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Tethys Oil

Tethys Oil

USDm 2023 2024e 2025e
Sales 138 131 129
Sales growth (%) -11,7 -5,2 -1,2
EBITDA 67 71 79
EBITDA margin (%) 48,6 54,3 61,2
EBIT adj. -12 35 50
EBIT adj. margin (%) -8,5 26,5 38,6
Pretax profit -16 35 50
EPS -0,51 1,07 1,55
EPS growth (%) -128,5 -310,7 44,8
EPS adj. 0,67 1,07 1,55
DPS 0,19 0 0,2
EV/EBITDA (x) 1,3 1,6 1,3
EV/EBIT adj. (x) -7,6 3,2 2
P/E (x) -7 3,3 2,3
P/E adj. (x) 5,4 3,3 2,3
EV/sales (x) 0,64 0,86 0,78
FCF yield (%) 0,1 -20 15
Le. adj. FCF yld. (%) 0,1 -20 15
Dividend yield (%) 5,3 0 5,6
Net IB debt/EBITDA (x) -0,4 0 -0,2
Le. adj. ND/EBITDA (x) -0,4 0 -0,2
USDm 2023 2024e 2025e
Sales 138 131 129
COGS -65 -60 -50
Gross profit 74 71 79
Other operating items -6 0 0
EBITDA 67 71 79
Depreciation and amortisation -42 -36 -29
of which leasing depreciation 0 0 0
EBITA 25 35 50
EO Items 0 0 0
Impairment and PPA amortisation -37 0 0
EBIT -12 35 50
Net financial items -4 0 0
Pretax profit -16 35 50
Tax -1 0 0
Net profit -16 35 50
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -16 35 50
EPS -0,51 1,07 1,55
EPS adj. 0,67 1,07 1,55
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -3,1 0 0
Gross margin (%) 53,3 54,3 61,2
EBITDA margin (%) 48,6 54,3 61,2
EBITA margin (%) 18,2 26,5 38,6
EBIT margin (%) -8,3 26,5 38,6
Pre-tax margin (%) -11,5 26,4 38,7
Net margin (%) -11,9 26,4 38,7
Sales growth (%) -11,7 -5,2 -1,2
EBITDA growth (%) -29 5,8 11,4
EBITA growth (%) -53,4 37,5 44,4
EBIT growth (%) -121,3 -401,3 44,4
Net profit growth (%) -128,3 -310,7 44,8
EPS growth (%) -128,5 -310,7 44,8
Profitability N/A N/A N/A
ROE (%) -6 12,5 15,9
ROE adj. (%) 7,5 12,5 15,9
ROCE (%) -5,9 12,3 15,5
ROCE adj. (%) 7,7 12,3 15,5
ROIC (%) 10,9 13,3 16,3
ROIC adj. (%) 10,9 13,3 16,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 67 71 79
EBITDA adj. margin (%) 48,6 54,3 61,2
EBITDA lease adj. 67 71 79
EBITDA lease adj. margin (%) 48,6 54,3 61,2
EBITA adj. 25 35 50
EBITA adj. margin (%) 18,2 26,5 38,6
EBIT adj. -12 35 50
EBIT adj. margin (%) -8,5 26,5 38,6
Pretax profit Adj. 21 35 50
Net profit Adj. 20 35 50
Net profit to shareholders adj. 20 35 50
Net adj. margin (%) 14,7 26,4 38,7
USDm 2023 2024e 2025e
EBITDA 67 71 79
Goodwill N/A N/A N/A
Net financial items -4 0 0
Other intangible assets 0 0 0
Paid tax -1 0 0
Tangible fixed assets 245 302 335
Non-cash items 6 0 0
Right-of-use asset N/A N/A N/A
Cash flow before change in WC 68 71 79
Total other fixed assets 0 0 0
Change in working capital 14 0 0
Fixed assets 245 303 336
Operating cash flow 82 71 79
Inventories 20 20 20
Capex tangible fixed assets -82 -94 -62
Receivables N/A N/A N/A
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 26 33 14
Free cash flow 0 -23 17
Total assets 291 356 369
Dividend paid -6 0 -6
Shareholders equity 258 293 336
Minority N/A N/A N/A
Share issues and buybacks -10 0 0
Total equity 258 293 336
Leasing liability amortisation 0 0 0
Other non-cash items -3 0 0
Long-term debt 0 30 0
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 14
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 19 19 19
Total liabilities and equity 291 356 369
Net IB debt -26 -3 -14
Net IB debt excl. pension debt -26 -3 -14
Net IB debt excl. leasing -26 -3 -14
Capital employed 258 323 336
Capital invested 232 290 322
Working capital 1 1 1
Market cap. diluted (m) 115 115 115
Net IB debt adj. -26 -3 -14
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 89 112 101
Total assets turnover (%) 45,5 40,5 35,7
Working capital/sales (%) 3,2 0,7 0,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -10,1 -1,1 -4,2
Net debt / market cap (%) -22,7 -2,8 -12,1
Equity ratio (%) 88,7 82,3 91,1
Net IB debt adj. / equity (%) -10,1 -1,1 -4,2
Current ratio 2,39 2,76 1,75
EBITDA/net interest 15,3 716,3 4593,9
Net IB debt/EBITDA (x) -0,4 0 -0,2
Net IB debt/EBITDA lease adj. (x) -0,4 0 -0,2
Interest coverage N/A 30,3 43,4
USDm 2023 2024e 2025e
Shares outstanding adj. 32 32 32
Diluted shares adj. 32 32 32
EPS -0,51 1,07 1,55
Dividend per share 0,19 0 0,2
EPS adj. 0,67 1,07 1,55
BVPS 8,01 9,08 10,43
BVPS adj. 8,01 9,08 10,43
Net IB debt/share -0,81 -0,1 -0,43
Share price 37,25 37,25 37,25
Market cap. (m) 115 115 115
P/E (x) -7 3,3 2,3
EV/sales (x) 0,64 0,86 0,78
EV/EBITDA (x) 1,3 1,6 1,3
EV/EBITA (x) 3,5 3,2 2
EV/EBIT (x) -7,7 3,2 2
Dividend yield (%) 5,3 0 5,6
FCF yield (%) 0,1 -20 15
Le. adj. FCF yld. (%) 0,1 -20 15
P/BVPS (x) 0,45 0,39 0,34
P/BVPS adj. (x) 0,45 0,39 0,34
P/E adj. (x) 5,4 3,3 2,3
EV/EBITDA adj. (x) 1,3 1,6 1,3
EV/EBITA adj. (x) 3,5 3,2 2
EV/EBIT adj. (x) -7,6 3,2 2
EV/CE (x) 0,3 0,3 0,3
Investment ratios N/A N/A N/A
Capex/sales (%) 59,1 71,8 47,9
Capex/depreciation 1,9 2,6 2,1
Capex tangibles / tangible fixed assets 33,4 31,1 18,5
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 17,16 12,06 8,71