As we forecast a substantially tighter oil market in 2019 with oil price of USD 80/bl, we have raised our target price from NOK 180 to NOK 190 and reiterate our Buy recommendation.
Our new target reflects a PER of 12x on a blend of 2018 and 2019 earnings, a FCF yield of 3%-4% in 2018 and 6%-7% in 2019 (with 20% higher capex), and a dividend yield of around 4%.
We reiterate our positive view as:
● We think FCF will turn positive in 2017 for the first time in five years, despite a muted oil price.
● We are 6%-15% above consensus on EPS for 2017E and 2018E.
● We believe that the implied oil price in Statoil is around USD 55/bl vs. USD 70-75/bl as many contend.
● We expect the CMD to be well-received.
● Gearing peaked in Q2 2016 and we believe it will drop below the 30%-level in Q4.
● Counter-cyclical actions have been taken – we expect more.
FCF/boe (USD/boe adjusted for divest./acquisit.) and Brent oil price (USD/bl)
Source: SEB
Cash flow breakeven oil price after dividend* given capex and gas price (USD/bl) CAPEX (USDbn)
10.0 10.5 11.0 11.5 12.0 12.5
GAS PRICE (USD/mcf)
3.0 58 60 63 65 67 69
3.5 57 59 61 63 66 68
4.0 55 57 60 62 64 66
4.5 54 56 58 60 62 65
5.0 52 54 56 59 61 63
5.5 50 53 55 57 59 61
6.0 49 51 53 55 58 60
Source: SEB, * assumes full cash dividend 4.4
8.1
-0.9 -0.4
5.6 4.3
-9.3 -5.4
-7.1 -0.7
3.0 3.5
20 40 60 80 100 120
-15.0 -12.0 -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E
Brent oil price (USD/bl)
FCF/boe (USD/boe, adj. for divest./acquisit.)
SEB Equity Research 06 February 2017 75 Capex (USDbn)
Source: SEB, Statoil
Exploration spending (USDbn)
Source: SEB, Statoil
13.5 13.0
16.0
18.6 19.4 19.6
14.7
11.0 11.5 12.2
4 6 8 10 12 14 16 18 20 22
2009 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E
Capex (USDbn)
2.7 2.3
3.0 3.5
3.8 3.5
3.0
1.5 1.5 1.7
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0
2009 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E
Exploration (USDbn)
SEB Equity Research 06 February 2017 76 Estimates (USDm)
P&L (USDm) Q1/16 Q2/16 Q3/16 Q4/16E 2014 2015 2016E 2017E 2018E
D&P Norway 1,301 1,163 999 1,931 16,850 8,636 5,394 8,925 10,658
D&P International -800 -506 -596 -57 2,338 -1,480 -1,959 843 2,220
Marketing, Midstream & Processing 431 329 301 330 2,811 2,729 1,391 1,680 1,960
Other -76 -74 -68 -60 -177 -252 -278 -120 -120
Adjusted EBIT 856 912 636 2,144 21,822 9,633 4,548 11,328 14,719
Adjusted tax -735 -942 -897 -1,536 -15,482 -7,172 -4,110 -7,222 -9,342
Adjusted net profit 121 -30 -261 608 6,340 2,461 438 4,106 5,377
EPS (reported) 0.19 -0.10 -0.14 0.18 1.2 -1.6 0.1 1.1 1.5
EPS (adjusted) 0.04 -0.01 -0.08 0.18 2.0 0.8 0.1 1.1 1.5
Dividend 1.73 0.89 0.69 0.87 0.87
Assumptions (k boe/d)
Oil production Norway 602 581 526 598 588 595 577 577 563
Natural gas production Norway 719 630 492 698 595 637 635 591 655
Total production Norway 1,320 1,211 1,019 1,296 1,184 1,232 1,212 1,168 1,218
Equity production oil Int 552 558 582 574 538 569 566 580 589
Equity production gas Int 182 190 190 181 205 170 186 186 184
Total equity production Int 734 748 772 755 743 739 752 766 773
