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Maha Energy

Maha Energy

Oil and gas producer

Maha Energy is a full-cycle independent E&P company with production, development and exploration operations in Brazil and the US. The company holds production interests in the Papa Terra and Peroa clusters offshore Brazil through a JV with 3R petroleum, as well as 100%-owned production interest in Illinois Basin in the US. In addition, Maha holds a stake in the listed 3R Petroleum. A key part of its strategy is also to pursue accretive growth opportunities through M&A.

Maha Energy is exposed to adverse changes in oil and gas prices. The functional currencies are USD, SEK and BRL, while the trading currency is SEK, i.e. it is exposed to adverse currency fluctuations. The company is also exposed to its contractors’ ability to execute projects according to the schedule and on budget, including infrastructure in place and offtake capacity, with limited diversification between assets. Operating in several countries, with various political and regulatory regimes, the company is exposed to adverse changes in regulatory and political regimes.

USDm 2023 2024e 2025e
Sales 5 9 9
Sales growth (%) -93 65,5 1,3
EBITDA -4 10 22
EBITDA margin (%) -84,4 120,6 256,3
EBIT adj. -35 8 20
EBIT adj. margin (%) -663,6 97,8 233,8
Pretax profit -32 8 20
EPS -0,2 0,04 0,11
EPS growth (%) -217,7 -120,4 177,6
EPS adj. -0,2 0,04 0,11
DPS 0 0 0
EV/EBITDA (x) -2,6 7,7 2,4
EV/EBIT adj. (x) -0,3 9,5 2,6
P/E (x) -3,6 17,9 6,4
P/E adj. (x) -3,6 17,9 6,4
EV/sales (x) 2,23 9,3 6,19
FCF yield (%) 69,4 -59,7 2,3
Le. adj. FCF yld. (%) 69,4 -59,7 2,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 24 -4,5 -3,3
Le. adj. ND/EBITDA (x) 24 -4,5 -3,3
USDm 2023 2024e 2025e
Sales 5 9 9
COGS -12 -14 -14
Gross profit -7 -5 -5
Other operating items 3 16 28
EBITDA -4 10 22
Depreciation and amortisation -30 -2 -2
of which leasing depreciation 0 0 0
EBITA -35 8 20
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -35 8 20
Net financial items 2 -1 0
Pretax profit -32 8 20
Tax 0 -1 -1
Net profit -32 7 20
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -32 7 20
EPS -0,2 0,04 0,11
EPS adj. -0,2 0,04 0,11
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 7,9 3,1
Gross margin (%) -136,2 -58,7 -59,2
EBITDA margin (%) -84,4 120,6 256,3
EBITA margin (%) -663,6 97,8 233,8
EBIT margin (%) -663,6 97,8 233,8
Pre-tax margin (%) -618,2 89,6 233,3
Net margin (%) -618,2 82,5 226,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -93 65,5 1,3
EBITDA growth (%) -109,7 -336,5 115,2
EBITA growth (%) -200,2 -124,4 142,2
EBIT growth (%) -200,2 -124,4 N/A
Net profit growth (%) -260,3 -122,1 177,6
EPS growth (%) -217,7 -120,4 177,6
Profitability N/A N/A N/A
ROE (%) -21,8 4,5 11,5
ROE adj. (%) -21,8 4,5 11,5
ROCE (%) -16,3 4,6 11,1
ROCE adj. (%) -18 4,6 11,1
ROIC (%) -32,1 9,5 17,7
ROIC adj. (%) -32,1 9,5 17,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -4 10 22
EBITDA adj. margin (%) -84,4 120,6 256,3
EBITDA lease adj. -4 10 22
EBITDA lease adj. margin (%) -84,4 120,6 256,3
EBITA adj. -35 8 20
EBITA adj. margin (%) -663,6 97,8 233,8
EBIT adj. -35 8 20
EBIT adj. margin (%) -663,6 97,8 233,8
Pretax profit Adj. -32 8 20
Net profit Adj. -32 7 20
Net profit to shareholders adj. -32 7 20
