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Maha Energy

Maha Energy

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Oil and gas producer

Maha Energy is an oil and producer operating two fields in Brazil (Tie and Tartaruga). It has minor operations in the LAK field in the US. Its strategy is a combination of production, pursuing upside in its portfolio from production drilling and appraisal, and modest near-field exploration activity. It also looks for growth through M&A with a broad mandate, focusing on onshore oil and gas. Its main operation is enhanced oil recovery (EOR) through the development of proven hydrocarbon reserves.

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.

Financials

USDm 2022 2023e 2024e
Sales 83 153 186
Sales growth (%) 40,3 84,7 21,8
EBITDA 60 126 157
EBITDA margin (%) 72,9 82,6 84,5
EBIT adj. 48 116 145
EBIT adj. margin (%) 58,6 76 78,1
Pretax profit 40 110 143
EPS 0,27 0,78 0,85
EPS growth (%) 46,9 187 8,5
EPS adj. 0,27 0,78 0,85
DPS 0 0 0
EV/EBITDA (x) 2,5 0,6 -0,2
EV/EBIT adj. (x) 3,1 0,6 -0,3
P/E (x) 3,4 1,2 1,1
P/E adj. (x) 3,4 1,2 1,1
EV/sales (x) 1,8 0,46 -0,21
FCF yield (%) -3,7 70,3 97,9
Le. adj. FCF yld. (%) -3,7 70,3 97,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,6 -0,3 -1
Le. adj. ND/EBITDA (x) 0,6 0,3 1
USDm 2022 2023e 2024e
Sales 83 153 186
COGS -22 -26 -29
Gross profit 60 126 157
Other operating items 0 0 0
EBITDA 60 126 157
Depreciation and amortisation -12 -10 -12
of which leasing depreciation 0 0 0
EBITA 48 116 145
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 48 116 145
Net financial items -8 -6 -3
Pretax profit 40 110 143
Tax -8 -16 -41
Net profit 33 94 102
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 33 94 102
EPS 0,27 0,78 0,85
EPS adj. 0,27 0,78 0,85
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 18,8 14,9 28,7
Gross margin (%) 73,1 82,6 84,5
EBITDA margin (%) 72,9 82,6 84,5
EBITA margin (%) 58,6 76 78,1
EBIT margin (%) 58,6 76 78,1
Pre-tax margin (%) 48,6 72,2 76,7
Net margin (%) 39,5 61,4 54,7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 40,3 84,7 21,8
EBITDA growth (%) 29,1 109,4 24,5
EBITA growth (%) 26,9 139,4 25,2
EBIT growth (%) 26,9 N/A 25,2
Net profit growth (%) 51,3 187 8,5
EPS growth (%) 46,9 187 8,5
Profitability N/A N/A N/A
ROE (%) 30,1 54,4 37,6
ROE adj. (%) 30,1 54,4 37,6
ROCE (%) 30,6 55,1 49,5
ROCE adj. (%) 30,6 55,1 49,5
ROIC (%) 39,7 72,3 91,7
ROIC adj. (%) 39,7 72,3 91,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 60 126 157
EBITDA adj. margin (%) 72,9 82,6 84,5
EBITDA lease adj. 60 126 157
EBITDA lease adj. margin (%) 72,9 82,6 84,5
EBITA adj. 48 116 145
EBITA adj. margin (%) 58,6 76 78,1
EBIT adj. 48 116 145
EBIT adj. margin (%) 58,6 76 78,1
Pretax profit Adj. 40 110 143
Net profit Adj. 33 94 102
Net profit to shareholders adj. 33 94 102
Net adj. margin (%) 39,5 61,4 54,7
USDm 2022 2023e 2024e
EBITDA 60 126 157
Goodwill 0 0 0
Net financial items -8 -6 -3
Other intangible assets 0 0 0
Paid tax -3 0 -26
Tangible fixed assets 181 212 220
Non-cash items 1 0 0
Right-of-use asset N/A N/A N/A
Cash flow before change in WC 50 120 129
Total other fixed assets 0 0 0
Change in working capital 2 0 0
Fixed assets 181 213 220
Operating cash flow 52 120 129
Inventories 0 0 0
Capex tangible fixed assets -56 -42 -19
Receivables 11 11 11
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 8 72 166
Free cash flow -4 79 109
Total assets 200 296 397
Dividend paid 0 0 0
Shareholders equity 126 219 321
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 126 219 321
Other non-cash items -8 -16 -15
Long-term debt 28 13 -2
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 10 27 42
Short-term debt 18 18 18
Accounts payable 18 18 18
Other current liabilities 1 1 1
Total liabilities and equity 200 295 397
Net IB debt 37 -41 -151
Net IB debt excl. pension debt 37 -41 -151
Net IB debt excl. leasing 37 -41 -151
Capital employed 171 250 337
Capital invested 168 200 207
Working capital -8 -8 -8
EV breakdown N/A N/A N/A
Market cap. diluted (m) 112 112 112
Net IB debt adj. 37 -41 -151
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 149 70 -39
Total assets turnover (%) 44,9 61,5 53,7
Working capital/sales (%) -9,8 -5,1 -4,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 29,7 -18,8 -47
Net debt / market cap (%) 33,4 -37 -134,9
Equity ratio (%) 62,6 74,2 80,8
Net IB debt adj. / equity (%) 29,7 -18,8 -47
Current ratio 0,53 2,26 4,84
EBITDA/net interest 7,1 21,9 60,1
Net IB debt/EBITDA (x) 0,6 -0,3 -1
Net IB debt/EBITDA lease adj. (x) 0,6 -0,3 -1
Interest coverage 5,7 20,1 55,5
USDm 2022 2023e 2024e
Shares outstanding adj. 120 120 120
Diluted shares adj. 120 120 120
EPS 0,27 0,78 0,85
Dividend per share 0 0 0
EPS adj. 0,27 0,78 0,85
BVPS 1,05 1,83 2,68
BVPS adj. 1,05 1,83 2,68
Net IB debt/share 0,31 -0,34 -1,26
Share price 10,2 10,2 10,2
Market cap. (m) 112 112 112
Valuation N/A N/A N/A
P/E (x) 3,4 1,2 1,1
EV/sales (x) 1,8 0,46 -0,21
EV/EBITDA (x) 2,5 0,6 -0,2
EV/EBITA (x) 3,1 0,6 -0,3
EV/EBIT (x) 3,1 0,6 -0,3
Dividend yield (%) 0 0 0
FCF yield (%) -3,7 70,3 97,9
Le. adj. FCF yld. (%) -3,7 70,3 97,9
P/BVPS (x) 0,89 0,51 0,35
P/BVPS adj. (x) 0,89 0,51 0,35
P/E adj. (x) 3,4 1,2 1,1
EV/EBITDA adj. (x) 2,5 0,6 -0,2
EV/EBITA adj. (x) 3,1 0,6 -0,3
EV/EBIT adj. (x) 3,1 0,6 -0,3
EV/CE (x) 0,9 0,3 -0,1
Investment ratios N/A N/A N/A
Capex/sales (%) 68,1 27,4 10,4
Capex/depreciation 4,8 4,1 1,6
Capex tangibles / tangible fixed assets 31,1 19,7 8,8
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 6,54 4,81 5,43

