Maha Energy Q1: Figures in line, awaits closing of merger - ABG
Q1 figures in line – small estimate revisions
Awaits closing of merger between 3R and Enauta
Reiterate our fair value range of SEK 8.0-14.0/sh
Q1 figures in line – only small estimate revisions
Maha Energy reported Q1'24 numbers broadly in line with our expectations. Net production of 2,047boe/d was preannounced ahead of the report and revenues of USD 2.2m were in line with ABGSCe at 2.0m. Note that Maha's main assets (owned through the 3R Offshore JV) are equity accounted and consequently not fully reflected in the reported numbers in Q1. EBITDA was USD 0.4m vs. ABGSCe at USD 0.8m due to slightly higher opex. FCF in Q1 was USD -79m (SEK -4.6/sh) vs. ABGSCe of USD -71m (SEK -4.2/sh) and driven by the USD 69m acquisition of the 5% stake in 3R Petroleum. In sum, we make only small estimate revisions in absolute terms following the Q1 report.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/maha-energy/Equity-research/2024/5/maha-energy---q1-figures-in-line-awaits-closing-of-merger/
