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Crown Energy

Crown Energy

An exploratory landlord

Crown Energy was established in 2010, registered as a public company in September 2011 and listed on NGM Equity in December 2012. The company operates in two business segments: Asset Development and Management, and Energy. The Asset Development and Management segment operates 31,683 sqm of leasable area across 16 properties in Luanda, Angola, while the Energy segment holds four oil and gas exploration licenses in South Africa, Equatorial Guinea, Madagascar and Iraq.

Crown Energy holds exploration assets that could see significant upside if the exploration turns out successful. In such case, we expect the company to seek to monetise the assets through divestitures. The near-term focus is directed towards the drilling of Block 2B, which holds gross prospective resources of 376 mill boe where Crown Energy holds a 10% carried interest.

Crown Energy is exposed to adverse movements in oil and gas prices. Furthermore, there are risks relating to the monetisation of the company’s exploration assets through divestiture. Another risk is economic conditions in Angola. The reported currency is SEK and consequently Crown Energy is exposed to adverse currency fluctuations.

SEKm 2019 2020e 2021e
Sales growth (%) -33,8 11 0
EBITDA 11 15 16
Sales 51 56 56
EBITDA margin (%) 21,6 26,5 28,2
EBIT adj 164 14 15
EBIT adj margin (%) 322,6 25 26,7
Pretax profit 171 57 46
EPS rep 0,37 0,13 0,11
EPS growth (%) -10,8 -63,4 -18,6
EPS adj 0,05 0,13 0,11
DPS 0 0 0
EV/EBITDA (x) -23,4 -18,9 -19,4
EV/EBIT adj (x) -1,6 -20 -20,4
P/E (x) 2,3 6,2 7,6
P/E adj (x) 18,4 6,2 7,6
EV/sales (x) -5,1 -5 -5,5
FCF yield (%) 47,6 52,7 53
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -22,7 -30,6 -42
SEKm 2019 2020e 2021e
Sales 51 56 56
COGS -40 -42 -41
Gross profit 11 15 16
Other operating items 0 0 0
EBITDA 11 15 16
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles 0 0 0
EBITA 10 14 15
Goodwill impairment charges 0 0 0
Other impairment and amortisation 154 0 0
EBIT 164 14 15
Other financial items -30 0 0
Net financial items 7 42 31
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 171 57 46
Tax 4 8 6
Net profit 176 64 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 176 64 52
EPS 0,37 0,13 0,11
EPS Adj 0,05 0,13 0,11
Total extraordinary items after tax 0 0 0
Tax rate (%) 2,4 13,5 13,5
Gross margin (%) 21,6 26,5 28,2
EBITDA margin (%) 21,6 26,5 28,2
EBITA margin (%) 20 25 26,7
EBIT margin (%) 322,6 25 26,7
Pretax margin (%) 336,8 100,2 81,6
Net margin (%) 344,9 113,7 92,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -33,8 11 0
EBITDA growth (%) -50,7 36 6,3
EBIT growth (%) 643,7 -91,4 6,6
Net profit growth (%) -10,8 -63,4 -18,6
EPS growth (%) -10,8 -63,4 -18,6
Profitability 2019 2020 2021
ROE (%) 19,5 6,3 4,8
ROE Adj (%) 2,4 6,3 4,8
ROCE (%) 14,4 1,4 1,4
ROCE Adj(%) -2,1 1,4 1,4
ROIC (%) 19,7 2,2 3,2
ROIC Adj (%) 19,7 2,2 3,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 11 15 16
EBITDA Adj margin (%) 21,6 26,5 28,2
EBITA Adj 10 14 15
EBITA Adj margin (%) 20 25 26,7
EBIT Adj 164 14 15
EBIT Adj margin (%) 322,6 25 26,7
Pretax profit Adj 17 57 46
Net profit Adj 22 64 52
Net profit to shareholders Adj 22 64 52
Net Adj margin (%) 42,3 113,7 92,6
SEKm 2019 2020e 2021e
EBITDA 11 15 16
Net financial items 7 42 31
Paid tax -9 -33 -29
Non-cash items -3 0 0
Cash flow before change in WC 6 24 18
Change in WC 1 0 -4
Operating cash flow 13 24 18
CAPEX tangible fixed assets -2 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 178 184 192
Free cash flow 189 209 210
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 46 0 0
Decrease in net IB debt 238 209 210
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 210 210 210
Definite intangible assets 1 1 1
Tangible fixed assets 181 180 180
Other fixed assets 404 220 35
Fixed assets 796 611 425
Inventories 0 0 0
Receivables 25 25 25
Other current assets 30 30 30
Cash and liquid assets 255 464 674
Total assets 1106 1129 1154
Shareholders equity 991 1056 1108
Minority 0 0 0
Total equity 991 1056 1108
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 73 32 1
Other long-term liabilities 3 3 3
Short-term debt 5 5 5
Accounts payable 10 10 5
Other current liabilities 24 24 24
Total liabilities and equity 1106 1129 1147
Net IB debt -250 -459 -669
Net IB debt excl. pension debt -250 -459 -669
Capital invested 817 632 451
Working capital 21 21 26
EV breakdown 2019 2020 2021
Market cap. diluted (m) 396 396 396
Net IB debt Adj -250 -459 -669
Market value of minority 0 0 0
Reversal of shares and participations -404 -220 -35
Reversal of conv. debt assumed equity 0 0 0
EV -258 -282 -308
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 4,9 5,1 4,9
Capital invested turnover (%) 6 7,8 10,4
Capital employed turnover (%) 5,5 5,5 5,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,6 17,5 13,5
Working capital / sales (%) 43 37,7 41,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -25,2 -43,5 -60,4
Net debt / market cap (%) -21,3 -115,8 -168,8
Equity ratio (%) 89,7 93,5 96
Net IB debt adj. / equity (%) -25,2 -43,5 -60,4
Current ratio (%) 807,4 1351,8 2149,8
EBITDA / net interest (%) -29,5 -35,3 -51,3
Net IB debt / EBITDA (%) -2270,2 -3064,4 -4203,8
Interest cover (%) -27,3 -33,3 -48,7
SEKm 2019 2020e 2021e
Shares outstanding adj. 477 477 477
Fully diluted shares Adj 477 477 477
EPS 0,37 0,13 0,11
Dividend per share Adj 0 0 0
EPS Adj 0,05 0,13 0,11
BVPS 2,08 2,21 2,32
BVPS Adj 2,08 2,21 2,32
Net IB debt / share -0,5 -1 -1,4
Share price 2,45 0,83 0,83
Market cap. (m) 1172 396 396
Valuation 2019 2020 2021
P/E 2,3 6,2 7,6
EV/sales -5,07 -5 -5,45
EV/EBITDA -23,4 -18,9 -19,4
EV/EBITA -25,3 -20 -20,4
EV/EBIT -1,6 -20 -20,4
Dividend yield (%) 0 0 0
FCF yield (%) 47,6 52,7 53
P/BVPS 0,4 0,38 0,36
P/BVPS Adj 0,4 0,38 0,36
P/E Adj 18,4 6,2 7,6
EV/EBITDA Adj -23,4 -18,9 -19,4
EV/EBITA Adj -25,3 -20 -20,4
EV/EBIT Adj -1,6 -20 -20,4
EV/cap. employed -0,3 -0,3 -0,3
Investment ratios 2019 2020 2021
Capex / sales 4,8 0 0
Capex / depreciation 296,7 0 0
Capex tangibles / tangible fixed assets 1,3 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0,5 0,5 0,5

