Maha Energy: Only small estimate revisions after Q4 - ABG

Small estimate changes after Q4
Continues to focus on growth strategy
P/NAV of 0.50x and discounts Brent of USD 55/bbl


Only small estimate changes after Q4

Maha Energy reported Q4'23 numbers broadly in line with our expectations. Net production of 2,216boe/d was preannounced ahead of the report and revenues of USD 1.2m were in line with ABGSCe. Note that Maha's main assets (owned through the 3R Offshore JV) are equity accounted and consequently not fully reflected in reported numbers. EBITDA was USD -1.5m vs. ABGSCe of USD 0.9m due to slightly higher costs. FCF in Q4 was USD -6m (SEK -0.3/sh) vs. ABGSCe of USD -2m (SEK -0.1/sh) due to higher capex in the quarter. In sum, the Q4 numbers were in line with our expectations, and we only make small estimate revisions in absolute terms.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/maha-energy/Equity-research/2024/2/maha-energy---only-small-estimate-revisions-after-q4/