Total Equity production Norway and Int 2,054 1,959 1,790 2,051 1,927 1,971 1,964 1,935 1,991
Entitlement production oil Int 434 444 445 459 383 436 445 467 469
Entitlement production gas Int 155 159 173 154 163 144 160 154 144
Total Entitlement prod. Norway and Int. 1,909 1,814 1,636 1,909 1,729 1,813 1,817 1,790 1,831
PSA effect -100 -103 -111 -102 -158 -116 -104 -105 -120
US Royalties -45 -42 -43 -40 -41 -42 -43 -40 -40
Realised oil price (USD/bl) 28.6 39.4 40.0 43.8 89.2 46.0 38.0 48.7 53.7
Realised Natural gas price (USD/mmbtu) 4.76 4.28 4.13 4.93 7.64 6.07 4.53 4.65 4.81
USD/NOK 8.62 8.24 8.32 8.39 6.30 8.07 8.39 8.40 8.20
Brent Blend (USD/bl) 34.5 45.8 45.8 50.1 99.0 52.4 44.1 55.0 60.0
Exploration expense 351 509 581 278 2,662 1,770 1,719 1,000 1,080
Capex & exploration expense 3,172 3,405 3,237 3,045 22,159 17,287 12,859 12,500 13,280
Source: SEB
SEB Equity Research 06 February 2017 77
Overview
Investment case ● Even before the oil price drop, Statoil introduced an ambitious cost and capex cutting programme at its CMD in February 2014. This has been reinforced since the oil price drop. Statoil has reduced capex commitments, initiated cost cutting and efficiency programmes and set clear goals for cash flow and returns and it is clearly heading in the right direction in terms of cost and cash flow neutrality.
Company profile ● Statoil is an integrated oil and gas company with operations in some 40 countries.
Production of oil and natural gas on the Norwegian Continental Shelf (NCS) is the backbone of its business. Statoil is the leading producer of crude oil and gas on the NCS. It is also the largest supplier of natural gas from the NCS to the Western European gas market. For the last two decades, Statoil has increased its activities in other countries and built up considerable petroleum reserves. Almost 40% of Statoil's oil and gas production is generated outside the NCS and some 50% of capex is invested outside the NCS. Compared with other large integrated oil companies, its downstream exposure is a very limited part of its business.
Valuation approach ● Statoil is mostly earnings driven and we use a combination of PER and dividend yield for valuing the shares.
Target price risks ● As seen in recent months, Statoil is highly sensitive to the oil price and a large drop hits the valuation. Other factors include operational risk, project execution, fluctuations in gas prices and the USD/NOK exchange rate.
SEB Equity Research 06 February 2017 78
PER - 12 month forward P/BV - 12 month forward
Source: SEB Source: SEB
EV/Sales - 12 month forward EV/EBITA - 12 month forward
Source: SEB Source: SEB
Net sales & EBITDA margin EBIT & Operating margin
Source: SEB Source: SEB
Comparison with sector index - 1 year Comparison with ENI SpA - 1 year
Source: SIX Source: SIX
0.0 10.0 20.0 30.0 40.0
0 50,000 100,000 150,000 200,000 250,000
2006 2008 2010 2012 2014 2016E 2018E
(%)
(USDm)
Net sales EBITDA margin
0 50 100 150 200 250 300 350
2006 2009 2012 2015 2018
(%)
P/BV - 12 month forward
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
2006 2008 2010 2012 2014 2016E 2018E
