Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Tethys Oil

Tethys Oil

Send subscription Close

Tethys Oil is an independent E&P company with its core operation in Oman. Tethys is a 30% partner on Blocks 3 & 4. It is also engaged in exploration activity on other blocks in Oman.

Sustainability information

The main risks to the Tethys Oil investment case is oil price, USDSEK, continued production growth and reserve replacement. Tethys has a very strong production track record from Blocks 3&4 in Oman, a halt in production growth will be negative for the company. Also, being a “one asset play” is not favourable.

Financials

USDm 2025 2026e 2027e
Sales 114 123 N/A
Sales growth (%) -6 7,7 -100
EBITDA 62 73 N/A
EBITDA margin (%) 54,5 59,9 N/A
EBIT adj. 30 46 0
EBIT adj. margin (%) 26,3 37,2 N/A
Pretax profit 28 46 0
EPS 0,87 1,43 N/A
EPS growth (%) 82,1 64,9 -100
EPS adj. 0,87 1,43 N/A
DPS 0,2 0,2 N/A
EV/EBITDA (x) 3,3 2,4 N/A
EV/EBIT adj. (x) 6,8 3,9 N/A
P/E (x) 6,6 4 N/A
P/E adj. (x) 6,6 4 N/A
EV/sales (x) 1,77 1,44 N/A
FCF yield (%) -7,5 17 0
Le. adj. FCF yld. (%) -7,5 17 0
Dividend yield (%) 3,5 3,5 0
Net IB debt/EBITDA (x) 0,3 -0,1 N/A
Le. adj. ND/EBITDA (x) 0,3 -0,1 N/A
USDm 2025 2026e 2027e
Sales 114 123 N/A
COGS -52 -46 N/A
Gross profit 62 76 0
Other operating items 0 -3 0
EBITDA 62 73 N/A
Depreciation and amortisation -32 -28 0
of which leasing depreciation 0 0 N/A
EBITA 30 46 N/A
EO Items 0 0 N/A
Impairment and PPA amortisation 0 0 0
EBIT 30 46 N/A
Net financial items -2 0 N/A
Pretax profit 28 46 0
Tax 0 0 N/A
Net profit 28 46 0
Minority interest 0 0 N/A
Net profit discontinued 0 0 N/A
Net profit to shareholders 28 46 0
EPS 0,87 1,43 N/A
EPS adj. 0,87 1,43 N/A
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 N/A
Tax rate (%) 0 -0,5 N/A
Gross margin (%) 54,5 62,1 N/A
EBITDA margin (%) 54,5 59,9 N/A
EBITA margin (%) 26,3 37,2 N/A
EBIT margin (%) 26,3 37,2 N/A
Pre-tax margin (%) 24,6 37,4 N/A
Net margin (%) 24,6 37,6 N/A
Sales growth (%) -6 7,7 -100
EBITDA growth (%) 6 18,3 -100
EBITA growth (%) 81,4 52,5 -100
EBIT growth (%) 80,3 52,5 -100
Net profit growth (%) 82,1 64,9 -100
EPS growth (%) 82,1 64,9 -100
Profitability N/A N/A N/A
ROE (%) 9,8 14,6 0
ROE adj. (%) 9,8 14,6 0
ROCE (%) 9,8 13,8 0
ROCE adj. (%) 9,8 13,8 0
ROIC (%) 10,3 14,4 N/A
ROIC adj. (%) 10,3 14,4 N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 62 73 0
EBITDA adj. margin (%) 54,5 59,9 N/A
EBITDA lease adj. 62 73 N/A
EBITDA lease adj. margin (%) 54,5 59,9 N/A
EBITA adj. 30 46 0
EBITA adj. margin (%) 26,3 37,2 N/A
EBIT adj. 30 46 0
EBIT adj. margin (%) 26,3 37,2 N/A
Pretax profit Adj. 28 46 0
Net profit Adj. 28 46 0
Net profit to shareholders adj. 28 46 0
Net adj. margin (%) 24,6 37,6 N/A
USDm 2025 2026e 2027e
EBITDA 62 73 N/A
Goodwill N/A N/A N/A
Net financial items -2 0 N/A
Other intangible assets 0 0 0
Paid tax 0 0 N/A
Tangible fixed assets 322 337 N/A
Non-cash items 0 0 N/A
Right-of-use asset N/A N/A N/A
Cash flow before change in WC 60 74 0
