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Tethys Oil

Tethys Oil

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Tethys Oil is an independent E&P company with its core operation in Oman. Tethys is a 30% partner on Blocks 3 & 4. It is also engaged in exploration activity on other blocks in Oman.

Sustainability information

The main risks to the Tethys Oil investment case is oil price, USDSEK, continued production growth and reserve replacement. Tethys has a very strong production track record from Blocks 3&4 in Oman, a halt in production growth will be negative for the company. Also, being a “one asset play” is not favourable.

Financials

USDm 2024 2025e 2026e
Sales 121 114 123
Sales growth (%) -12,3 -6 7,7
EBITDA 59 62 73
EBITDA margin (%) 48,3 54,5 59,9
EBIT adj. 17 30 46
EBIT adj. margin (%) 13,7 26,3 37,2
Pretax profit 15 28 46
EPS 0,48 0,87 1,43
EPS growth (%) -193,6 82,1 64,9
EPS adj. 0,47 0,87 1,43
DPS 0 0,2 0,2
EV/EBITDA (x) 2,9 3,1 2,3
EV/EBIT adj. (x) 10,3 6,4 3,6
P/E (x) 11,3 6,2 3,8
P/E adj. (x) 11,4 6,2 3,8
EV/sales (x) 1,41 1,68 1,35
FCF yield (%) -13,3 -8 18,2
Le. adj. FCF yld. (%) -13,3 -8 18,2
Dividend yield (%) 0 3,7 3,7
Net IB debt/EBITDA (x) -0,1 0,3 -0,1
Le. adj. ND/EBITDA (x) -0,1 0,3 -0,1
USDm 2024 2025e 2026e
Sales 121 114 123
COGS -63 -52 -46
Gross profit 59 62 76
Other operating items 0 0 -3
EBITDA 59 62 73
Depreciation and amortisation -42 -32 -28
of which leasing depreciation 0 0 0
EBITA 17 30 46
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 17 30 46
Net financial items -1 -2 0
Pretax profit 15 28 46
Tax 0 0 0
Net profit 15 28 46
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 15 28 46
EPS 0,48 0,87 1,43
EPS adj. 0,47 0,87 1,43
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 -0,5
Gross margin (%) 48,3 54,5 62,1
EBITDA margin (%) 48,3 54,5 59,9
EBITA margin (%) 13,6 26,3 37,2
EBIT margin (%) 13,7 26,3 37,2
Pre-tax margin (%) 12,7 24,6 37,4
Net margin (%) 12,7 24,6 37,6
Sales growth (%) -12,3 -6 7,7
EBITDA growth (%) -12,9 6 18,3
EBITA growth (%) -34,5 81,4 52,5
EBIT growth (%) -244,4 80,3 52,5
Net profit growth (%) -193,7 82,1 64,9
EPS growth (%) -193,6 82,1 64,9
Profitability N/A N/A N/A
ROE (%) 5,8 9,8 14,6
ROE adj. (%) 5,7 9,8 14,6
ROCE (%) 5,7 9,8 13,8
ROCE adj. (%) 5,7 9,8 13,8
ROIC (%) 6,6 10,3 14,4
ROIC adj. (%) 6,6 10,3 14,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 59 62 73
EBITDA adj. margin (%) 48,3 54,5 59,9
EBITDA lease adj. 59 62 73
EBITDA lease adj. margin (%) 48,3 54,5 59,9
EBITA adj. 17 30 46
EBITA adj. margin (%) 13,6 26,3 37,2
EBIT adj. 17 30 46
EBIT adj. margin (%) 13,7 26,3 37,2
Pretax profit Adj. 15 28 46
Net profit Adj. 15 28 46
Net profit to shareholders adj. 15 28 46
Net adj. margin (%) 12,6 24,6 37,6
USDm 2024 2025e 2026e
EBITDA 59 62 73
Goodwill N/A N/A N/A
Net financial items -1 -2 0
Other intangible assets 0 0 0
Paid tax 0 0 0
Tangible fixed assets 280 322 337
Non-cash items 0 0 0
Right-of-use asset N/A N/A N/A
Cash flow before change in WC 57 60 74
Total other fixed assets 1 1 1
Change in working capital -1 0 3