(%)
(USDm)
EBIT Operating margin 0
10 20 30 40 50 60
2006 2009 2012 2015 2018
(x)
PER - 12 month forward
0 2 4 6 8 10 12 14 16
2006 2009 2012 2015 2018
(x)
EV/EBITA - 12 month forward 0.0
0.5 1.0 1.5 2.0
2006 2009 2012 2015 2018
(x)
EV/Sales - 12 month forward
100 110 120 130 140 150 160 170
Feb 16 May 16 Aug 16 Oct 16 Jan 17
Statoil Rel European Oil
100 110 120 130 140 150 160 170
Feb 16 May 16 Aug 16 Oct 16 Jan 17
Statoil Rel ENI SpA
SEB Equity Research 06 February 2017 79 Profit & loss statement - Statoil
(USDm) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E
Net Sales 81,435 89,776 118,433 74,638 87,742 119,543 124,254 108,669 99,264 59,642 46,142 53,725 56,191
Other revenues 0 0 0 0 0 0 0 0 0 0 0 0 0
Total revenues 81,435 89,776 118,433 74,638 87,742 119,543 124,254 108,669 99,264 59,642 46,142 53,725 56,191
Total expenses (49,368) (59,579) (74,536) (46,523) (56,522) (72,266) (78,363) (69,920) (65,461) (41,560) (32,134) (32,668) (31,988) Profit before depreciation 32,067 30,197 43,897 28,115 31,221 47,277 45,892 38,748 33,803 18,082 14,008 21,057 24,202 Depreciation - Fixed assets (6,153) (6,772) (7,576) (8,672) (8,397) (9,520) (10,405) (12,304) (15,925) (16,715) (9,886) (9,729) (9,484)
Depreciation - Other assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Amortisation - Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0
Amortisation - Other intangibles 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating profit 25,914 23,425 36,320 19,442 22,824 37,757 35,486 26,444 17,878 1,366 4,122 11,328 14,719
Net interest expenses 96 (63) 2,211 (1,379) 200 330 (110) (1,467) 351 (1,056) 629 (344) (321)
Foreign exchange items 695 1,690 (5,161) 375 (314) 60 137 (1,491) (325) (228) (130) 0 0
Other financial items 0 0 0 0 0 0 0 0 0 0 0 0 0
Value changes - Fixed assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Value changes - Financial assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Value changes - Other assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Reported pre-tax profit 26,705 25,052 33,370 18,438 22,709 38,147 35,514 23,487 17,904 82 4,621 10,984 14,397
Minority interests 0 0 0 0 0 0 0 0 0 0 0 0 0
Total taxes (18,620) (17,468) (24,905) (15,524) (16,453) (24,155) (23,606) (16,881) (14,011) (5,225) (4,171) (7,222) (9,342)
Reported profit after tax 8,085 7,584 8,465 2,915 6,256 13,992 11,908 6,606 3,893 (5,142) 451 3,762 5,056
Discontinued operations 0 0 0 0 0 0 0 0 0 0 0 0 0
Extraordinary items 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit 8,085 7,584 8,465 2,915 6,256 13,992 11,908 6,606 3,893 (5,142) 451 3,762 5,056
Adjustments:
Discontinued operations 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest on convertible debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority interests (IFRS) (114) (183) 2 104 68 63 (98) 100 (16) (22) (10) 0 0
Value changes 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill/intangibles amortisations 0 0 0 0 0 0 0 0 0 0 0 0 0
Restructuring charges 0 0 0 0 0 0 0 0 0 0 0 0 0
Other adjustments 0 1,985 2,068 3,141 599 (5,038) (2,321) 1,130 2,463 7,626 (43) 0 0
