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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 2018 2019e 2020e
Sales growth (%) -31 -33,8 11
EBITDA 22 11 15
Sales 77 51 56
EBITDA margin (%) 29,1 21,6 26,5
EBIT adj 22 164 14
EBIT adj margin (%) 28,7 322,6 25
Pretax profit 274 171 57
EPS rep 0,41 0,37 0,13
EPS growth (%) 378 -10,8 -63,4
EPS adj 0,41 0,05 0,13
DPS 0 0 0
EV/EBITDA (x) 65,3 33,3 22,9
EV/EBIT adj (x) 66,1 2,2 24,2
P/E (x) 7,5 5,8 15,9
P/E adj (x) 7,5 47,4 15,9
EV/sales (x) 19 7,2 6,1
FCF yield (%) -0,9 18,5 20,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,6 -22,7 -30,6
SEKm 2018 2019e 2020e
Sales 77 51 56
COGS -54 -40 -42
Gross profit 22 11 15
Other operating items 0 0 0
EBITDA 22 11 15
Depreciation on tangibles 0 -1 -1
Depreciation on intangibles 0 0 0
EBITA 22 10 14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 154 0
EBIT 22 164 14
Other financial items -73 -30 0
Net financial items 252 7 42
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 274 171 57
Tax -77 4 8
Net profit 197 176 64
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 197 176 64
EPS 0,41 0,37 0,13
EPS Adj 0,41 0,05 0,13
Total extraordinary items after tax 0 0 0
Tax rate (%) -28,2 2,4 13,5
Gross margin (%) 29,1 21,6 26,5
EBITDA margin (%) 29,1 21,6 26,5
EBITA margin (%) 28,7 20 25
EBIT margin (%) 28,7 322,6 25
Pretax margin (%) 356,4 336,8 100,2
Net margin (%) 256 344,9 113,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -31 -33,8 11
EBITDA growth (%) -67,8 -50,7 36
EBIT growth (%) 121 643,7 -91,4
Net profit growth (%) 411,1 -10,8 -63,4
EPS growth (%) 378 -10,8 -63,4
Profitability 2018 2019 2020
ROE (%) 24,8 19,5 6,3
ROE Adj (%) 24,8 2,4 6,3
ROCE (%) -5,8 14,4 1,4
ROCE Adj(%) -5,8 -2,1 1,4
ROIC (%) 1,9 19,9 2,2
ROIC Adj (%) 1,9 19,9 2,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 22 11 15
EBITDA Adj margin (%) 29,1 21,6 26,5
EBITA Adj 22 10 14
EBITA Adj margin (%) 28,7 20 25
EBIT Adj 22 164 14
EBIT Adj margin (%) 28,7 322,6 25
Pretax profit Adj 274 17 57
Net profit Adj 197 22 64
Net profit to shareholders Adj 197 22 64
Net Adj margin (%) 256 42,3 113,7
SEKm 2018 2019e 2020e
EBITDA 22 11 15
Net financial items 252 7 42
Paid tax -2 -9 -33
Non-cash items -63 -3 0
Cash flow before change in WC 209 6 24
Change in WC 3 -1 0
Operating cash flow 5 13 24
CAPEX tangible fixed assets -11 -2 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -8 178 184
Free cash flow -14 189 209
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 27 49 0
Decrease in net IB debt 13 238 209
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 204 210 210
Definite intangible assets 0 1 1
Tangible fixed assets 654 181 180
Other fixed assets 8 404 220
Fixed assets 866 796 611
Inventories 0 0 0
Receivables 24 25 25
Other current assets 29 30 30
Cash and liquid assets 62 255 464
Total assets 980 1106 1129
Shareholders equity 812 991 1056
Minority 0 0 0
Total equity 812 991 1056
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 85 73 32
Other long-term liabilities 3 3 3
Short-term debt 49 5 5
Accounts payable 10 10 10
Other current liabilities 20 24 24
Total liabilities and equity 672 968 980
Net IB debt -12 -250 -459
Net IB debt excl. pension debt -12 -250 -459
Capital invested 879 811 626
Working capital 14 15 15
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1480 1021 1021
Net IB debt Adj -12 -250 -459
Market value of minority 0 0 0
Reversal of shares and participations -8 -404 -220
Reversal of conv. debt assumed equity 0 0 0
EV 1460 367 343
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 7,9 4,9 5,1
Capital invested turnover (%) 9 6 7,9
Capital employed turnover (%) 8,9 5,5 5,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15 19,6 17,5
Working capital / sales (%) 19,5 28,1 26,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -1,5 -25,2 -43,5
Net debt / market cap (%) -0,9 -24,5 -44,9
Equity ratio (%) 82,8 89,7 93,5
Net IB debt adj. / equity (%) -1,5 -25,2 -43,5
Current ratio (%) 144 807,4 1351,8
EBITDA / net interest (%) -6,9 -29,5 -35,3
Net IB debt / EBITDA (%) -55,3 -2270,2 -3064,4
Interest cover (%) -6,8 -27,3 -33,3
SEKm 2018 2019e 2020e
Shares outstanding adj. 477 477 477
Fully diluted shares Adj 477 477 477
EPS 0,41 0,37 0,13
Dividend per share Adj 0 0 0
EPS Adj 0,41 0,05 0,13
BVPS 1,7 2,08 2,21
BVPS Adj 1,7 2,08 2,21
Net IB debt / share 0 -0,5 -1
Share price 2,87 2,14 2,14
Market cap. (m) 1370 1021 1021
Valuation 2018 2019 2020
P/E 7,5 5,8 15,9
EV/sales 18,99 7,21 6,07
EV/EBITDA 65,3 33,3 22,9
EV/EBITA 66,1 36 24,2
EV/EBIT 66,1 2,2 24,2
Dividend yield (%) 0 0 0
FCF yield (%) -0,9 18,5 20,4
P/BVPS 1,82 1,03 0,97
P/BVPS Adj 1,82 1,03 0,97
P/E Adj 7,5 47,4 15,9
EV/EBITDA Adj 65,3 33,3 22,9
EV/EBITA Adj 66,1 36 24,2
EV/EBIT Adj 66,1 2,2 24,2
EV/cap. employed 1,7 0,4 0,3
Investment ratios 2018 2019 2020
Capex / sales 14,7 4,8 0
Capex / depreciation 4126 296,7 0
Capex tangibles / tangible fixed assets 1,7 1,3 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 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)

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Main shareholders

Main shareholders Share capital % Voting shares % Verified
Yoav Ben-Eli 72.0 % 72.0 % 30 Jun 2019
Cement Sweden Fund SCSp 13.2 % 13.2 % 30 Jun 2019
Bertil Lindkvist 0.5 % 1.8 % 31 Mar 2017
Andreas Forssell 1.8 % 1.8 % 31 Mar 2019
Swedbank Försäkring 1.7 % 1.7 % 30 Jun 2019
Alan Simonian 0.7 % 0.7 % 31 Mar 2019
Avanza Pension 0.4 % 0.4 % 30 Jun 2019
Peter Norman Eggers 0.1 % 0.1 % 30 Jun 2019
Nordnet Pensionsförsäkring 0.0 % 0.0 % 30 Jun 2019
Lincap AB 0.0 % 0.0 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Crown Energy

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

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