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Tethys Oil

Tethys Oil

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Financials

USDm 2024 2025e 2026e
Sales 121 114 123
Sales growth (%) -12,3 -6 7,7
EBITDA 59 62 73
EBITDA margin (%) 48,3 54,5 59,9
EBIT adj. 17 30 46
EBIT adj. margin (%) 13,7 26,3 37,2
Pretax profit 15 28 46
EPS 0,48 0,87 1,43
EPS growth (%) -193,6 82,1 64,9
EPS adj. 0,47 0,87 1,43
DPS 0 0,2 0,2
EV/EBITDA (x) 3,1 3,3 2,4
EV/EBIT adj. (x) 10,9 6,8 3,9
P/E (x) 12,1 6,6 4
P/E adj. (x) 12,1 6,6 4
EV/sales (x) 1,5 1,77 1,44
FCF yield (%) -12,5 -7,5 17
Le. adj. FCF yld. (%) -12,5 -7,5 17
Dividend yield (%) 0 3,5 3,5
Net IB debt/EBITDA (x) -0,1 0,3 -0,1
Le. adj. ND/EBITDA (x) -0,1 0,3 -0,1
USDm 2024 2025e 2026e
Sales 121 114 123
COGS -63 -52 -46
Gross profit 59 62 76
Other operating items 0 0 -3
EBITDA 59 62 73
Depreciation and amortisation -42 -32 -28
of which leasing depreciation 0 0 0
EBITA 17 30 46
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 17 30 46
Net financial items -1 -2 0
Pretax profit 15 28 46
Tax 0 0 0
Net profit 15 28 46
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 15 28 46
EPS 0,48 0,87 1,43
EPS adj. 0,47 0,87 1,43
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 -0,5
Gross margin (%) 48,3 54,5 62,1
EBITDA margin (%) 48,3 54,5 59,9
EBITA margin (%) 13,6 26,3 37,2
EBIT margin (%) 13,7 26,3 37,2
Pre-tax margin (%) 12,7 24,6 37,4
Net margin (%) 12,7 24,6 37,6
Sales growth (%) -12,3 -6 7,7
EBITDA growth (%) -12,9 6 18,3
EBITA growth (%) -34,5 81,4 52,5
EBIT growth (%) -244,4 80,3 52,5
Net profit growth (%) -193,7 82,1 64,9
EPS growth (%) -193,6 82,1 64,9
Profitability N/A N/A N/A
ROE (%) 5,8 9,8 14,6
ROE adj. (%) 5,7 9,8 14,6
ROCE (%) 5,7 9,8 13,8
ROCE adj. (%) 5,7 9,8 13,8
ROIC (%) 6,6 10,3 14,4
ROIC adj. (%) 6,6 10,3 14,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 59 62 73
EBITDA adj. margin (%) 48,3 54,5 59,9
EBITDA lease adj. 59 62 73
EBITDA lease adj. margin (%) 48,3 54,5 59,9
EBITA adj. 17 30 46
EBITA adj. margin (%) 13,6 26,3 37,2
EBIT adj. 17 30 46
EBIT adj. margin (%) 13,7 26,3 37,2
Pretax profit Adj. 15 28 46
Net profit Adj. 15 28 46
Net profit to shareholders adj. 15 28 46
Net adj. margin (%) 12,6 24,6 37,6
USDm 2024 2025e 2026e
EBITDA 59 62 73
Goodwill N/A N/A N/A
Net financial items -1 -2 0
Other intangible assets 0 0 0
Paid tax 0 0 0
Tangible fixed assets 280 322 337
Non-cash items 0 0 0
Right-of-use asset N/A N/A N/A
Cash flow before change in WC 57 60 74
Total other fixed assets 1 1 1
Change in working capital -1 0 3
Fixed assets 281 323 337
Operating cash flow 56 60 77
Inventories 24 24 24
Capex tangible fixed assets -78 -74 -45
Receivables N/A N/A N/A
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals -1 0 0
Cash and liquid assets 33 12 17
Free cash flow -23 -14 32
Total assets 338 359 379
Dividend paid 0 -6 -6
Shareholders equity 273 295 335
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Total equity 273 295 335
Leasing liability amortisation 0 0 0
Other non-cash items 0 0 0
Long-term debt 30 30 10
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 0 0 0
Total other long-term liabilities 14 14 14
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 20 20 20
Total liabilities and equity 338 359 379
Net IB debt -4 17 -8
Net IB debt excl. pension debt -4 17 -8
Net IB debt excl. leasing -4 17 -8
Capital employed 303 325 344
Capital invested 270 312 326
Working capital 4 4 4
Market cap. diluted (m) 185 185 185
Net IB debt adj. -4 17 -8
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 182 202 177
Total assets turnover (%) 38,5 32,7 33,2
Working capital/sales (%) 1,9 3,2 3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -1,3 5,7 -2,5
Net debt / market cap (%) -1,9 9,1 -4,5
Equity ratio (%) 80,9 82,1 88,3
Net IB debt adj. / equity (%) -1,3 5,7 -2,5
Current ratio 2,79 1,79 2,04
EBITDA/net interest 46,8 31,4 364,1
Net IB debt/EBITDA (x) -0,1 0,3 -0,1
Net IB debt/EBITDA lease adj. (x) -0,1 0,3 -0,1
Interest coverage 23 11,1 199,4
USDm 2024 2025e 2026e
Shares outstanding adj. 32 32 32
Diluted shares adj. 32 32 32
EPS 0,48 0,87 1,43
Dividend per share 0 0,2 0,2
EPS adj. 0,47 0,87 1,43
BVPS 8,47 9,14 10,37
BVPS adj. 8,47 9,14 10,37
Net IB debt/share -0,11 0,52 -0,26
Share price 58,2 58,2 58,2
Market cap. (m) 185 185 185
P/E (x) 12,1 6,6 4
EV/sales (x) 1,5 1,77 1,44
EV/EBITDA (x) 3,1 3,3 2,4
EV/EBITA (x) 11 6,8 3,9
EV/EBIT (x) 10,9 6,8 3,9
Dividend yield (%) 0 3,5 3,5
FCF yield (%) -12,5 -7,5 17
Le. adj. FCF yld. (%) -12,5 -7,5 17
P/BVPS (x) 0,68 0,63 0,55
P/BVPS adj. (x) 0,68 0,63 0,55
P/E adj. (x) 12,1 6,6 4
EV/EBITDA adj. (x) 3,1 3,3 2,4
EV/EBITA adj. (x) 11 6,8 3,9
EV/EBIT adj. (x) 10,9 6,8 3,9
EV/CE (x) 0,6 0,6 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 64 65 36,7
Capex/depreciation 1,8 2,3 1,6
Capex tangibles / tangible fixed assets 27,7 23 13,4
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 14,98 9,95 8,23