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Tethys Oil

Tethys Oil

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Financials

USDm 2021 2022e 2023e
Lease adj. FCF yield (%) 9,8 0 25
Lease adj. ND/EBITDA -1,2 -0,5 -0,7
Sales 114 151 144
Sales growth (%) 12,4 33,1 -5,1
EBITDA 58 94 91
EBITDA margin (%) 51,1 62,3 63,5
EBIT adj 17 55 54
EBIT adj margin (%) 14,9 36,6 37,9
Pretax profit 18 61 55
EPS rep 0,54 1,88 1,7
EPS growth (%) 436,3 250,3 -9,6
EPS adj 0,54 1,88 1,7
DPS 0,47 0,2 0,96
EV/EBITDA (x) 2,7 1,5 1,4
EV/EBIT adj (x) 9,2 2,5 2,3
P/E (x) 12,9 3,1 3,4
P/E adj (x) 12,9 3,1 3,4
EV/sales (x) 1,4 0,9 0,9
FCF yield (%) 9,8 0 25
Dividend yield (%) 6,9 3,5 16,7
Net IB debt/EBITDA -1,2 -0,5 -0,7
USDm 2021 2022e 2023e
Depreciation and amortisation -41 -39 -37
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
Sales 114 151 144
COGS -51 -56 -52
Gross profit 62 95 91
Other operating items -4 -1 0
EBITDA 58 94 91
Depreciation on tangibles -45 -37 -38
Depreciation on intangibles 0 0 0
EBITA 17 55 54
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 17 55 54
Other financial items 0 0 0
Net financial items 1 6 1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 18 61 55
Tax 0 0 0
Net profit 18 61 55
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 18 61 55
EPS 0,54 1,88 1,7
EPS Adj 0,54 1,88 1,7
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 54,8 63 63,5
EBITDA margin (%) 51,1 62,3 63,5
EBITA margin (%) 14,9 36,6 37,9
EBIT margin (%) 14,9 36,6 37,9
Pretax margin (%) 15,4 40,5 38,6
Net margin (%) 15,4 40,5 38,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 12,4 33,1 -5,1
EBITDA growth (%) 15,5 62,1 -3,2
EBIT growth (%) 191,4 227,2 -1,5
Net profit growth (%) 430,3 250,4 -9,6
EPS growth (%) 436,3 250,3 -9,6
Profitability 2021 2022 2023
ROE (%) 6,8 22,5 18,5
ROE Adj (%) 6,8 22,5 18,5
ROCE (%) 7,2 22,5 18,5
ROCE Adj(%) 7,2 22,5 18,5
ROIC (%) 8,7 25,9 22,3
ROIC Adj (%) 8,7 25,9 22,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 58 94 91
EBITDA Adj margin (%) 51,1 62,3 63,5
EBITA Adj 17 55 54
EBITA Adj margin (%) 14,9 36,6 37,9
EBIT Adj 17 55 54
EBIT Adj margin (%) 14,9 36,6 37,9
Pretax profit Adj 18 61 55
Net profit Adj 18 61 55
Net profit to shareholders Adj 18 61 55
Net Adj margin (%) 15,4 40,5 38,6
EBITDA lease Adj 58 94 91
EBITDA lease Adj margin (%) 51,1 62,3 63,5
Leasing payments 0 0 0
USDm 2021 2022e 2023e
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 0 0 0
Total other long-term liabilities 14 14 14
Net IB debt excl. leasing -70 -48 -64
Net IB debt / EBITDA lease Adj (%) -120 -51,1 -70,1
EBITDA 58 94 91
Net financial items 1 6 1
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 59 100 92
Change in WC -1 -16 0
Operating cash flow 57 84 92
CAPEX tangible fixed assets -35 -84 -45
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 22 0 47
Dividend paid -16 -7 -31
Share issues and buybacks -1 -17 0
Other non cash items 3 1 0
Decrease in net IB debt -21 8 -9
Balance Sheet (USDm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 205 249 258
Other fixed assets 0 0 0
Fixed assets 206 250 258
Inventories 10 20 20
Receivables 0 0 0
Other current assets 0 0 0
Cash and liquid assets 69 48 63
Total assets 285 317 341
Shareholders equity 257 288 312
Minority 0 0 0
Total equity 257 288 312
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 13 13 13
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 14 15 15
Total liabilities and equity 285 317 341
Net IB debt -70 -48 -64
Net IB debt excl. pension debt -70 -48 -64
Capital invested 187 240 248
Working capital -4 5 5
EV breakdown 2021 2022 2023
Market cap. diluted (m) 225 188 188
Net IB debt Adj -70 -48 -64
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 155 140 124
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 40,2 50,3 43,6
Capital invested turnover (%) 47,5 55,6 56,9
Capital employed turnover (%) 37,8 45,8 47,7
Inventories / sales (%) 10,7 7,6 6,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) -2,1 0,3 3,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -27,2 -16,7 -20,5
Net debt / market cap (%) -30,9 -25,6 -34
Equity ratio (%) 90,2 91 91,6
Net IB debt adj. / equity (%) -27,2 -16,7 -20,5
Current ratio (%) 556,7 462,4 571,2
EBITDA / net interest (%) -9683,3 -1566,6 -9176,4
Net IB debt / EBITDA (%) -120 -51,1 -70,1
Interest cover (%) 1690,9 0 0
USDm 2021 2022e 2023e
Lease adj. FCF yield (%) 9,8 0 25
Shares outstanding adj. 33 33 33
Fully diluted shares Adj 33 33 33
EPS 0,54 1,88 1,7
Dividend per share Adj 0,5 0,2 1
EPS Adj 0,54 1,88 1,7
BVPS 7,87 8,85 9,59
BVPS Adj 7,87 8,85 9,59
Net IB debt / share -2,1 -1,5 -2
Share price 6,91 5,77 5,77
Market cap. (m) 225 188 188
Valuation 2021 2022 2023
P/E 12,9 3,1 3,4
EV/sales 1,36 0,92 0,86
EV/EBITDA 2,7 1,5 1,4
EV/EBITA 9,2 2,5 2,3
EV/EBIT 9,2 2,5 2,3
Dividend yield (%) 6,9 3,5 16,7
FCF yield (%) 9,8 0 25
P/BVPS 0,87 0,65 0,6
P/BVPS Adj 0,87 0,65 0,6
P/E Adj 12,9 3,1 3,4
EV/EBITDA Adj 2,7 1,5 1,4
EV/EBITA Adj 9,2 2,5 2,3
EV/EBIT Adj 9,2 2,5 2,3
EV/cap. employed 0,6 0,5 0,4
Investment ratios 2021 2022 2023
Capex / sales 31,1 55,7 31,3
Capex / depreciation 85,7 216,8 122,5
Capex tangibles / tangible fixed assets 17,2 33,8 17,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,1 15,6 14,3