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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 2018 2019e 2020e
Sales 11 15 17
Sales growth (%) 13,3 30,4 14,9
EBITDA -2 8 11
EBITDA margin (%) -15,7 57,5 63,3
EBIT adj -17 7 6
EBIT adj margin (%) -149,1 45 36,6
Pretax profit -18 5 4
EPS rep -0,1 0,52 0,47
EPS growth (%) -241,1 643 -8,7
EPS adj -0,1 0,52 0,47
DPS 0 0 0
EV/EBITDA (x) -293,9 4,5 3,5
EV/EBIT adj (x) -30,9 5,8 6
P/E (x) -27 2,2 2,4
P/E adj (x) -27 2,2 2,4
EV/sales (x) 46,1 2,6 2,2
FCF yield (%) -0,5 -6,2 16,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -16,6 3,5 2,7
USDm 2018 2019e 2020e
Sales 11 15 17
COGS -13 -6 -6
Gross profit -2 8 11
Other operating items 0 0 0
EBITDA -2 8 11
Depreciation on tangibles -15 -2 -4
Depreciation on intangibles 0 0 0
EBITA -17 7 6
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -17 7 6
Other financial items 0 0 0
Net financial items -1 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -18 5 4
Tax 0 -1 -1
Net profit -18 4 4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -18 4 4
EPS -0,1 0,52 0,47
EPS Adj -0,1 0,52 0,47
Total extraordinary items after tax 0 0 0
Tax rate (%) 1,8 -21 -21
Gross margin (%) -15,7 57,5 63,3
EBITDA margin (%) -15,7 57,5 63,3
EBITA margin (%) -149,1 45 36,6
EBIT margin (%) -149,1 45 36,6
Pretax margin (%) -158,5 33,3 26,5
Net margin (%) -161,3 26,3 20,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 13,3 30,4 14,9
EBITDA growth (%) -357,4 578,4 26,3
EBIT growth (%) -188,7 139,4 -6,6
Net profit growth (%) -213,3 121,3 -8,7
EPS growth (%) -241,1 643 -8,7
Profitability 2018 2019 2020
ROE (%) -205,2 64,7 36,5
ROE Adj (%) -205,2 64,7 36,5
ROCE (%) -39,1 17,6 14,6
ROCE Adj(%) -39,1 17,6 14,6
ROIC (%) -36,4 13,1 11,1
ROIC Adj (%) -36,4 13,1 11,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj -2 8 11
EBITDA Adj margin (%) -15,7 57,5 63,3
EBITA Adj -17 7 6
EBITA Adj margin (%) -149,1 45 36,6
EBIT Adj -17 7 6
EBIT Adj margin (%) -149,1 45 36,6
Pretax profit Adj -18 5 4
Net profit Adj -18 4 4
Net profit to shareholders Adj -18 4 4
Net Adj margin (%) -161,3 26,3 20,9
USDm 2018 2019e 2020e
EBITDA -2 8 11
Net financial items -1 -2 -2
Paid tax 0 0 0
Non-cash items 3 0 0
Cash flow before change in WC -1 7 9
Change in WC 2 0 0
Operating cash flow 1 7 9
CAPEX tangible fixed assets -3 -7 -8
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -2 -1 1
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 10 0 0
Decrease in net IB debt 8 -1 1
Balance Sheet (USDm) 2018 2019 2020
Goodwill 1 1 1
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 41 47 50
Other fixed assets 0 0 0
Fixed assets 42 48 51
Inventories 0 0 0
Receivables 2 2 2
Other current assets 0 0 0
Cash and liquid assets 1 3 4
Total assets 46 53 57
Shareholders equity 4 8 11
Minority 0 0 0
Total equity 4 8 11
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 1 2
Other long-term liabilities 4 4 4
Short-term debt 30 32 32
Accounts payable 8 8 8
Other current liabilities 0 0 0
Total liabilities and equity 0 62 46
Net IB debt 29 30 28
Net IB debt excl. pension debt 29 30 28
Capital invested 37 42 45
Working capital -6 -6 -6
EV breakdown 2018 2019 2020
Market cap. diluted (m) 486 8 8
Net IB debt Adj 29 30 28
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 515 38 37
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 20,7 29,7 30,5
Capital invested turnover (%) 24 37 38,4
Capital employed turnover (%) 26,2 39,1 39,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 59,4 53,9 47
Working capital / sales (%) -40,6 -38,4 -33,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 726,8 378,2 249,5
Net debt / market cap (%) 5,2 353,1 336,9
Equity ratio (%) 8,8 14,9 19,9
Net IB debt adj. / equity (%) 726,8 378,2 249,5
Current ratio (%) 8,7 12,4 15,8
EBITDA / net interest (%) -167 493,8 627,7
Net IB debt / EBITDA (%) -1663,4 354 267,4
Interest cover (%) -1586,6 386 362,8
USDm 2018 2019e 2020e
Shares outstanding adj. 188 7 7
Fully diluted shares Adj 188 7 7
EPS -0,1 0,52 0,47
Dividend per share Adj 0 0 0
EPS Adj -0,1 0,52 0,47
BVPS 0,02 1,06 1,54
BVPS Adj 0,02 0,92 1,4
Net IB debt / share 0,2 4 3,8
Share price 2,96 1,14 1,14
Market cap. (m) 557 8 8
Valuation 2018 2019 2020
P/E -27 2,2 2,4
EV/sales 46,1 2,61 2,19
EV/EBITDA -293,9 4,5 3,5
EV/EBITA -30,9 5,8 6
EV/EBIT -30,9 5,8 6
Dividend yield (%) 0 0 0
FCF yield (%) -0,5 -6,2 16,2
P/BVPS 121,15 1,07 0,74
P/BVPS Adj 163,82 1,24 0,82
P/E Adj -27 2,2 2,4
EV/EBITDA Adj -293,9 4,5 3,5
EV/EBITA Adj -30,9 5,8 6
EV/EBIT Adj -30,9 5,8 6
EV/cap. employed 15,1 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 31,2 49,5 45
Capex / depreciation 23,4 394,1 168,7
Capex tangibles / tangible fixed assets 8,4 15,5 15,2
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 36,1 3,9 9

