STOCK COMPARISON
Headwater Exploration vs Cnooc: Fair Value & Quality
Both stocks run through our valuation models. Here is how Headwater Exploration (HWX) and Cnooc (0883) compare, as of Aug 10, 2026.
As of Aug 10, 2026, Fair Value Calculator sees Cnooc as the more attractively valued of the two: Headwater Exploration trades at C$12.81 versus a fair value of C$8.83 (-31%), while Cnooc trades at HK$23.26 versus HK$26.35 (+13%).
Headwater Exploration
HWX.TO · CAD · Energy
-31%
upside to fair value
overvalued
PriceC$12.81
Fair ValueC$8.83
Quality61/100
Cnooc
0883.HK · HKD · Energy
+13%
upside to fair value
undervalued
PriceHK$23.26
Fair ValueHK$26.35
Quality63/100
Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
Headwater ExplorationCnooc
Valuation
21.2×P/E (TTM)7.7×
4.02×P/S (TTM)2.67×
2.81×P/B1.35×
6.6×EV/EBITDA4.3×
—PEG0.16×
3.6%Dividend yield5.0%
C$0.44Dividend per shareHK$1.15
Profitability
27%Net margin31%
31%Operating margin45%
19%Return on equity15%
11%Return on assets9%
Growth
6%Revenue growth (YoY)9%
3.9%Avg. growth/yr (3Y)-3.7%
122.2%Avg. growth/yr (5Y)20.0%
Balance & size
0.01×Debt / equity0.07×
$2BMarket cap$139B
mixedGrowth qualityexpensive
Cnooc leads: 5 to 8 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
Headwater Explorationof which business quality 62 · market factors 72
Cnoocof which business quality 64 · market factors 57
ProfitabilityMargins and returns on capital today
68
55
Quality GrowthAre margins and returns improving?
21
36
CashflowEarnings quality: real cash, not paper profit
73
76
Fin. StrengthBalance sheet, leverage, solvency risk
87
84
InvestmentDisciplined investing over empire-building
30
40
Low VolatilityCalm price path (market factor)
59
83
MomentumPrice trend over the last 3–12 months (market factor)
69
41
52W MomentumDistance to the 52-week high (market factor)
94
56
Net IssuanceBuybacks instead of dilution
68
79
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
Headwater Exploration
DCF ModelsC$12.96
Earnings-BasedC$22.55
Dividend DiscountC$7.02
MultiplesC$7.27
Asset-BasedC$2.11
Growth DCFC$10.21
Economic ProfitC$9.17
Growth EarningsC$26.43
16 of 26 models see the stock below the current price.
Cnooc
DCF ModelsHK$41.36
Earnings-BasedHK$27.87
Dividend DiscountHK$25.25
MultiplesHK$33.44
Asset-BasedHK$12.08
Growth DCFHK$33.29
Economic ProfitHK$32.53
Growth EarningsHK$33.61
8 of 26 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
Headwater Exploration
Bear C$6.72Fair Value C$8.83Bull C$13.27
C$12.81 = current price (white tick)
Cnooc
Bear HK$19.80Fair Value HK$26.35Bull HK$33.85
HK$23.26 = current price (white tick)
Compare two other stocks
Tap a field and type again, ticker or company name.
Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
Headwater Exploration · Energy
Quality score61 · Top 25%
Fair value upside-31% · below median
Cnooc · Energy
Quality score63 · Top 25%
Fair value upside+13% · above median
Bottom line
As of Aug 10, 2026, Fair Value Calculator sees Cnooc as the more attractively valued of the two: Headwater Exploration trades at C$12.81 versus a fair value of C$8.83 (-31%), while Cnooc trades at HK$23.26 versus HK$26.35 (+13%).
Cnooc has the higher quality score (63/100).
See the full analysis →
More comparisons
Popular match-ups from the same sectors, all with fair value and quality score.
Free · Top-25 report
See the undervalued quality stocks every month
Just your email for the monthly Top-25 report of the most undervalued quality stocks, with fair value, quality and price target. Plus 14 days of Pro to try, no card.
Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click. Not financial advice.
A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