Equity research

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Main shareholders - Maha Energy

Main shareholders Share capital % Voting shares % Verified
Starboard Group 15.2 % 15.2 % 19 Dec 2022
Banco BTG Pactual S.A. 5.7 % 5.7 % 28 Dec 2022
Avanza Pension 4.8 % 4.8 % 12 Jan 2023
Azurans Advisory Oü 4.2 % 4.2 % 31 May 2022
Maria Lindvall 2.1 % 2.1 % 15 Jun 2022
Jonas Lindvall 1.9 % 1.9 % 26 Sep 2022
Monega 1.0 % 1.0 % 31 Jan 2023
Lancets Advisory Oü 0.9 % 0.9 % 31 May 2022
Ginnerup AS 0.8 % 0.8 % 28 Dec 2022
Jesper Nørremark Mortensen 0.8 % 0.8 % 28 Dec 2022
Source: Holdings by Modular Finance AB

Insider list - Maha Energy

Name Quantity Code Date
Andres Modarelli - 100 000 Redemp 23 Jul 2021
Andres Modarelli + 100 000 Redemp 23 Jul 2021
Jonas Lindvall + 150 000 Redemp 1 Jul 2021
Jonas Lindvall - 150 000 Redemp 1 Jul 2021
Sven Harald Knut Jansson Pousette + 443 000 BUY 27 May 2021
Harald Pousette + 300 000 BUY 26 May 2021
Sven Harald Knut Jansson Pousette - 300 000 SELL 26 May 2021
Seth Lieberman + 89 000 SUBS 10 May 2021
Jonas Lindvall + 30 000 Received loan 16 Mar 2021
Anders Ehrenblad - 6 115 SELL 30 Dec 2020

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