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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 18,4 23,6
EBITDA 22 41 59
Sales 77 91 113
EBITDA margin (%) 29,1 44,8 52,5
EBIT adj 22 41 59
EBIT adj margin (%) 28,7 44,8 52,5
Pretax profit 274 39 59
EPS rep 0,41 0,07 0,11
EPS growth (%) 378 -82,8 48,9
EPS adj 0,41 0,07 0,11
DPS 0 0 0
EV/EBITDA (x) 65,3 29,7 19,5
EV/EBIT adj (x) 66,1 29,7 19,5
P/E (x) 7,5 37,6 25,3
P/E adj (x) 7,5 37,6 25,3
EV/sales (x) 19 13,3 10,2
FCF yield (%) -0,9 3,1 4,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,6 -1,3 -1,9
SEKm 2018 2019e 2020e
Sales 77 91 113
COGS -54 -50 -53
Gross profit 22 41 59
Other operating items 0 0 0
EBITDA 22 41 59
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 0 0
EBITA 22 41 59
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 22 41 59
Other financial items -73 0 0
Net financial items 252 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 274 39 59
Tax -77 -6 -8
Net profit 197 34 50
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 197 34 50
EPS 0,41 0,07 0,11
EPS Adj 0,41 0,07 0,11
Total extraordinary items after tax 0 0 0
Tax rate (%) -28,2 -14,1 -14,1
Gross margin (%) 29,1 44,8 52,5
EBITDA margin (%) 29,1 44,8 52,5
EBITA margin (%) 28,7 44,8 52,5
EBIT margin (%) 28,7 44,8 52,5
Pretax margin (%) 356,4 43,2 52
Net margin (%) 256 37,1 44,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -31 18,4 23,6
EBITDA growth (%) -67,8 82,3 44,9
EBIT growth (%) 121 84,5 44,9
Net profit growth (%) 411,1 -82,8 48,9
EPS growth (%) 378 -82,8 48,9
Profitability 2018 2019 2020
ROE (%) 24,8 4,1 5,8
ROE Adj (%) 24,8 4,1 5,8
ROCE (%) -6,4 5,1 7,5
ROCE Adj(%) -6,4 5,1 7,5
ROIC (%) 1,9 4 5,8
ROIC Adj (%) 1,9 4 5,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 22 41 59
EBITDA Adj margin (%) 29,1 44,8 52,5
EBITA Adj 22 41 59
EBITA Adj margin (%) 28,7 44,8 52,5
EBIT Adj 22 41 59
EBIT Adj margin (%) 28,7 44,8 52,5
Pretax profit Adj 274 39 59
Net profit Adj 197 34 50
Net profit to shareholders Adj 197 34 50
Net Adj margin (%) 256 37,1 44,7
SEKm 2018 2019e 2020e
EBITDA 22 41 59
Net financial items 252 -1 -1
Paid tax -2 0 0
Non-cash items -63 0 0
Cash flow before change in WC 209 39 59
Change in WC 3 0 0
Operating cash flow 5 39 59
CAPEX tangible fixed assets -11 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -8 0 0
Free cash flow -14 39 59
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 27 0 0
Decrease in net IB debt 13 39 59
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 204 204 204
Definite intangible assets 1 1 1
Tangible fixed assets 654 654 654
Other fixed assets 8 8 8
Fixed assets 866 866 866
Inventories 0 0 0
Receivables 24 24 24
Other current assets 29 29 29
Cash and liquid assets 62 101 160
Total assets 981 1020 1079
Shareholders equity 812 846 896
Minority 0 0 0
Total equity 812 846 896
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 85 91 99
Other long-term liabilities 3 3 3
Short-term debt 49 49 49
Accounts payable 10 10 10
Other current liabilities 20 20 20
Total liabilities and equity 672 968 980
Net IB debt -12 -52 -110
Net IB debt excl. pension debt -12 -52 -110
Capital invested 872 872 872
Working capital 14 14 14
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1480 1270 1270
Net IB debt Adj -12 -52 -110
Market value of minority 0 0 0
Reversal of shares and participations -8 -8 -8
Reversal of conv. debt assumed equity 0 0 0
EV 1460 1210 1152
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 7,9 9,1 10,7
Capital invested turnover (%) 9,1 10,4 12,9
Capital employed turnover (%) 9,8 11,4 14,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15 11 8,9
Working capital / sales (%) 19,5 15 12,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -1,5 -6,1 -12,3
Net debt / market cap (%) -0,9 -4,1 -8,7
Equity ratio (%) 82,8 82,9 83
Net IB debt adj. / equity (%) -1,5 -6,1 -12,3
Current ratio (%) 144 193,3 266,7
EBITDA / net interest (%) -6,9 2870,4 11707,4
Net IB debt / EBITDA (%) -55,3 -126,8 -186,7
Interest cover (%) -6,8 2870,1 11706,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 477 477 477
Fully diluted shares Adj 477 477 477
EPS 0,41 0,07 0,11
Dividend per share Adj 0 0 0
EPS Adj 0,41 0,07 0,11
BVPS 1,7 1,77 1,88
BVPS Adj 1,7 1,77 1,88
Net IB debt / share 0 -0,1 -0,2
Share price 2,87 2,66 2,66
Market cap. (m) 1370 1270 1270
Valuation 2018 2019 2020
P/E 7,5 37,6 25,3
EV/sales 18,99 13,3 10,24
EV/EBITDA 65,3 29,7 19,5
EV/EBITA 66,1 29,7 19,5
EV/EBIT 66,1 29,7 19,5
Dividend yield (%) 0 0 0
FCF yield (%) -0,9 3,1 4,6
P/BVPS 1,82 1,5 1,42
P/BVPS Adj 1,82 1,5 1,42
P/E Adj 7,5 37,6 25,3
EV/EBITDA Adj 65,3 29,7 19,5
EV/EBITA Adj 66,1 29,7 19,5
EV/EBIT Adj 66,1 29,7 19,5
EV/cap. employed 1,8 1,5 1,5
Investment ratios 2018 2019 2020
Capex / sales 14,7 0 0
Capex / depreciation 4126 0 0
Capex tangibles / tangible fixed assets 1,7 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0

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Main shareholders

Main shareholders Share capital % Voting shares % Verified
Yoav Ben-Eli 72.0 % 72.0 % 31 Dec 2018
Cement Sweden Fund SCSp 13.2 % 13.2 % 31 Mar 2018
Veronique Salik 3.0 % 3.0 % 31 Mar 2018
Bertil Lindkvist 0.5 % 1.8 % 31 Mar 2017
Andreas Forssell 1.8 % 1.8 % 31 Mar 2018
Swedbank Försäkring 1.7 % 1.7 % 31 Dec 2018
Comtrack Ventures Limited 1.6 % 1.6 % 31 Mar 2018
Alan Simonian 0.7 % 0.7 % 31 Dec 2017
Avanza Pension 0.4 % 0.4 % 31 Dec 2018
Peter Norman Eggers 0.1 % 0.1 % 31 Dec 2018
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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