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Main shareholders

Dome Energy

Main shareholders Share capital % Voting shares % Verified
Petrus AS 29.3 % 29.3 % 30 Jun 2019
Kvalitena 23.5 % 23.5 % 30 Jun 2019
Mats Gabrielsson 6.9 % 6.9 % 30 Jun 2019
Mikael Fellbrant 5.2 % 5.2 % 30 Jun 2019
Middelborg Invest AS 4.6 % 4.6 % 30 Jun 2019
Edvin Austbø 2.7 % 2.7 % 30 Jun 2019
Avanza Pension 2.2 % 2.2 % 30 Jun 2019
Jula AB 1.7 % 1.7 % 30 Jun 2019
Svante Carlsson 1.6 % 1.6 % 30 Jun 2019
Paul Mørch 1.5 % 1.5 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

DOME ENERGY

Name Quantity Code Date
Gabrielsson Invest Aktiebolag +1 627 042 BUY 12 Apr 2018
Gabrielsson Invest Aktiebolag + 26 512 BUY 11 Apr 2018
Gabrielsson Invest Aktiebolag +4 000 000 BUY 8 Mar 2018
Espen S Johansen + 800 000 BUY 26 Jan 2018
Petrus AS - 800 000 SELL 26 Jan 2018
Petrus AS -4 000 000 SELL 12 Jan 2018
Paul Morch + 550 000 BUY 8 Jan 2018
Paul Morch +7 200 000 BUY 8 Jan 2018
Gabrielsson Invest Aktiebolag + 855 916 BUY 19 Oct 2017
Petter Smedvig hagland -10 000 000 SELL 21 Sep 2017

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