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Dome Energy

Dome Energy

US Onshore Oil & Gas Fields Explorer

Dome Energy is a US-focused E&P company producing net ~650boe/d with 1P reserves of ~7.0mill boe as at YE’18. The operations can broadly be divided into unconventional activities in the Illinois Basin and legacy operations, which span across a fairly wide range of operating regions and wells. The Illinois Basin is the core operating area.

If Dome Energy can ramp up its drilling activity, we see a substantial upside to our production estimates and NAV, as capex is the majority of the cost relating to the wells and incremental volumes are high-margin barrels.

Dome Energy is exposed to adverse movements in oil and gas prices. Given the current debt, the company’s ability to meet funding obligations depends on its ability to execute projects according to the schedule, and on budget. The reporting currency is SEK and as such Dome Energy is exposed to adverse currency fluctuations.

USDm 2019 2020e 2021e
Sales 9 13 15
Sales growth (%) -19,3 46,9 15,7
EBITDA 3 8 10
EBITDA margin (%) 36,2 59,9 63,4
EBIT adj 2 5 4
EBIT adj margin (%) 19,3 39,1 28,6
Pretax profit -1 2 2
EPS rep -0,12 0,26 0,17
EPS growth (%) -27,6 309,3 -34,1
EPS adj -0,12 0,26 0,17
DPS 0 0 0
EV/EBITDA (x) 9,8 4,3 3,6
EV/EBIT adj (x) 18,4 6,6 8
P/E (x) -2,5 1,2 1,8
P/E adj (x) -2,5 1,2 1,8
EV/sales (x) 3,6 2,6 2,3
FCF yield (%) -73,4 -105,3 -23,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 9,1 4,1 3,4
USDm 2019 2020e 2021e
Sales 9 13 15
COGS -6 -5 -6
Gross profit 3 8 10
Other operating items 0 0 0
EBITDA 3 8 10
Depreciation on tangibles -2 -3 -5
Depreciation on intangibles 0 0 0
EBITA 2 5 4
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 2 5 4
Other financial items 0 0 0
Net financial items -2 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -1 2 2
Tax 0 -1 0
Net profit -1 2 1
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -1 2 1
EPS -0,12 0,26 0,17
EPS Adj -0,12 0,26 0,17
Total extraordinary items after tax 0 0 0
Tax rate (%) 36,3 -21 -21
Gross margin (%) 36,2 59,9 63,4
EBITDA margin (%) 36,2 59,9 63,4
EBITA margin (%) 19,3 39,1 28,6
EBIT margin (%) 19,3 39,1 28,6
Pretax margin (%) -7,3 18 10,3
Net margin (%) -10 14,3 8,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -19,3 46,9 15,7
EBITDA growth (%) 286,4 142,6 22,5
EBIT growth (%) 110,4 198,1 -15,4
Net profit growth (%) 95 309,3 -34,1
EPS growth (%) -27,6 309,3 -34,1
Profitability 2019 2020 2021
ROE (%) -25,2 46,1 22
ROE Adj (%) -25,2 46,1 22
ROCE (%) 5,2 15,7 12,7
ROCE Adj(%) 5,2 15,7 12,7
ROIC (%) 6,5 10,5 8,2
ROIC Adj (%) 6,5 10,5 8,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 3 8 10
EBITDA Adj margin (%) 36,2 59,9 63,4
EBITA Adj 2 5 4
EBITA Adj margin (%) 19,3 39,1 28,6
EBIT Adj 2 5 4
EBIT Adj margin (%) 19,3 39,1 28,6
Pretax profit Adj -1 2 2
Net profit Adj -1 2 1
Net profit to shareholders Adj -1 2 1
Net Adj margin (%) -10 14,3 8,1
USDm 2019 2020e 2021e
EBITDA 3 8 10
Net financial items -2 -3 -3
Paid tax 0 0 0
Non-cash items -1 0 0
Cash flow before change in WC 0 5 7
Change in WC 1 0 0
Operating cash flow 0 5 7
CAPEX tangible fixed assets -4 -7 -7
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 2 0 0
Free cash flow -2 -2 -1
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 1 0 0
Decrease in net IB debt -1 -2 -1
Balance Sheet (USDm) 2019 2020 2021
Goodwill 1 1 1
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 42 47 49
Other fixed assets 0 0 0
Fixed assets 43 48 50
Inventories 0 0 0
Receivables 1 1 1
Other current assets 0 0 0
Cash and liquid assets -1 -3 -4
Total assets 43 46 47
Shareholders equity 3 5 6
Minority 0 0 0
Total equity 3 5 6
Long-term debt 4 4 4
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 1 1
Other long-term liabilities 4 4 4
Short-term debt 25 25 25
Accounts payable 8 8 8
Other current liabilities 0 0 0
Total liabilities and equity 43 46 47
Net IB debt 30 32 33
Net IB debt excl. pension debt 30 32 33
Capital invested 37 41 43
Working capital -6 -6 -6
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2 2 2
Net IB debt Adj 30 32 33
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 32 34 35
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 20,3 29,7 32,9
Capital invested turnover (%) 24,6 34,1 36,2
Capital employed turnover (%) 27,2 40,2 44,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 86,4 58,3 50,4
Working capital / sales (%) -66,1 -47,8 -41,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 945,8 637,7 519,7
Net debt / market cap (%) 306,6 1453,2 1476,5
Equity ratio (%) 7,3 11 13,3
Net IB debt adj. / equity (%) 945,8 637,7 519,7
Current ratio (%) 1,4 -5,7 -7,3
EBITDA / net interest (%) 136,2 284,3 346,2
Net IB debt / EBITDA (%) 912 405,4 336,1
Interest cover (%) 72,4 185,7 156,1
USDm 2019 2020e 2021e
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS -0,12 0,26 0,17
Dividend per share Adj 0 0 0
EPS Adj -0,12 0,26 0,17
BVPS 0,43 0,68 0,85
BVPS Adj 0,29 0,55 0,72
Net IB debt / share 4 4,4 4,4
Share price 1,32 0,3 0,3
Market cap. (m) 10 2 2
Valuation 2019 2020 2021
P/E -2,5 1,2 1,8
EV/sales 3,55 2,59 2,28
EV/EBITDA 9,8 4,3 3,6
EV/EBITA 18,4 6,6 8
EV/EBIT 18,4 6,6 8
Dividend yield (%) 0 0 0
FCF yield (%) -73,4 -105,3 -23,3
P/BVPS 0,7 0,44 0,35
P/BVPS Adj 1,02 0,55 0,42
P/E Adj -2,5 1,2 1,8
EV/EBITDA Adj 9,8 4,3 3,6
EV/EBITA Adj 18,4 6,6 8
EV/EBIT Adj 18,4 6,6 8
EV/cap. employed 1 1 1
Investment ratios 2019 2020 2021
Capex / sales 44 56,4 48,5
Capex / depreciation 258,9 271,5 139,2
Capex tangibles / tangible fixed assets 9,5 16 15,3
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 3,7 5,9 11

