Maha Energy: No significant estimate revisions after Q3 - ABG

Q3 numbers broadly in line with estimates
FY’22 production outlook reiterated
Discounts oil at USD 62/bbl


Q3 numbers broadly in line with estimates

Maha Energy reported somewhat soft Q3 numbers compared to the beginning of the year. However, this was expected due to the revised production guidance and recent production data readings from ANP. The overall Q3 result was therefore broadly in line with our estimates. Net production came in at 2.39kboe/d vs. ABGSCe of 2.34kboe/d. Revenue in the quarter was USD 15.5m, 2% above ABGSCe of USD 15.1m and 8% above FactSet consensus at USD 8.1m. EBITDA amounted to USD 9.6m vs. ABGSCe at USD 8.4m and cons. at USD 8.1m. FCF was weak at USD -8m compared to ABGSCe of USD 0m due to higher capex reflecting high activity level at the Tie field. We make very limited estimate revisions after the Q3 report.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/maha-energy/Equity-research/2022/11/maha-energy---no-significant-estimate-revisions-after-q3/