Cnooc (CEO) – Analysis 2015-09-26

Cnooc LTD (CEO) has been compounding its book at an unbelievable rate of 17,3% on average per year during the last 10 years. Include last years dividend and you get 24,54% as a total annual return.

What is the value of the business?

Asset value:
With an annual book value growth at 17%, an annual investor requirement at 10%, and a current price to tangible book at 0,79, the remaining upside is 211% motivating a share price of 316 USD/share.

Earnings power value:
5yEPV upside of 81%.
10yEPV upside of 53%.

Disclosure: The author had a long position when this post/analysis was written.

CEO-2015-09-26CEO 2015-09-26

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