Tax effect of adjustments 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted profit after tax 7,971 9,385 10,535 6,159 6,924 9,017 9,489 7,837 6,340 2,461 398 3,762 5,056
Margins, tax & returns
Operating margin 31.8 26.1 30.7 26.0 26.0 31.6 28.6 24.3 18.0 2.3 8.9 21.1 26.2
Pre-tax margin 32.8 27.9 28.2 24.7 25.9 31.9 28.6 21.6 18.0 0.1 10.0 20.4 25.6
Tax rate 69.7 69.7 74.6 84.2 72.4 63.3 66.5 71.9 78.3 6355.2 90.2 65.7 64.9
ROE 9.5 4.3 8.1 9.3 17.6 33.3 22.7 11.6 7.1 (11.3) 1.1 9.1 11.5
ROCE 22.5 10.4 29.2 56.4 67.9 116.4 96.2 69.3 19.6 2.9 31.5 16.6 20.3
Growth rates y-o-y (%)
Total revenues n.a. 10.2 31.9 (37.0) 17.6 36.2 3.9 (12.5) (8.7) (39.9) (22.6) 16.4 4.6
Operating profit n.m. (9.6) 55.1 (46.5) 17.4 65.4 (6.0) (25.5) (32.4) (92.4) 201.7 174.8 29.9
Pre-tax profit n.m. (6.2) 33.2 (44.7) 23.2 68.0 (6.9) (33.9) (23.8) (99.5) 5,521.5 137.7 31.1
EPS (adjusted) 0.0 19.0 12.6 (41.5) 12.5 30.2 5.3 (17.4) (19.1) (61.2) (83.9) 815.6 31.2
Cash flow
(USDm) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E
Net profit 8,085 7,584 8,465 2,915 6,256 13,992 11,908 6,606 3,893 (5,142) 451 3,762 5,056
Non-cash adjustments 15,096 (23,873) (19,978) 8,506 14,272 1,856 4,211 16,183 15,950 22,699 9,272 9,729 9,484
Cash flow before work cap 23,181 (16,289) (11,513) 11,421 20,529 15,848 16,119 22,789 19,842 17,557 9,722 13,491 14,539
Ch. in working capital / Other (9,365) 32,036 30,177 222 (7,170) 4,060 5,920 (5,473) (1,973) (3,929) 580 0 0
Operating cash flow 13,816 15,747 18,665 11,643 13,359 19,908 22,039 17,316 17,870 13,628 10,302 13,491 14,539 Capital expenditures (9,337) (12,853) (13,179) (11,987) (12,970) (16,432) (18,874) (23,304) (21,416) (18,330) (10,820) (11,500) (12,200)
Asset disposals 421 81 688 (32) 334 5,297 4,775 4,498 3,641 4,227 542 0 0
L/T financial investments 0 0 0 0 0 0 0 0 0 0 0 0 0
Acquisitions / adjustments 0 0 (1,935) 0 0 (4,462) 0 0 0 (398) 1,356 0 0
Free cash flow 4,899 2,974 4,238 (376) 722 4,310 7,939 (1,490) 95 (873) 1,380 1,991 2,339
Net loan proceeds (561) (331) 1,552 5,184 2,271 67 217 9,252 1,473 2,808 920 3,300 0
Dividend paid (2,769) (4,275) (5,329) (3,552) (3,063) (3,657) (3,506) (3,688) (5,499) (2,836) (2,834) (2,227) (2,903)
Share issue 0 0 0 0 0 0 0 0 0 0 324 1,717 436
Other (10,018) 18,660 111 (469) 5,567 5,118 1,265 (6,810) (1,331) (1,572) 826 (634) (42)
Net change in cash (8,449) 17,029 572 787 5,497 5,839 5,917 (2,737) (5,263) (2,472) 615 4,147 (169)
Adjustments
C/flow bef chng in work cap 23,181 (16,289) (11,513) 11,421 20,529 15,848 16,119 22,789 19,842 17,557 9,722 13,491 14,539
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0 0
Int on conv debt net of tax 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash earnings 23,181 (16,289) (11,513) 11,421 20,529 15,848 16,119 22,789 19,842 17,557 9,722 13,491 14,539
Per share information
Cash earnings 7.17 (5.1) (3.61) 3.59 6.45 4.98 5.07 7.16 6.24 5.52 3.04 4.09 4.3
Operating cash flow 4.28 4.93 5.86 3.66 4.2 6.25 6.93 5.44 5.62 4.29 3.22 4.09 4.3
Free cash flow 1.52 0.93 1.33 (0.12) 0.23 1.35 2.5 (0.47) 0.03 (0.27) 0.43 0.6 0.69