Fixed assets 281 323 337
Operating cash flow 56 60 77
Inventories 24 24 24
Capex tangible fixed assets -78 -74 -45
Receivables N/A N/A N/A
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals -1 0 0
Cash and liquid assets 33 12 17
Free cash flow -23 -14 32
Total assets 338 359 379
Dividend paid 0 -6 -6
Shareholders equity 273 295 335
Minority N/A N/A N/A
Share issues and buybacks 0 0 0
Total equity 273 295 335
Leasing liability amortisation 0 0 0
Other non-cash items 0 0 0
Long-term debt 30 30 10
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 20 20 20
Total liabilities and equity 338 359 379
Net IB debt -4 17 -8
Net IB debt excl. pension debt -4 17 -8
Net IB debt excl. leasing -4 17 -8
Capital employed 303 325 344
Capital invested 270 312 326
Working capital 4 4 4
Market cap. diluted (m) 174 174 174
Net IB debt adj. -4 17 -8
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 170 191 166
Total assets turnover (%) 38,5 32,7 33,2
Working capital/sales (%) 1,9 3,2 3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -1,3 5,7 -2,5
Net debt / market cap (%) -2 9,7 -4,8
Equity ratio (%) 80,9 82,1 88,3
Net IB debt adj. / equity (%) -1,3 5,7 -2,5
Current ratio 2,79 1,79 2,04
EBITDA/net interest 46,8 31,4 364,1
Net IB debt/EBITDA (x) -0,1 0,3 -0,1
Net IB debt/EBITDA lease adj. (x) -0,1 0,3 -0,1
Interest coverage 23 11,1 199,4
USDm 2024 2025e 2026e
Shares outstanding adj. 32 32 32
Diluted shares adj. 32 32 32
EPS 0,48 0,87 1,43
Dividend per share 0 0,2 0,2
EPS adj. 0,47 0,87 1,43
BVPS 8,47 9,14 10,37
BVPS adj. 8,47 9,14 10,37
Net IB debt/share -0,11 0,52 -0,26
Share price 58,5 58,5 58,5
Market cap. (m) 174 174 174
P/E (x) 11,3 6,2 3,8
EV/sales (x) 1,41 1,68 1,35
EV/EBITDA (x) 2,9 3,1 2,3
EV/EBITA (x) 10,3 6,4 3,6
EV/EBIT (x) 10,3 6,4 3,6
Dividend yield (%) 0 3,7 3,7
FCF yield (%) -13,3 -8 18,2
Le. adj. FCF yld. (%) -13,3 -8 18,2
P/BVPS (x) 0,64 0,59 0,52
P/BVPS adj. (x) 0,64 0,59 0,52
P/E adj. (x) 11,4 6,2 3,8
EV/EBITDA adj. (x) 2,9 3,1 2,3
EV/EBITA adj. (x) 10,3 6,4 3,6
EV/EBIT adj. (x) 10,3 6,4 3,6
EV/CE (x) 0,6 0,6 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 64 65 36,7
Capex/depreciation 1,8 2,3 1,6
Capex tangibles / tangible fixed assets 27,7 23 13,4
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 14,98 9,95 8,23

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Media

Tethys Oil - Company presentation with IR Stefan Pedersen
Tethys Oil - Company presentation with IR Stefan Pedersen

Main shareholders - Tethys Oil

Main shareholders Share capital % Voting shares % Verified
Roc Oil Company Pty Limited 92.8 % 92.8 % 26 Feb 2025
Tethys Oil AB 3.6 % 3.6 % 26 Feb 2025
Monega 0.9 % 0.9 % 29 Jan 2025
Torbjörn Rösth 0.1 % 0.1 % 26 Feb 2025
Clearwater Management Company 0.1 % 0.1 % 27 Apr 2023
M. Bielefeldt Holding ApS 0.1 % 0.1 % 26 Feb 2025
Stichting Shell Pensioenfonds 0.1 % 0.1 % 27 Apr 2023
SEI Investments 0.1 % 0.1 % 30 Apr 2024
Alaska Permanent Fund Corporation (APFC) 0.1 % 0.1 % 31 Mar 2024
Kärnavfallsfonden 0.1 % 0.1 % 31 Dec 2023
Source: Holdings by Modular Finance AB