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Maha Energy

Maha Energy

USDm 2021 2022e 2023e
Sales 59 133 168
Sales growth (%) 77,5 125 26,8
EBITDA 47 109 141
EBITDA margin (%) 79,2 81,9 83,7
EBIT adj 38 98 129
EBIT adj margin (%) 64,8 73,7 77
Pretax profit 29 90 124
EPS rep 0,19 0,63 0,88
EPS growth (%) 292,5 239 40,3
EPS adj 0,19 0,63 0,88
DPS 0 0 0
EV/EBITDA (x) 3,7 2,1 0,9
EV/EBIT adj (x) 4,5 2,3 1
P/E (x) 6,6 3,2 2,3
P/E adj (x) 6,6 3,2 2,3
EV/sales (x) 2,9 1,7 0,8
FCF yield (%) -16,1 18,7 38,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,6 -0,2 -0,8
Lease adj. FCF yield (%) -16,1 18,7 38,6
Lease adj. ND/EBITDA 0,6 -0,2 -0,8
USDm 2021 2022e 2023e
Sales 59 133 168
COGS -12 -24 -27
Gross profit 47 109 141
Other operating items 0 0 0
EBITDA 47 109 141
Depreciation on tangibles -6 -9 -12
Depreciation on intangibles 0 0 0
EBITA 38 98 129
Goodwill impairment charges 0 0 0
Other impairment and amortisation -21 0 0
EBIT 38 98 129
Other financial items 1 0 0
Net financial items -9 -8 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 90 124
Tax -8 -14 -19
Net profit 22 75 106
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 22 75 106
EPS 0,19 0,63 0,88
EPS Adj 0,19 0,63 0,88
Total extraordinary items after tax 0 0 0
Tax rate (%) -26,2 -15,9 -15
Gross margin (%) 79,2 81,9 83,7
EBITDA margin (%) 79,2 81,9 83,7
EBITA margin (%) 64,8 73,7 77
EBIT margin (%) 64,8 73,7 77
Pretax margin (%) 49,7 67,6 74
Net margin (%) 36,6 56,9 62,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 77,5 125 26,8
EBITDA growth (%) 174,1 132,6 29,5
EBIT growth (%) 498,1 156,1 32,4
Net profit growth (%) 310,4 249,2 40,3
EPS growth (%) 292,5 239 40,3
Profitability 2021 2022 2023
ROE (%) 29,4 54 44
ROE Adj (%) 29,4 54 44
ROCE (%) 32,2 51,5 46,6
ROCE Adj(%) 32,2 51,5 46,6
ROIC (%) 34,3 63,2 62,8
ROIC Adj (%) 34,3 63,2 62,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 47 109 141
EBITDA Adj margin (%) 79,2 81,9 83,7
EBITA Adj 38 98 129
EBITA Adj margin (%) 64,8 73,7 77
EBIT Adj 38 98 129
EBIT Adj margin (%) 64,8 73,7 77
Pretax profit Adj 29 90 124
Net profit Adj 22 75 106
Net profit to shareholders Adj 22 75 106
Net Adj margin (%) 36,6 56,9 62,9
Depreciation and amortisation -9 -11 -11
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 47 109 141
EBITDA lease Adj margin (%) 79,2 81,9 83,7
Leasing payments 0 0 0
USDm 2021 2022e 2023e
Short-term debt 11 15 15
Accounts payable 15 16 16
Other current liabilities 1 1 1
Total liabilities and equity 168 266 376
Net IB debt 30 -18 -111
Net IB debt excl. pension debt 30 -18 -111
Capital invested 100 160 190
Working capital -8 -4 -4
EV breakdown 2021 2022 2023
Market cap. diluted (m) 141 243 243
Net IB debt Adj 30 -18 -111
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 171 225 131
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 47,1 67,6 56
Capital invested turnover (%) 36,6 83,7 100,3
Capital employed turnover (%) 31,6 67,7 67,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 41,1 29,1 21,7
Working capital / sales (%) -21,4 -4,7 -2,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 32,8 -9,4 -38
Net debt / market cap (%) 17,4 -7,3 -45,9
Equity ratio (%) 62,1 76,5 82,7
Net IB debt adj. / equity (%) 32,8 -9,4 -38
Current ratio (%) 121,4 235,1 480
EBITDA / net interest (%) 508,7 1346,9 2780,5
Net IB debt / EBITDA (%) 64,1 -16,3 -79,3
Interest cover (%) 415,7 1211,8 2558,5
EBITDA 47 109 141
Net financial items -9 -8 -5
Paid tax -2 -2 0
Non-cash items -4 0 0
Cash flow before change in WC 32 98 136
Change in WC -8 -5 0
Operating cash flow 24 94 136
CAPEX tangible fixed assets -47 -48 -42
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -23 45 94
Dividend paid 0 0 0
Share issues and buybacks 19 0 0
Other non cash items 9 2 0
Decrease in net IB debt -21 17 53
Balance Sheet (USDm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets -21 -21 -21
Tangible fixed assets 131 188 219
Other fixed assets 10 10 10
Fixed assets 114 170 200
Inventories 0 0 0
Receivables 7 13 13
Other current assets 0 0 0
Cash and liquid assets 26 62 141
Total assets 147 245 355
Shareholders equity 91 188 293
Minority 0 0 0
Total equity 91 188 293
Long-term debt 44 30 15
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 5 13
Other long-term liabilities 11 11 11
Lease liability amortisation 0 0 0
Other intangible assets -21 -21 -21
Right-of-use asset 0 0 0
Total other fixed assets 4 3 3
Leasing liability 0 0 0
Total other long-term liabilities 5 17 35
Net IB debt excl. leasing 30 -18 -111
Net IB debt / EBITDA lease Adj (%) 64,1 -16,3 -79,3
USDm 2021 2022e 2023e
Shares outstanding adj. 115 120 120
Fully diluted shares Adj 115 120 120
EPS 0,19 0,63 0,88
Dividend per share Adj 0 0 0
EPS Adj 0,19 0,63 0,88
BVPS 0,79 1,57 2,45
BVPS Adj 0,98 1,74 2,63
Net IB debt / share 0,3 -0,1 -0,9
Share price 1,5 2,03 2,03
Market cap. (m) 172 243 243
Valuation 2021 2022 2023
P/E 6,6 3,2 2,3
EV/sales 2,9 1,7 0,78
EV/EBITDA 3,7 2,1 0,9
EV/EBITA 4,5 2,3 1
EV/EBIT 4,5 2,3 1
Dividend yield (%) 0 0 0
FCF yield (%) -16,1 18,7 38,6
P/BVPS 1,54 1,29 0,83
P/BVPS Adj 1,26 1,16 0,77
P/E Adj 6,6 3,2 2,3
EV/EBITDA Adj 3,7 2,1 0,9
EV/EBITA Adj 4,5 2,3 1
EV/EBIT Adj 4,5 2,3 1
EV/cap. employed 1,2 1 0,4
Investment ratios 2021 2022 2023
Capex / sales 79,7 36,5 24,9
Capex / depreciation 550,4 444 372,6
Capex tangibles / tangible fixed assets 35,8 25,7 19,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 6,5 5,8 5,1
Lease adj. FCF yield (%) -16,1 18,7 38,6

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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