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Tethys Oil

Tethys Oil

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Financials

USDm 2023 2024e 2025e
Sales 138 121 114
Sales growth (%) -11,7 -12,3 -6
EBITDA 67 59 62
EBITDA margin (%) 48,6 48,3 54,5
EBIT adj. -12 17 30
EBIT adj. margin (%) -8,5 13,7 26,3
Pretax profit -16 15 28
EPS -0,51 0,48 0,87
EPS growth (%) -128,5 -193,6 82,1
EPS adj. 0,67 0,47 0,87
DPS 0,19 0 0,2
EV/EBITDA (x) 2,2 2,9 3
EV/EBIT adj. (x) -12,4 10,1 6,3
P/E (x) -10,4 11,2 6,1
P/E adj. (x) 8 11,2 6,1
EV/sales (x) 1,05 1,38 1,65
FCF yield (%) 0,1 -13,5 -8,1
Le. adj. FCF yld. (%) 0,1 -13,5 -8,1
Dividend yield (%) 3,6 0 3,8
Net IB debt/EBITDA (x) -0,4 -0,1 0,3
Le. adj. ND/EBITDA (x) -0,4 -0,1 0,3
USDm 2023 2024e 2025e
Sales 138 121 114
COGS -65 -63 -52
Gross profit 74 59 62
Other operating items -6 0 0
EBITDA 67 59 62
Depreciation and amortisation -42 -42 -32
of which leasing depreciation 0 0 0
EBITA 25 17 30
EO Items 0 0 0
Impairment and PPA amortisation -37 0 0
EBIT -12 17 30
Net financial items -4 -1 -2
Pretax profit -16 15 28
Tax -1 0 0
Net profit -16 15 28
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -16 15 28
EPS -0,51 0,48 0,87
EPS adj. 0,67 0,47 0,87
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -3,1 0 0
Gross margin (%) 53,3 48,3 54,5
EBITDA margin (%) 48,6 48,3 54,5
EBITA margin (%) 18,2 13,6 26,3
EBIT margin (%) -8,3 13,7 26,3
Pre-tax margin (%) -11,5 12,7 24,6
Net margin (%) -11,9 12,7 24,6
Sales growth (%) -11,7 -12,3 -6
EBITDA growth (%) -29 -12,9 6
EBITA growth (%) -53,4 -34,5 81,4
EBIT growth (%) -121,3 -244,4 80,3
Net profit growth (%) -128,3 -193,7 82,1
EPS growth (%) -128,5 -193,6 82,1
Profitability N/A N/A N/A
ROE (%) -6 5,8 9,8
ROE adj. (%) 7,5 5,7 9,8
ROCE (%) -5,9 5,7 9,8
ROCE adj. (%) 7,7 5,7 9,8
ROIC (%) 10,9 6,6 10,3
ROIC adj. (%) 10,9 6,6 10,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 67 59 62
EBITDA adj. margin (%) 48,6 48,3 54,5
EBITDA lease adj. 67 59 62
EBITDA lease adj. margin (%) 48,6 48,3 54,5
EBITA adj. 25 17 30
EBITA adj. margin (%) 18,2 13,6 26,3
EBIT adj. -12 17 30
EBIT adj. margin (%) -8,5 13,7 26,3
Pretax profit Adj. 21 15 28
Net profit Adj. 20 15 28
Net profit to shareholders adj. 20 15 28
Net adj. margin (%) 14,7 12,6 24,6
USDm 2023 2024e 2025e
EBITDA 67 59 62
Goodwill N/A N/A N/A
Net financial items -4 -1 -2
Other intangible assets 0 0 0
Paid tax -1 0 0
Tangible fixed assets 245 280 322
Non-cash items 6 0 0
Right-of-use asset N/A N/A N/A
Cash flow before change in WC 68 57 60
Total other fixed assets 0 1 1
Change in working capital 14 -1 0
Fixed assets 245 281 323
Operating cash flow 82 56 60
Inventories 20 24 24
Capex tangible fixed assets -82 -78 -74
Receivables N/A N/A N/A
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 -1 0
Cash and liquid assets 26 33 12
Free cash flow 0 -23 -14
Total assets 291 338 359
Dividend paid -6 0 -6
Shareholders equity 258 273 295
Minority N/A N/A N/A
Share issues and buybacks -10 0 0
Total equity 258 273 295
Leasing liability amortisation 0 0 0
Other non-cash items -3 0 0
Long-term debt 0 30 30
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 20 20
Total liabilities and equity 291 338 359
Net IB debt -26 -4 17
Net IB debt excl. pension debt -26 -4 17
Net IB debt excl. leasing -26 -4 17
Capital employed 258 303 325
Capital invested 232 270 312
Working capital 1 4 4
Market cap. diluted (m) 171 171 171
Net IB debt adj. -26 -4 17
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 145 168 188
Total assets turnover (%) 45,5 38,5 32,7
Working capital/sales (%) 3,2 1,9 3,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -10,1 -1,3 5,7
Net debt / market cap (%) -15,3 -2,1 9,8
Equity ratio (%) 88,7 80,9 82,1
Net IB debt adj. / equity (%) -10,1 -1,3 5,7
Current ratio 2,39 2,79 1,79
EBITDA/net interest 15,3 46,8 31,4
Net IB debt/EBITDA (x) -0,4 -0,1 0,3
Net IB debt/EBITDA lease adj. (x) -0,4 -0,1 0,3
Interest coverage N/A 23 11,1
USDm 2023 2024e 2025e
Shares outstanding adj. 32 32 32
Diluted shares adj. 32 32 32
EPS -0,51 0,48 0,87
Dividend per share 0,19 0 0,2
EPS adj. 0,67 0,47 0,87
BVPS 8,01 8,47 9,14
BVPS adj. 8,01 8,47 9,14
Net IB debt/share -0,81 -0,11 0,52
Share price 56,7 56,7 56,7
Market cap. (m) 171 171 171
P/E (x) -10,4 11,2 6,1
EV/sales (x) 1,05 1,38 1,65
EV/EBITDA (x) 2,2 2,9 3
EV/EBITA (x) 5,8 10,2 6,3
EV/EBIT (x) -12,6 10,1 6,3
Dividend yield (%) 3,6 0 3,8
FCF yield (%) 0,1 -13,5 -8,1
Le. adj. FCF yld. (%) 0,1 -13,5 -8,1
P/BVPS (x) 0,66 0,63 0,58
P/BVPS adj. (x) 0,66 0,63 0,58
P/E adj. (x) 8 11,2 6,1
EV/EBITDA adj. (x) 2,2 2,9 3
EV/EBITA adj. (x) 5,8 10,2 6,3
EV/EBIT adj. (x) -12,4 10,1 6,3
EV/CE (x) 0,6 0,6 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 59,1 64 65
Capex/depreciation 1,9 1,8 2,3
Capex tangibles / tangible fixed assets 33,4 27,7 23
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 14,98 9,95