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Main shareholders - Dome Energy

Main shareholders Share capital % Voting shares % Verified
Kvalitena 23.5 % 23.5 % 30 Jun 2019
Mats Gabrielsson 6.8 % 6.8 % 31 Mar 2020
Petrus AS 6.1 % 6.1 % 6 May 2020
Mikael Fellbrant 5.2 % 5.2 % 31 Mar 2020
Middelborg Invest AS 4.6 % 4.6 % 31 Mar 2020
Edvin Austbø 3.1 % 3.1 % 31 Mar 2020
Avanza Pension 2.1 % 2.1 % 31 Mar 2020
Jula AB 1.9 % 1.9 % 31 Mar 2020
Paul Mørch 1.5 % 1.5 % 31 Mar 2020
Bodil Warmland 1.5 % 1.5 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - DOME ENERGY

Name Quantity Code Date
Petter Smedvig Hagland - 70 000 SELL 6 May 2020
Petter Smedvig Hagland - 1 500 SELL 6 May 2020
Petter Smedvig Hagland - 13 702 SELL 5 May 2020
Petter Smedvig Hagland - 20 959 SELL 4 May 2020
Petter Smedvig Hagland - 7 436 SELL 30 Apr 2020
Petter Smedvig Hagland - 27 398 SELL 29 Apr 2020
Petter Smedvig Hagland - 31 709 SELL 28 Apr 2020
Petter Smedvig Hagland - 8 819 SELL 27 Apr 2020
Petter Smedvig Hagland - 21 186 SELL 24 Apr 2020
Petter Smedvig Hagland - 576 SELL 23 Apr 2020

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