Maha Energy: Continues to focus on growth strategy - ABG

Q4 EBITDA of -1.5m vs ABGSCe 0.9m
Focus on executing on growth strategy
Only small estimate changes expected


Q4 EBITDA -1.5m vs ABGSCe USD 0.9m

Maha Energy reports Q4'23 working interest production of 2,216boe/d, which was preannounced ahead of today's report. Note that Maha's main assets are equity accounted (Owned through the 3R Offshore JV) and consequently not fully reflected into the reported numbers. Q4 revenues of USD 1.2m was in line with ABGSCe of USD 1.2m. EBITDA in the quarter came in at USD -1.5m, below ABGSCe of USD 0.9m, with the miss being explained by higher costs. FCF in Q4 was USD -6m (SEK -0.3/sh), vs ABGSCe of USD -2mm (SEK -0.1/sh) due to higher capex. In sum, we evaluate the Q4'23 numbers to be fairly in line with our expectations in absolute terms. Maha continues to be in a strong financial situation and exited the year with USD 97m (SEK 5.7/sh) in net cash when including the restricted cash. See the deviation table below for more details.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/maha-energy/Equity-research/2024/2/maha-energy---continues-to-focus-on-growth-strategy/