Total other fixed assets 1 1 0
Change in working capital 0 3 0
Fixed assets 323 337 0
Operating cash flow 60 77 N/A
Inventories 24 24 N/A
Capex tangible fixed assets -74 -45 N/A
Receivables N/A N/A N/A
Capex intangible fixed assets 0 0 N/A
Other current assets 0 0 N/A
Acquisitions and Disposals 0 0 0
Cash and liquid assets 12 17 N/A
Free cash flow -14 32 0
Total assets 359 379 0
Dividend paid -6 -6 N/A
Shareholders equity 295 335 0
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Total equity 295 335 0
Leasing liability amortisation 0 0 N/A
Other non-cash items 0 0 6
Long-term debt 30 10 N/A
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 0
Short-term debt 0 0 N/A
Accounts payable 0 0 N/A
Other current liabilities 20 20 0
Total liabilities and equity 359 379 0
Net IB debt 17 -8 0
Net IB debt excl. pension debt 17 -8 0
Net IB debt excl. leasing 17 -8 0
Capital employed 325 344 0
Capital invested 312 326 0
Working capital 4 4 0
Market cap. diluted (m) 185 185 0
Net IB debt adj. 17 -8 N/A
Market value of minority 0 0 N/A
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 202 177 0
Total assets turnover (%) 32,7 33,2 0
Working capital/sales (%) 3,2 3 N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 5,7 -2,5 N/A
Net debt / market cap (%) 9,1 -4,5 N/A
Equity ratio (%) 82,1 88,3 N/A
Net IB debt adj. / equity (%) 5,7 -2,5 N/A
Current ratio 1,79 2,04 N/A
EBITDA/net interest 31,4 364,1 N/A
Net IB debt/EBITDA (x) 0,3 -0,1 N/A
Net IB debt/EBITDA lease adj. (x) 0,3 -0,1 N/A
Interest coverage 11,1 199,4 N/A
USDm 2025 2026e 2027e
Shares outstanding adj. 32 32 N/A
Diluted shares adj. 32 32 0
EPS 0,87 1,43 N/A
Dividend per share 0,2 0,2 N/A
EPS adj. 0,87 1,43 N/A
BVPS 9,14 10,37 N/A
BVPS adj. 9,14 10,37 N/A
Net IB debt/share 0,52 -0,26 N/A
Share price 58,2 58,2 58,2
Market cap. (m) 185 185 0
P/E (x) 6,6 4 N/A
EV/sales (x) 1,77 1,44 N/A
EV/EBITDA (x) 3,3 2,4 N/A
EV/EBITA (x) 6,8 3,9 N/A
EV/EBIT (x) 6,8 3,9 N/A
Dividend yield (%) 3,5 3,5 0
FCF yield (%) -7,5 17 0
Le. adj. FCF yld. (%) -7,5 17 0
P/BVPS (x) 0,63 0,55 N/A
P/BVPS adj. (x) 0,63 0,55 5,74
P/E adj. (x) 6,6 4 N/A
EV/EBITDA adj. (x) 3,3 2,4 N/A
EV/EBITA adj. (x) 6,8 3,9 N/A
EV/EBIT adj. (x) 6,8 3,9 N/A
EV/CE (x) 0,6 0,5 N/A
Investment ratios N/A N/A N/A
Capex/sales (%) 65 36,7 N/A
Capex/depreciation 2,3 1,6 N/A
Capex tangibles / tangible fixed assets 23 13,4 N/A
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 9,95 8,23 N/A

Equity research

Read earlier research

Media

Tethys Oil - Company presentation with IR Stefan Pedersen
Tethys Oil - Company presentation with IR Stefan Pedersen

Main shareholders - Tethys Oil

Main shareholders Share capital % Voting shares % Verified
Lansdowne Partners 10.1 % 10.1 %
Franklin Templeton 5.0 % 5.0 %
Magnus Nordin 4.1 % 4.1 %
Grandeur Peak Global Advisors, LLC 4.0 % 4.0 %
SEB Fonder 3.7 % 3.7 %
Tethys Oil AB 3.5 % 3.5 %
Liontrust 2.8 % 2.8 %
WEALINS S.A. 1.7 % 1.7 %
Russell Investments 1.7 % 1.7 %
Carl Erik Norman 1.6 % 1.6 %