CNOOC Limited

0883.HK · Energy · Oil & Gas E&P · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

316.81B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

302.19B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

297.83B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

305.61B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

142.71B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

2.14×

the ratio the screener ranks by

Margin of Safety

+53.3%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 316.81B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)278.76B USD
+②Net Cash Today38.04B USD
+③Growth Value0 USD
=Value316.81B USD

EPV of the Operations (NOPAT over WACC)

278.76B USD

Net cash today

+38.04B USD

Growth Value

0 USD

Value

316.81B USD

①EPV (earnings power value)

278.76B USD

②Net Cash Today

38.04B USD

③Growth Value

0 USD

Market value

Market Cap142.71B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+55.0%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 302.19B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE174.10B USD
+②Equity at Year 15, Today128.09B USD
=Value302.19B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

174.10B USD

②Equity at Year 15, Today

128.09B USD

Market value

Market Cap142.71B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+52.8%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 297.83B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF172.37B USD
+②Invested Capital at Year 15, Today87.42B USD
+③Net Cash Today38.04B USD
=Value297.83B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

172.37B USD

②Invested Capital at Year 15, Today

87.42B USD

③Net Cash Today

38.04B USD

Market value

Market Cap142.71B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+52.1%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 6.46%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.32×Market Risk Premium 6.00%= 6.44%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 6.79B USDPretax Income 24.27B USD= 28.00%

The tax the interest saves.

Interest Expense =EBIT 25,203.06M USD−Pretax Income 24,271.90M USD= 931.16M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 931.16M USDTotal Debt 10.03B USD×(1 − Tax Rate for WACC 28.00%)= 6.68%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 10.03B USDMarket Cap + Total Debt 142.71B USD + 10.03B USD= 6.57%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 93.43%×Cost of Equity 6.44%+Debt Weight 6.57%×Cost of Debt 6.68%= 6.46%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 177.18B USD − Total Liabilities 50.68B USD = Book Value Today 126.50B USD

Total Debt 10.03B USD − Cash and Short-Term Investments 48.07B USD = Net Debt Today -38.04B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-0.1%at most 5%passes47,529,953,984 / 47,566,763,984
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets7.0%at least -10.0%passes(29.91B USD − 17.47B USD) ÷ 177.18B USD
Price to bookMarket Cap ÷ Book Value Today1.13×at most 3×passes142.71B USD ÷ 126.50B USD
Operating marginOperating Income ÷ Revenue43.5%above 10.0%passes24.81B USD ÷ 56.98B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-1.2%above 10.0%does not pass56.98B USD / 57.68B USD
Net cash(Cash − Total Debt) ÷ Market Cap9.7%above -30%passes(23.83B USD − 10.03B USD) ÷ 142.71B USD
Operating efficiencyOperating Income ÷ Gross Profit64.5%above 25.0%passes24.81B USD ÷ 38.45B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

23.54 HKD

Enterprise value

863.09B HKD

the provider's own figure

EV / EBITDA

3.23×

Price / book

1.12×

the provider's book

Price / earnings

7.02×

Return on equity

16.8%

the provider's figure, not this page's

Profit margin

31.9%

Revenue growth

25.6%

Analyst target, mean

31.68 HKD

Analysts

15

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

62.14B59.37B57.68B56.98B

Gross profit

39.93B37.21B39.44B38.45B

Operating income

27.89B24.13B26.44B24.81B

EBITDA

operating income before depreciation and amortisation

37.93B35.02B37.29B36.81B

Pretax income

28.00B24.36B26.06B24.27B

Net income

20.37B17.44B18.92B17.47B

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

20.23B17.80B19.72B17.86B

R&D

————
Balance sheet, year end

Total assets

133.56B141.64B144.88B157.18B

Total liabilities

47.53B47.57B42.09B41.98B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

85.85B93.89B102.53B114.86B

Total debt

19.32B16.93B12.60B9.99B

Cash and equivalents

12.31B18.79B11.15B11.26B

Net PP&E

fixed assets after depreciation

78.11B85.23B88.51B97.05B

Working capital

current assets less current liabilities

21.75B17.79B19.99B29.21B
Cash flow

Operating cash flow

29.55B29.54B30.30B29.91B

Capital expenditure

paid out, so below zero

-13.62B-17.02B-16.92B-15.96B

Depreciation and amortisation

9.07B9.90B10.40B11.61B

Free cash flow

operating cash flow plus capital expenditure

15.93B12.52B13.38B13.95B