Maha Energy: No significant revisions after Q2 - ABG
Q2 EBITDA largely in line
Slightly lower estimates for ‘21
Discounts oil at USD ~48/bbl
Maha Energy reported Q2 production of 3.1kboe/d, slightly below ABGSCe at 3.2kboe/d. EBITDA of USD 9.0m was in line with ABGSCe at USD 9.1m, but somewhat below FactSet consensus at USD 10.7m. The operational issues that constrained production in Q2 should now be resolved.
On our estimates (which broadly reflect Maha’s production guidance), Maha discounts an oil price of USD 48/bbl (P/NAV 1.0x, assuming a 15% WACC). This compares to a spot oil price of ~USD 68/bbl and ABGSC’s long-term oil price estimate of USD 60/bbl.
Länk till analysen i sin helhet: https://www.introduce.se/foretag/maha-energy/Equity-research/2021/8/maha-energy---no-significant-revisions-after-q2/