Share 5.000 - - - - 10.00 10.00 - - - - 7.500 - - - -
Announcement Date 2/18/21 10/28/21 2/11/22 2/11/22 4/28/22 8/26/22 8/26/22 10/29/22 2/17/23 2/17/23 4/28/23 8/23/23 11/1/23 2/15/24 2/15/24 -
1PKR in Million2PKR
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 335,409 268,161 258,679
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - 3.85 x 2.847 x 2.481 x
Free Cash Flow 1 - - - - - 104,972 98,313 30,640
ROE (net income / shareholders' equity) - -5.57% 23% 48.5% 2.62% 10.6% 11.8% 13.5%
ROA (Net income/ Total Assets) - - 8.07% - 0.6% 2% 2% 3%
Assets 1 - - 361,067 - 942,121 1,189,183 1,743,467 1,470,350
Book Value Per Share 2 - - 298.0 459.0 461.0 497.0 561.0 648.0
Cash Flow per Share - - - - - - - -
Capex 1 - - - - - 9,224 9,044 7,263
Capex / Sales - - - - - 0.25% 0.23% 0.18%
Announcement Date 9/25/19 9/1/20 8/24/21 8/26/22 8/23/23 - - -
1PKR in Million2PKR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

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