Equity research

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Media

Crown Energy - Interview with CEO Andreas Forssell (in Swedish)
Crown Energy - Company presentation with CEO Andreas Forssell (in Swedish)

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Yoav Ben-Eli 72.0 % 72.0 % 31 Mar 2020
Cement Sweden Fund SCSp 13.2 % 13.2 % 30 Sep 2019
Bertil Lindkvist 0.5 % 1.8 % 31 Mar 2017
Advokat Tobias Peedu AB 1.7 % 1.7 % 31 Mar 2020
Alan Simonian 0.7 % 0.7 % 30 Jun 2019
Avanza Pension 0.2 % 0.2 % 31 Mar 2020
Peter Norman Eggers 0.1 % 0.1 % 31 Mar 2020
Nordnet Pensionsförsäkring 0.1 % 0.1 % 31 Mar 2020
Lincap AB 0.0 % 0.0 % 31 Mar 2020
Andreas Forssell 0.0 % 0.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Crown Energy

Name Quantity Code Date
Andreas Forssell -8 228 844 SELL 12 Nov 2019
YBE Ventures Ltd -9 450 000 SELL 29 Dec 2017
Cement Sweden S.a.r.l +31 500 000 Redemp 6 Dec 2017
Pierre-Emmanuel Weil -31 500 000 Redemp 6 Dec 2017
Cement Sweden S.a.r.l -31 500 000 Redemp 6 Dec 2017
Pierre-Emmanuel Weil +31 500 000 Redemp 6 Dec 2017
YBE Ventures Ltd -353 267 971 CHANGE 5 Oct 2017
Alan Simonian -1 000 000 GIFT 9 Jun 2017
Nicole Simonian +1 000 000 GIFT 9 Jun 2017
Andreas Forssell -8 228 844 SELL 10 Apr 2017

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