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Inpex Corp 1605

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Stock XTKS Rating as of
¥‎1,938.00 −19.50 (1.00%)
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As of Delayed Price Closed

Company Report

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Initiating Coverage on No-Moat Inpex Corporation, Japan’s Largest Oil and Gas Company

Mark Taylor

We initiate coverage of Inpex Corporation with a fair value of JPY 2,300 per share. Japan’s largest oil and gas company has oil and gas projects across multiple continents, including the Ichthys liquefied natural gas project in Australia and oil fields in Abu Dhabi. We forecast group fiscal 2024 production of 236 million barrels of oil equivalent, or mmboe. Sixty percent of the revenue comes from offshore Abu Dhabi oil fields, followed by Australia and Southeast Asia at 20%, predominantly via Ichthys.

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Price vs Fair Value

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1605 is trading at a 78% premium.
Price
¥‎1,957.50
Fair Value
¥‎1,871.00
Uncertainty
Medium
1-Star Price
¥‎4,917.00
5-Star Price
¥‎6,839.00
Economic Moat
Ddg
Capital Allocation
Klvnpwcp

Bulls Say, Bears Say

Bulls

Inpex is a beneficiary of demand for energy. Behind coal, gas has for decades been the fastest-growing primary energy segment globally. Inpex’s LNG projects are favorably located on Asia's doorstep.

Bears

The global economy may cool and demand for energy would likely follow suit, particularly if Chinese growth rates taper. Its oil assets in the Middle East have sovereign risk.

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Trading Information

Previous Close Price
¥‎1,957.50
Day Range
¥‎1,902.00–1,940.00
52-Week Range
¥‎1,700.00–2,628.00
Bid/Ask
¥‎1,937.50 / ¥‎1,940.00
Market Cap
¥‎2.39 Tril
Volume/Avg
9.5 Mil / 7.0 Mil

Key Statistics

Price/Earnings (Normalized)
5.19
Price/Sales
1.10
Dividend Yield (Trailing)
4.09%
Dividend Yield (Forward)
4.39%
Total Yield
9.27%

Company Profile

Headquartered in Tokyo, Inpex was founded in 2008 through a merger with Teikoku Oil. The precursor Inpex began life in 1966 as North Sumatra Offshore Petroleum Exploration Co, and discovered the Attaka field in Indonesia in 1970 before acquiring the ADMA Block offshore the United Arab Emirates in 1977 and then discovering the Kashagan oil field in Kazakhstan, and Ichthys and Abadi gas fields in the Timor Sea in 2001. Teikoku Oil was founded in 1941 as a semigovernment entity and discovered Japan’s largest natural gas reserves in Minami Nagaoka in 1979.Inpex is Japan’s largest hydrocarbon producer, with oil and gas projects across multiple continents. It produces 230 million barrels of oil equivalent per year and has 6.2 billion barrels of oil equivalent in proven and probable reserves.
Sector
Energy
Industry
Oil & Gas E&P
Stock Style Box
Large Value
Total Number of Employees
3,969
Website
https://www.inpex.co.jp

Competitors

Valuation

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Metric
1605
WDS
COP
Price/Earnings (Normalized)
 5.199.7512.22
Price/Book Value
 0.500.912.44
Price/Sales
 1.102.512.20
Price/Cash Flow
 3.294.935.87
Price/Earnings
1605
WDS
COP

Financial Strength

Metric
1605
WDS
COP
Quick Ratio
 1.250.801.10
Current Ratio
 1.441.241.33
Interest Coverage
 15.2210.2814.73
Quick Ratio
1605
WDS
COP

Profitability

Metric
1605
WDS
COP
Return on Assets (Normalized)
 5.61%5.47%10.84%
Return on Equity (Normalized)
 8.94%8.71%20.94%
Return on Invested Capital (Normalized)
 7.34%7.28%15.95%
Return on Assets
1605
WDS
COP

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