Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Tethys Oil

Tethys Oil

Send subscription Close

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 2023 2024e 2025e
Sales 138 128 137
Sales growth (%) -11,7 -7,3 6,7
EBITDA 67 67 86
EBITDA margin (%) 48,6 52,1 62,6
EBIT adj. -12 25 53
EBIT adj. margin (%) -8,5 19,4 39,1
Pretax profit -16 29 54
EPS -0,51 0,9 1,67
EPS growth (%) -128,5 -276,9 85,1
EPS adj. 0,67 0,9 1,67
DPS 0,19 0 0,2
EV/EBITDA (x) 1,1 1,3 0,9
EV/EBIT adj. (x) -6,1 3,4 1,5
P/E (x) -5,9 3,3 1,8
P/E adj. (x) 4,5 3,3 1,8
EV/sales (x) 0,51 0,66 0,58
FCF yield (%) 0,1 -13,7 12,2
Le. adj. FCF yld. (%) 0,1 -13,7 12,2
Dividend yield (%) 6,3 0 6,6
Net IB debt/EBITDA (x) -0,4 -0,2 -0,2
Le. adj. ND/EBITDA (x) -0,4 -0,2 -0,2
USDm 2023 2024e 2025e
Sales 138 128 137
COGS -65 -61 -51
Gross profit 74 67 86
Other operating items -6 0 0
EBITDA 67 67 86
Depreciation and amortisation -42 -42 -32
of which leasing depreciation 0 0 0
EBITA 25 25 53
EO Items 0 0 0
Impairment and PPA amortisation -37 0 0
EBIT -12 25 53
Net financial items -4 4 0
Pretax profit -16 29 54
Tax -1 0 0
Net profit -16 29 54
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -16 29 54
EPS -0,51 0,9 1,67
EPS adj. 0,67 0,9 1,67
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -3,1 0 0
Gross margin (%) 53,3 52,1 62,6
EBITDA margin (%) 48,6 52,1 62,6
EBITA margin (%) 18,2 19,4 39,1
EBIT margin (%) -8,3 19,4 39,1
Pre-tax margin (%) -11,5 22,7 39,3
Net margin (%) -11,9 22,7 39,3
Sales growth (%) -11,7 -7,3 6,7
EBITDA growth (%) -29 -0,8 28,3
EBITA growth (%) -53,4 -1,3 114,9
EBIT growth (%) -121,3 -316,3 N/A
Net profit growth (%) -128,3 -277 85,1
EPS growth (%) -128,5 -276,9 85,1
Profitability N/A N/A N/A
ROE (%) -6 10,7 17,6
ROE adj. (%) 7,5 10,7 17,6
ROCE (%) -5,9 10,5 17,1
ROCE adj. (%) 7,7 10,5 17,1
ROIC (%) 10,9 9,9 18,4
ROIC adj. (%) 10,9 9,9 18,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 67 67 86
EBITDA adj. margin (%) 48,6 52,1 62,6
EBITDA lease adj. 67 67 86
EBITDA lease adj. margin (%) 48,6 52,1 62,6
EBITA adj. 25 25 53
EBITA adj. margin (%) 18,2 19,4 39,1
EBIT adj. -12 25 53
EBIT adj. margin (%) -8,5 19,4 39,1
Pretax profit Adj. 21 29 54
Net profit Adj. 20 29 54
Net profit to shareholders adj. 20 29 54
Net adj. margin (%) 14,7 22,7 39,3
USDm 2023 2024e 2025e
EBITDA 67 67 86
Goodwill N/A N/A N/A
Net financial items -4 4 0
Other intangible assets 0 0 0
Paid tax -1 0 0
Tangible fixed assets 245 280 322
Non-cash items 6 -5 0
Right-of-use asset N/A N/A N/A
Cash flow before change in WC 68 66 86
Total other fixed assets 0 1 1
Change in working capital 14 -2 0
Fixed assets 245 281 323
Operating cash flow 82 64 86
Inventories 20 18 18
Capex tangible fixed assets -82 -77 -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 0 0
Cash and liquid assets 26 43 18
Free cash flow 0 -13 12
Total assets 291 342 359
Dividend paid -6 0 -6
Shareholders equity 258 283 330
Minority N/A N/A N/A
Share issues and buybacks -10 0 0
Total equity 258 283 330
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 15 15
Total liabilities and equity 291 342 359
Net IB debt -26 -13 -19
Net IB debt excl. pension debt -26 -13 -19
Net IB debt excl. leasing -26 -13 -19
Capital employed 258 313 330
Capital invested 232 269 311
Working capital 1 3 3
Market cap. diluted (m) 97 97 97
Net IB debt adj. -26 -13 -19
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 71 84 79
Total assets turnover (%) 45,5 40,5 39
Working capital/sales (%) 3,2 1,6 2,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -10,1 -4,7 -5,6
Net debt / market cap (%) -27 -13,5 -19,1
Equity ratio (%) 88,7 82,7 91,9
Net IB debt adj. / equity (%) -10,1 -4,7 -5,6
Current ratio 2,39 4,08 2,43
EBITDA/net interest 15,3 16 299,9
Net IB debt/EBITDA (x) -0,4 -0,2 -0,2
Net IB debt/EBITDA lease adj. (x) -0,4 -0,2 -0,2
Interest coverage N/A 37,9 46,5
USDm 2023 2024e 2025e
Shares outstanding adj. 32 32 32
Diluted shares adj. 32 32 32
EPS -0,51 0,9 1,67
Dividend per share 0,19 0 0,2
EPS adj. 0,67 0,9 1,67
BVPS 8,01 8,76 10,22
BVPS adj. 8,01 8,76 10,22
Net IB debt/share -0,81 -0,41 -0,57
Share price 31,05 31,05 31,05
Market cap. (m) 97 97 97
P/E (x) -5,9 3,3 1,8
EV/sales (x) 0,51 0,66 0,58
EV/EBITDA (x) 1,1 1,3 0,9
EV/EBITA (x) 2,8 3,4 1,5
EV/EBIT (x) -6,2 3,4 1,5
Dividend yield (%) 6,3 0 6,6
FCF yield (%) 0,1 -13,7 12,2
Le. adj. FCF yld. (%) 0,1 -13,7 12,2
P/BVPS (x) 0,38 0,34 0,29
P/BVPS adj. (x) 0,38 0,34 0,29
P/E adj. (x) 4,5 3,3 1,8
EV/EBITDA adj. (x) 1,1 1,3 0,9
EV/EBITA adj. (x) 2,8 3,4 1,5
EV/EBIT adj. (x) -6,1 3,4 1,5
EV/CE (x) 0,3 0,3 0,2
Investment ratios N/A N/A N/A
Capex/sales (%) 59,1 60,2 54,2
Capex/depreciation 1,9 1,8 2,3
Capex tangibles / tangible fixed assets 33,4 27,5 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 14,92 9,96

Equity research

Read earlier research

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 5.0 % 5.0 % 29 Aug 2024
Samson Rock Capital LLP 5.0 % 5.0 % 4 Oct 2024
Magnus Nordin 4.6 % 4.6 % 28 Aug 2024
Avanza Pension 4.0 % 4.0 % 28 Aug 2024
Tethys Oil AB 3.6 % 3.6 % 28 Aug 2024
Nordnet Pensionsförsäkring 3.2 % 3.2 % 28 Aug 2024
Dimensional Fund Advisors 2.9 % 2.9 % 30 Sep 2024
Janne Pakarinen 2.5 % 2.5 % 28 Aug 2024
Bengt Karlsson 2.4 % 2.4 % 28 Aug 2024
Source: Holdings by Modular Finance AB