Investment cover
Capex/sales (%) 11.5 14.3 11.1 16.1 14.8 13.7 15.2 21.4 21.6 30.7 23.4 21.4 21.7
Capex/depreciation (%) 152 190 174 138 154 173 181 189 134 110 109 118 129
Source for all data on this page: SEB
SEB Equity Research 06 February 2017 80 Balance sheet - Statoil
(USDm) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E
Cash and liquid assets 7,518 18,264 2,680 4,267 5,211 6,794 11,710 14,050 11,182 8,623 9,238 13,385 13,215
Debtors 81,046 69,378 10,057 10,197 13,263 17,378 13,314 13,473 11,212 6,671 6,010 6,010 6,010
Inventories 15,257 17,696 2,179 3,486 4,058 4,648 4,545 4,875 3,193 2,502 2,966 2,966 2,966
Other 22,355 24,452 5,909 2,139 10,731 4,333 3,330 6,934 8,685 10,359 9,562 9,562 9,562
Current assets 126,176 129,790 20,825 20,089 33,263 33,152 32,899 39,333 34,272 28,154 27,776 31,923 31,753
Interest bearing fixed assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Other financial assets 14,012 15,266 2,368 2,290 2,638 5,477 5,963 3,640 4,023 2,697 3,723 3,723 3,723
Capitalized development cost 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0
Other intangibles 31,205 44,850 9,496 9,364 6,818 15,510 15,748 15,071 11,458 9,452 8,406 8,406 8,406
Fixed tangible assets 286,981 292,703 50,149 62,362 64,197 71,921 83,662 85,122 80,316 67,104 72,588 74,359 77,075
Other fixed assets 450 609 343 3,045 3,532 2,575 2,691 2,701 2,634 2,336 2,488 2,488 2,488
Fixed assets 332,648 353,428 62,356 77,062 77,185 95,483 108,063 106,534 98,430 81,588 87,205 88,976 91,692
Total assets 458,824 483,218 83,181 97,150 110,448 128,635 140,962 145,867 132,702 109,742 114,981 120,898 123,446
Creditors 55,595 64,624 8,801 10,322 12,634 15,726 14,698 15,746 13,545 9,333 9,457 9,457 9,457
Other trade financing 0 0 0 0 0 0 0 0 0 0 0 0 0
S/T interest bearing debt 5,557 6,166 2,976 1,407 2,015 3,322 3,311 2,817 3,561 2,326 4,659 4,659 4,659
Other 53,698 58,573 11,192 7,570 10,319 9,592 11,371 8,944 6,979 3,704 3,166 3,166 3,166
Current liabilities 114,850 129,363 22,969 19,298 24,968 28,640 29,380 27,506 24,085 15,363 17,282 17,282 17,282 L/T interest bearing debt 49,215 44,373 7,853 16,564 17,142 18,679 18,142 27,259 27,593 29,965 29,703 33,003 33,003
Other long-term liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0
Convertible debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Pension provisions 11,028 19,092 3,673 3,649 3,798 4,516 3,708 3,657 3,752 2,979 3,405 3,405 3,405
Other provisions 42,173 43,845 7,817 9,637 11,665 14,611 17,166 16,751 15,766 12,422 15,289 15,289 15,289
Deferred tax 72,150 67,478 9,800 13,460 13,988 14,464 15,082 12,057 10,224 8,706 9,027 9,027 9,027
Long term liabilities 174,566 174,788 29,142 43,310 46,593 52,271 54,098 59,724 57,334 54,073 57,425 60,725 60,725
Minority interests 1,574 1,792 284 311 1,177 1,044 121 82 57 36 36 36 36
Shareholders' equity 167,834 177,275 30,786 34,231 37,710 46,680 57,363 58,554 51,225 40,271 40,238 42,856 45,403 Total liabilities and equity 458,824 483,218 83,181 97,150 110,448 128,635 140,962 145,867 132,702 109,743 114,981 120,899 123,446
