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Maha Energy

Maha Energy

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.

Contingent on positive results from testing operations, and an expected renewal of the Tartaruga Block concession, a full field development could increase the commercial lifetime of the field and utilisation of the reservoir. With its robust capital structure, the company is also well-positioned for more M&A to diversify its operations. Also, Lak Ranch is not included in our valuation, providing interesting opportunities for our estimates.

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 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 1
EV/EBIT adj (x) 4,5 2,3 1
P/E (x) 6,6 3,3 2,3
P/E adj (x) 6,6 3,3 2,3
EV/sales (x) 2,9 1,7 0,8
FCF yield (%) -16,1 18,3 37,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,6 -0,2 -0,8
Lease adj. FCF yield (%) -16,1 18,3 37,8
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) 141 247 247
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 171 230 136
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 -7,2 -45,1
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 2,07 2,07
Market cap. (m) 172 247 247
Valuation 2021 2022 2023
P/E 6,6 3,3 2,3
EV/sales 2,9 1,73 0,81
EV/EBITDA 3,7 2,1 1
EV/EBITA 4,5 2,3 1
EV/EBIT 4,5 2,3 1
Dividend yield (%) 0 0 0
FCF yield (%) -16,1 18,3 37,8
P/BVPS 1,54 1,32 0,84
P/BVPS Adj 1,26 1,19 0,79
P/E Adj 6,6 3,3 2,3
EV/EBITDA Adj 3,7 2,1 1
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 18,3 37,8

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Main shareholders - Maha Energy

Main shareholders Share capital % Voting shares % Verified
Kvalitena 18.0 % 18.0 % 31 Dec 2021
Nerthus Investments LTD 8.2 % 8.6 % 31 Dec 2016
Banco BTG Pactual S.A. 6.2 % 6.2 % 31 Dec 2021
Avanza Pension 5.0 % 5.0 % 17 May 2022
Jonas Lindvall 4.1 % 4.1 % 31 Mar 2022
Ronald Panchuk 2.9 % 2.9 % 31 Dec 2019
Nordnet Pensionsförsäkring 2.0 % 2.0 % 31 Mar 2022
Jesper Nørremark Mortensen 1.7 % 1.7 % 31 Mar 2022
Ginnerup AS 1.1 % 1.1 % 31 Mar 2022
Harald Pousette 0.9 % 0.9 % 31 Mar 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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