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Statoil

  STL NO

Integrated Oils, Explor. & Productn., R...
 /  Norway 
High activity, but poor natural gas market
Updates
03/09/2010Latest
Statoil announced (as anticipated, and...
24/08/2010Target Change
Change in Target PriceNOK 158 vs 165-4.31 %

Model adjustments following Q2 10 earnings report led to a slight decrease in our target price due to lower production expected in the long term (DCF). We slightly increase our EPS for 2010 on better than expected Q2 10 results.

High activity, but poor natural gas mar...
30/07/2010Earnings/sales releases
Q2 Results: Operating profit below ex...
09/06/2010Latest
The Norwegian Energy minister annou...
19/05/2010Other news/comments
Following the Q1 results and new oil p...
07/05/2010Earnings/sales releases
Q1 10: Results in line, strong Natural...
15/02/2010Earnings/sales releases
Q4 results: Q4 net income below cons...
10/11/2009Earnings/sales releases
Q3 results – Positive surprise on volum...
04/08/2009Latest
Q2 results - EBIT decreased more tha...
17/06/2009Latest
StatoilHydro hosted a tour for investor...
Summary Key Data
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 10.6 17.0
Dividend yield (%) 4.80 4.68
EV/EBITDA (x) 2.45 3.01
AlphaValue EPS (NOK) 14.2 7.56
Dividend (NOK) 7.25 6.00
Sales (NOKM) 651,977 462,292
EBITDA (NOKM) 246,926 184,756
Attributable net profit (NOK... 43,265 17,713
ROE (after tax) (%) 22.1 8.59
ROCE (%) 35.2 22.0
Gearing (%) 20.8 34.3
Next Div. Indic NOK 6.50 payment
Target
Price (NOK) 123
Market Cap (NOKM) 390,981
Perf. 1W: 3.02 %
Perf. 1M: -3.76 %
Perf. 3M: -7.52 %
Perf Ytd: -15.1 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
VALUE
RISK
GOVERNANCE
RANKING
Best
Worst
Businesses & Trends
The merger in2007 between Statoil & NorskHydro oil&energy activities resulted in the formation of StatoilHydro, with the Norwegian... Read More
Money Making
Apart from one other company, StatoilHydro is more dependent on oil prices than its peers; E&P Norway generates the major part o... Read More
Valuation
Statoil is a robust company: strong BS, CF breakeven with oil prices above $60/b, and exposure to a stable country. International o... Read More
Analyst: Alexandre Andlauer
Concepts
Business concepts
  • Government power plays
  • Asset based
  • Regulation & tax drivers
Investment Concepts
  • Free cash flow story
  • Execution risk
  • One share, no vote
Story Trigger
  • Expected regulatory ch...
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