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Tethys Oil

Tethys Oil

Oil and natural gas

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.

USDm 2023 2024e 2025e
Sales 138 134 137
Sales growth (%) -11,7 -3 2,3
EBITDA 67 72 86
EBITDA margin (%) 48,6 53,7 63
EBIT adj. -12 29 54
EBIT adj. margin (%) -8,5 22 39,6
Pretax profit -16 34 54
EPS -0,51 1,06 1,68
EPS growth (%) -128,5 -308,6 58,3
EPS adj. 0,67 1,06 1,68
DPS 0,19 0 0,2
EV/EBITDA (x) 1,2 1,5 1
EV/EBIT adj. (x) -6,8 3,7 1,7
P/E (x) -6,5 3,1 2
P/E adj. (x) 5 3,1 2
EV/sales (x) 0,58 0,81 0,66
FCF yield (%) 0,1 -26,2 22,8
Le. adj. FCF yld. (%) 0,1 -26,2 22,8
Dividend yield (%) 5,7 0 6,1
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 138 134 137
COGS -65 -62 -51
Gross profit 74 72 86
Other operating items -6 0 0
EBITDA 67 72 86
Depreciation and amortisation -42 -43 -32
of which leasing depreciation 0 0 0
EBITA 25 29 54
EO Items 0 0 0
Impairment and PPA amortisation -37 0 0
EBIT -12 29 54
Net financial items -4 5 0
Pretax profit -16 34 54
Tax -1 0 0
Net profit -16 34 54
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -16 34 54
EPS -0,51 1,06 1,68
EPS adj. 0,67 1,06 1,68
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -3,1 0 0
Gross margin (%) 53,3 53,7 63
EBITDA margin (%) 48,6 53,7 63
EBITA margin (%) 18,2 22 39,6
EBIT margin (%) -8,3 22 39,6
Pre-tax margin (%) -11,5 25,5 39,5
Net margin (%) -11,9 25,5 39,5
Sales growth (%) -11,7 -3 2,3
EBITDA growth (%) -29 7,2 19,9
EBITA growth (%) -53,4 17 84
EBIT growth (%) -121,3 -356,4 84
Net profit growth (%) -128,3 -308,7 58,3
EPS growth (%) -128,5 -308,6 58,3
Profitability N/A N/A N/A
ROE (%) -6 12,6 17,4
ROE adj. (%) 7,5 12,6 17,4
ROCE (%) -5,9 12,3 17
ROCE adj. (%) 7,7 12,3 17
ROIC (%) 10,9 11,3 17,9
ROIC adj. (%) 10,9 11,3 17,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 67 72 86
EBITDA adj. margin (%) 48,6 53,7 63
EBITDA lease adj. 67 72 86
EBITDA lease adj. margin (%) 48,6 53,7 63
EBITA adj. 25 29 54
EBITA adj. margin (%) 18,2 22 39,6
EBIT adj. -12 29 54
EBIT adj. margin (%) -8,5 22 39,6
Pretax profit Adj. 21 34 54
Net profit Adj. 20 34 54
Net profit to shareholders adj. 20 34 54
Net adj. margin (%) 14,7 25,5 39,5
USDm 2023 2024e 2025e
EBITDA 67 72 86
Goodwill N/A N/A N/A
Net financial items -4 5 0
Other intangible assets 0 0 0
Paid tax -1 0 0
Tangible fixed assets 245 295 325
Non-cash items 6 -5 0
Right-of-use asset N/A N/A N/A
Cash flow before change in WC 68 72 86
Total other fixed assets 0 0 0
Change in working capital 14 -7 0
Fixed assets 245 295 325
Operating cash flow 82 65 86
Inventories 20 22 22
Capex tangible fixed assets -82 -93 -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 28 16
Free cash flow 0 -28 24
Total assets 291 345 362
Dividend paid -6 0 -6
Shareholders equity 258 287 335
Minority N/A N/A N/A
Share issues and buybacks -10 0 0
Total equity 258 287 335
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 14 14
Total liabilities and equity 291 345 363
Net IB debt -26 2 -16
Net IB debt excl. pension debt -26 2 -16
Net IB debt excl. leasing -26 2 -16
Capital employed 258 317 335
Capital invested 232 289 319
Working capital 1 8 8
Market cap. diluted (m) 106 106 106
Net IB debt adj. -26 2 -16
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 80 108 90
Total assets turnover (%) 45,5 42,2 38,8
Working capital/sales (%) 3,2 3,2 5,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -10,1 0,6 -4,8
Net debt / market cap (%) -24,7 1,7 -15,1
Equity ratio (%) 88,7 83,3 92,4
Net IB debt adj. / equity (%) -10,1 0,6 -4,8
Current ratio 2,39 3,59 2,71
EBITDA/net interest 15,3 15,2 1443,1
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 46,9
USDm 2023 2024e 2025e
Shares outstanding adj. 32 32 32
Diluted shares adj. 32 32 32
EPS -0,51 1,06 1,68
Dividend per share 0,19 0 0,2
EPS adj. 0,67 1,06 1,68
BVPS 8,01 8,9 10,38
BVPS adj. 8,01 8,9 10,38
Net IB debt/share -0,81 0,05 -0,5
Share price 35,65 35,65 35,65
Market cap. (m) 106 106 106
P/E (x) -6,5 3,1 2
EV/sales (x) 0,58 0,81 0,66
EV/EBITDA (x) 1,2 1,5 1
EV/EBITA (x) 3,2 3,7 1,7
EV/EBIT (x) -7 3,7 1,7
Dividend yield (%) 5,7 0 6,1
FCF yield (%) 0,1 -26,2 22,8
Le. adj. FCF yld. (%) 0,1 -26,2 22,8
P/BVPS (x) 0,41 0,37 0,32
P/BVPS adj. (x) 0,41 0,37 0,32
P/E adj. (x) 5 3,1 2
EV/EBITDA adj. (x) 1,2 1,5 1
EV/EBITA adj. (x) 3,2 3,7 1,7
EV/EBIT adj. (x) -6,8 3,7 1,7
EV/CE (x) 0,3 0,3 0,3
Investment ratios N/A N/A N/A
Capex/sales (%) 59,1 69,1 45,2
Capex/depreciation 1,9 2,2 1,9
Capex tangibles / tangible fixed assets 33,4 31,4 19,1
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 14,43 9,88

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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
Lansdowne Partners 10.9 % 10.9 % 27 Feb 2024
Franklin Templeton 5.3 % 5.3 % 12 Oct 2023
Magnus Nordin 4.6 % 4.6 % 26 Apr 2024
Avanza Pension 4.6 % 4.6 % 26 Apr 2024
Tethys Oil AB 3.6 % 3.6 % 26 Apr 2024
Dimensional Fund Advisors 3.1 % 3.1 % 30 Apr 2024
Nordnet Pensionsförsäkring 3.1 % 3.1 % 26 Apr 2024
Janne Pakarinen 2.4 % 2.4 % 26 Apr 2024
Bengt Karlsson 2.2 % 2.2 % 26 Apr 2024
Jan Risberg 1.8 % 1.8 % 26 Apr 2024
Source: Holdings by Modular Finance AB