Industry

Utilities

Sector

Multi-Utilities

Country

Norway

Company description

Equinor is an international energy company with operations in 36 countries. It is headquartered in Stavanger, Norway with approximately 22,000 employees worldwide. The company was founded in 1927 but the current operations were formed by the 2007 merger of Statoil with the oil and gas division of Norsk Hydro. Today Equinor is the largest operator on the Norwegian continental shelf and a license holder in numerous oil and gas fields.

Market cap.

NOKm 580,248

Share price

NOK 175

Earnings per share (EPS)

USD 1

Dividend per share (DPS)

USD 1

Price / earnings

15.4x

Price / sales

1.2x

Price / book value

1.8x

Enterprise value / EBITDA

4.1x

CEO

Eldar Saetre

Chairman of the Board of Directors

Jon Erik Reinhardsen

CFO

Lars Bacher

Investor relations

Peter Hutton

Ticker symbol

EQNR

Stock exchange

Oslo Stock Exchange

ISIN code

NO0010096985

Phone

0047 5199 0000

Website

equinor.com

Address

Forusbeen 50, 4035 Stavanger

Income statements

USDm 2014201520162017
Sales 96,70857,90045,68860,971
Other income 2,5561,741185215
Total income 99,26459,64145,87361,186
Total expenses -65,461-42,085-34,244-36,798
EBITDA 33,80317,55611,62924,388
Depreciation tangible assets -11,791-10,650-10,235-9,688
Write-downs tangible assets -4,134-5,527-1,301-917
EBITA 17,8781,3799313,783
Amortisation intangible assets 0-13-13-12
Income from associated companies 0000
Earnings before interest and taxes (EBIT) 17,8781,3668013,771
Financial income 628396436487
Financial expenses -1,205-971-1,043-903
Income from associated companies 0000
Earnings before taxes (EBT) 17,89855-17813,420
Taxes -14,011-5,225-2,724-8,822
Profit from continuing operations 3,887-5,170-2,9024,598
Discontinued operations 0000
Minorities -16-22-20-8
Net profit or loss 3,871-5,192-2,9224,590

Cash flow statements

USDm 2014201520162017
EBITDA 33,80317,55611,62924,388
Net interest paid -210-80-268-340
Taxes paid -15,308-8,078-4,386-5,766
Investments in working capital 2,3351,292-1,620-542
Other operating cash items -4152,9383,679-3,377
Cash flow from operations (CFFO) 20,20513,6289,03414,363
Capital expenditures (capex) -21,289-18,352-11,207-10,084
Acquisitions 0-39800
Disposals 3,5144,249761406
Other investing cash items 0000
Cash flow from investing activities -17,775-14,501-10,446-9,678
Free cash flow to equity holders (FCFE) 2,430-873-1,4124,685
Dividends paid -5,499-2,836-1,876-1,491
Share buy-backs 0000
New share issues 0000
Increase/(decrease) in debt 1,471-2,165-1,405-4,331
Other financing cash flows 3,3151,160437
Cash flow from financing activities (CFFF) -4,028-1,686-2,121-5,385
Discontinued activities and other 000
Net cash flow / Change in cash position -2,559-3,533-700

Balance sheets

USDm 2014201520162017
Goodwill 930323328339
Other intangible assets 10,5289,1298,9158,282
Total intangible assets 11,4589,4529,2438,621
Fixed tangible assets 75,61962,00659,55663,637
Shares and associated companies 1,1278242,2452,551
Other financial assets 6,6575,0334,1634,444
Deferred tax assets 1,7322,0222,1952,441
Other non-current assets 1,8372,2511,7312,217
Total fixed assets 98,43081,58879,13383,911
Inventories 3,1932,5023,2273,398
Trade receivables 11,2126,6717,8399,425
Other current assets 8,68510,3589,2409,976
Cash and cash equivalents 11,1828,6235,0904,390
Total current assets 34,27228,15425,39627,189
Total assets 132,702109,742104,529111,100
Equity 51,22540,27135,07239,861
Non-controlling interests (minorities) 57362724
Shareholders equity 51,28240,30735,09939,885
Pension liabilities 3,7522,9793,3803,904
Deferred tax liabilities 9,6137,4216,4277,654
Long-term provisions 15,76612,42213,40615,557
Convertible debt 0000
Long-term debt 27,59329,96527,99924,183
Other long-term liabilities 6111,2851,420900
Total long-term liabilities 57,33554,07252,63252,198
Short-term debt 3,5612,3263,6744,091
Trade payables 13,5459,3339,6669,737
Other current liabilities 6,9793,7043,4585,189
Total current liabilities 24,08515,36316,79819,017
Total equity and liabilities 132,702109,742104,529111,100

Growth rates

[%] 2014201520162017
Sales growth 0.0%-40.0%-21.0%33.0%
EBITDA growth 0.0%-48.0%-34.0%110.0%
EBITA growth 0.0%-92.0%-93.0%14,720.0%
EBIT growth 0.0%-92.0%-94.0%17,114.0%
EBT growth 0.0%-100.0%-424.0%-7,639.0%
Earnings growth 0.0%-234.0%-44.0%-257.0%

Margins

[%] 2014201520162017
EBITDA-margin 35.0%30.0%25.0%40.0%
EBITA-margin 18.0%2.0%0.0%23.0%
EBIT-margin 18.0%2.0%0.0%23.0%
EBT-margin 19.0%0.0%0.0%22.0%
Earnings-margin 4.0%-9.0%-6.0%8.0%

Other key figures

USDm 2014201520162017
Tax rate 78.0%9,500.0%-1,530.0%66.0%
Net working capital balance (NWC) 2,5666,4947,1827,873
Net interest bearing debt (NIBD) 23,72426,64729,96327,788
Invested capital (including goodwill) 75,00666,95465,06267,673
Invested capital (excluding goodwill) 74,07666,63164,73467,334
Enterprise value (EV) 79,35371,01789,49198,674

Share data

2014201520162017
Shares outstanding, millions (excl. treasury) 3,1723,1753,2343,312
Market capitalisation (NOKm) 416,178392,743512,251580,248
Market capitalisation (USDm) 55,62944,37059,52870,886
Share price (NOK) 131.2123.7158.4175.2
Earnings per share (EPS), (USD) 1.2-1.6-0.91.4
Dividend per share (DPS), (USD) 1.00.90.90.9

Price multiples

2014201520162017
Price/Earnings (P/E) 14.4x-8.6x-20.4x15.4x
Price/Sales (P/S) 0.6x0.8x1.3x1.2x
Price/Book value (P/B) 1.1x1.1x1.7x1.8x

Enterprise value (EV) multiples

2014201520162017
Enterprise value/Sales (EV/Sales) 0.8x1.2x2.0x1.6x
Enterprise value/EBITDA (EV/EBITDA) 2.4x4.1x7.7x4.1x
Enterprise value/EBITA (EV/EBITA) 4.4x51.5x962.3x7.2x
Enterprise value/EBIT (EV/EBIT) 4.4x52.0x1,118.6x7.2x