Tethys Oil: Estimates slightly down after Q1 - ABG

Q1 EBITDA of USD 13.0m, slightly below ABGSCe
Small downwards revisions to estimates after Q1
P/NAV of 0.60x and discounts Brent of USD 69/bbl


Q1 numbers slightly below ABGSCe

Tethys Oil reported Q1'24 numbers slightly below our estimates. EBITDA of USD 13.0m was slightly below ABGSCe at USD 15.5m. The small miss was explained by higher opex than we had anticipated, as production, sold volumes and realised prices were pre-announced. FCF of USD -10.8m (SEK -3.5/sh) was softer than ABGSCe of USD -7.7m (SEK -2.5/sh) and was positively affected by lower-than-estimated capex, which was due to phasing, but that was offset by negative WC effects.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/tethys-oil/Equity-research/2024/5/tethys-oil---estimates-slightly-down-after-q1/