Tethys Oil: Small estimate changes despite lower guidance - ABG

Q2 EBITDA 8% above on lower costs
Reduced guidance, yet only small changes to estimates
Reiterate fair value range of SEK 30-55/sh


Q2 numbers above ABGSCe on lower costs

Tethys Oil reported Q2'24 numbers slightly above our estimates. EBITDA of USD 15.7m was above ABGSCe at USD 14.5m. The beat was explained by lower opex than we had anticipated, as production, sold volumes and realised prices were pre-announced. FCF in the quarter was strong at USD 3.2m (SEK 1.0/sh) vs. ABGSCe of USD -11.0m (SEK -3.6/sh) and was positively affected by lower-than-estimated capex (FY guidance reduced) and positive WC effects. As such, the cash position grew to USD 18m (USD 15m) q-o-q.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/tethys-oil/Equity-research/2024/8/tethys-oil---small-estimate-changes-despite-lower-guidance/