Net debt (m) 58,282 25,517 6,344 (7,886) (6,219) (27,139) (22,120) (41,718) 95,000 (86,053) 15,911 15,064 15,233
Working capital (m) 9,365 (11,671) (1,848) (2,070) 5,099 1,039 (4,880) 593 2,566 6,495 5,915 5,915 5,915
Capital employed (m) 235,208 222,848 40,095 30,924 37,880 27,379 47,074 30,968 157,465 (37,123) 65,422 71,340 73,887
Net debt/equity (%) 34 14 20 (23) (16) (57) (38) (71) 185 (213) 40 35 34
Net debt/EBITDA (x) 1.8 0.8 0.1 (0.3) (0.2) (0.6) (0.5) (1.1) 2.8 (4.8) 1.1 0.7 0.6
Equity/total assets (%) 37 37 37 36 35 37 41 40 39 37 35 35 37
Interest cover 55.5 52.1 (192.7) 10.2 72.4 (371.9) 83.8 13.1 65.2 1.2 (14.8) 32.9 45.8
Valuation
(USD) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E
No of shares, fully dil. (y/e) 3,208.8 3,188.6 3,188.6 3,184.2 3,182.7 3,182.7 3,180.4 3,179.3 3,178.9 3,178.1 3,223.0 3,350.3 3,382.7 No of shares, fully dil. avg. 3,230.8 3,195.9 3,186.0 3,184.2 3,182.7 3,182.7 3,180.4 3,180.7 3,180.0 3,179.5 3,195.7 3,302.0 3,382.7
Share price, y/e 165.3 169.0 113.9 144.8 138.6 153.5 139.0 147.0 131.2 123.7 154.6 154.6 154.6
Share price, high 212.0 196.0 216.1 148.4 150.5 161.7 162.8 210.0 195.9 161.7 159.8
Share price, low 143.8 150.0 94.2 108.9 116.8 108.1 133.2 122.9 118.2 113.9 97.9
Share price, avg 174.2 169.7 153.6 129.5 131.8 139.6 147.0 136.7 166.3 137.6 133.5
EPS (reported) 2.47 2.32 2.66 0.95 1.99 4.42 3.71 2.11 1.22 (1.62) 0.14 1.14 1.49
EPS (adjusted) 2.47 2.94 3.31 1.93 2.18 2.83 2.98 2.46 1.99 0.77 0.12 1.14 1.49
Cash earnings/share 7.17 (5.10) (3.61) 3.59 6.45 4.98 5.07 7.16 6.24 5.52 3.04 4.09 4.30
Dividend/share 1.42 1.45 1.29 0.95 1.03 1.16 1.16 1.19 1.14 0.89 0.88 0.88 0.88
Enterprise value/share 45 39 18.3 23 22 17.1 18.0 10.9 48 -13.0 24 23 23
Book value/share 52 56 9.7 10.8 11.8 14.7 18.0 18.4 16.1 12.7 12.5 12.8 13.4
Adjusted equity/share 52 56 9.7 10.8 11.8 14.7 18.0 18.4 16.1 12.7 12.5 12.8 13.4
PER (adjusted) 10.7 10.6 4.9 13.0 10.9 9.0 8.4 9.8 8.9 18.2 150.7 16.5 12.5
CEM 3.7 (6.1) (4.5) 7.0 3.7 5.1 4.9 3.4 2.8 2.5 6.2 4.6 4.4
Dividend yield 5.4 4.6 7.9 3.8 4.4 4.5 4.6 5.0 6.5 6.4 4.7 4.7 4.7
EV/EBITDA 4.5 4.1 1.3 2.6 2.2 1.2 1.2 0.9 4.5 (2.3) 5.4 3.7 3.2
EV/EBITA 5.5 5.3 1.6 3.7 3.0 1.4 1.6 1.3 8.5 (30.3) 18.5 6.9 5.3
EV/EBIT 5.5 5.3 1.6 3.7 3.0 1.4 1.6 1.3 8.5 (30.3) 18.5 6.9 5.3
EV/DACF (x) 9.35 8.28 3.58 6.21 4.75 2.35 2.63 1.89 7.49 7.93 7.53 5.64 5.29
Price/Book value 0.51 0.56 1.69 2.33 2.00 1.75 1.38 1.31 1.09 1.11 1.50 1.47 1.40
Price/adjusted equity 0.51 0.56 1.69 2.33 2.00 1.75 1.38 1.31 1.09 1.11 1.50 1.47 1.40
Free cash flow/Market cap (%) 5.2 2.9 10.6 (0.4) 0.5 4.3 4.0 (7.8) (6.3) (10.5) (0.9) 3.2 3.7
Operating cash flow/EV (%) 1.8 2.1 4.4 2.5 3.2 7.1 6.8 8.4 2.4 2.9 3.0 4.5 4.9
EV/Capital employed (x) 0.6 0.6 1.5 2.3 1.8 2.0 1.2 1.1 1.0 1.1 1.2 1.1 1.1
Main shareholders Management Company information
Name (%) Votes Capital Title Name Contact
Olje og Energidepartementet 67.0 67.0 COB Øystein Løseth Internet www.statoil.com
Folketrydgfondet 3.2 3.2 CEO Eldar Sætre Phone number (47) 5199 0000
CFO Hans Jakob Hegge
IR Peter Hutton
Source for all data on this page: SEB
SEB Equity Research 06 February 2017 81