Net adj. margin (%) -618,2 82,5 226,1
USDm 2023 2024e 2025e
EBITDA -4 10 22
Goodwill 0 0 0
Net financial items 2 -1 0
Other intangible assets 0 0 0
Paid tax 0 -1 -1
Tangible fixed assets 50 116 110
Non-cash items 4 -17 -29
Right-of-use asset 0 0 0
Cash flow before change in WC 2 -8 -7
Total other fixed assets 9 26 49
Change in working capital 5 0 0
Fixed assets 59 142 159
Operating cash flow 7 -8 -7
Inventories 0 0 0
Capex tangible fixed assets -24 -4 -2
Receivables 12 12 12
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 99 -64 12
Cash and liquid assets 131 40 28
Free cash flow 82 -76 3
Total assets 202 194 199
Dividend paid 0 0 0
Shareholders equity 155 162 182
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 155 162 182
Other non-cash items 51 17 23
Long-term debt 12 -3 -18
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 1 1 1
Short-term debt 23 23 23
Accounts payable 12 12 12
Other current liabilities 0 0 0
Total liabilities and equity 202 194 199
Net IB debt -106 -47 -73
Net IB debt excl. pension debt -106 -47 -73
Net IB debt excl. leasing -106 -47 -73
Capital employed 189 181 186
Capital invested 49 115 109
Working capital 0 0 0
EV breakdown N/A N/A N/A
Market cap. diluted (m) 118 127 127
Net IB debt adj. -106 -47 -73
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 12 80 54
Total assets turnover (%) 2,5 4,4 4,5
Working capital/sales (%) 1203 0,1 0,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -68,4 -29 -40,2
Net debt / market cap (%) -90,1 -36,9 -57,4
Equity ratio (%) 76,7 83,5 91,4
Net IB debt adj. / equity (%) -68,4 -29 -40,2
Current ratio 4,18 1,52 1,16
EBITDA/net interest 2,7 14,8 564,5
Net IB debt/EBITDA (x) 24 -4,5 -3,3
Net IB debt/EBITDA lease adj. (x) 24 -4,5 -3,3
Interest coverage 21,3 12 515
USDm 2023 2024e 2025e
Shares outstanding adj. 165 178 178
Diluted shares adj. 165 178 178
EPS -0,2 0,04 0,11
Dividend per share 0 0 0
EPS adj. -0,2 0,04 0,11
BVPS 0,94 0,91 1,02
BVPS adj. 0,94 0,91 1,02
Net IB debt/share -0,64 -0,26 -0,41
Share price 7,35 7,35 7,35
Market cap. (m) 118 127 127
Valuation N/A N/A N/A
P/E (x) -3,6 17,9 6,4
EV/sales (x) 2,23 9,3 6,19
EV/EBITDA (x) -2,6 7,7 2,4
EV/EBITA (x) -0,3 9,5 2,6
EV/EBIT (x) -0,3 9,5 2,6
Dividend yield (%) 0 0 0
FCF yield (%) 69,4 -59,7 2,3
Le. adj. FCF yld. (%) 69,4 -59,7 2,3
P/BVPS (x) 0,76 0,79 0,7
P/BVPS adj. (x) 0,76 0,79 0,7
P/E adj. (x) -3,6 17,9 6,4
EV/EBITDA adj. (x) -2,6 7,7 2,4
EV/EBITA adj. (x) -0,3 9,5 2,6
EV/EBIT adj. (x) -0,3 9,5 2,6
EV/CE (x) 0,1 0,4 0,3
Investment ratios N/A N/A N/A
Capex/sales (%) 461,9 46,8 18,8
Capex/depreciation 0,8 2 0,8
Capex tangibles / tangible fixed assets 48,3 3,5 1,5
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 60,58 1,7 1,8

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Main shareholders - Maha Energy

Main shareholders Share capital % Voting shares % Verified
FIP TURMALINA 19.8 % 19.8 % 17 Apr 2024
DBO Invest S.A. 12.3 % 12.3 % 26 Mar 2024
Banco BTG Pactual S.A. 4.3 % 4.3 % 18 Sep 2023
Brasil Capital 3.5 % 3.5 % 18 Sep 2023
Sundt AS 2.9 % 2.9 % 26 Mar 2024
Avanza Pension 2.8 % 2.8 % 26 Mar 2024
Svein Harald Øygard 2.0 % 2.0 % 10 Apr 2024
Jonas & Maria Lindvall 2.0 % 2.0 % 26 Mar 2024
Akastor Asa 1.7 % 1.7 % 26 Mar 2024
Myrholt Tore 1.5 % 1.5 % 26 Mar 2024
Source: Holdings by Modular Finance AB