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Maha Energy

Maha Energy

USDm 2020 2021e 2022e
Sales 33 76 94
Sales growth (%) -31,1 128,5 23,4
EBITDA 17 58 74
EBITDA margin (%) 51,3 76,6 78,9
EBIT adj -10 49 62
EBIT adj margin (%) -28,9 64,5 66,3
Pretax profit -14 41 54
EPS rep -0,1 0,31 0,4
EPS growth (%) -153,1 421,5 29,8
EPS adj 0,1 0,31 0,4
DPS 0 0 0
EV/EBITDA (x) 12,5 3,2 1,8
EV/EBIT adj (x) -22,3 3,7 2,2
P/E (x) -18,9 5,5 4,2
P/E adj (x) 18 5,5 4,2
EV/sales (x) 6,4 2,4 1,4
FCF yield (%) -2,6 8,1 26,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,7 0 -0,7
Lease adj. FCF yield (%) -2,6 8,1 26,6
Lease adj. ND/EBITDA 1,7 0 -0,7
USDm 2020 2021e 2022e
Sales 33 76 94
COGS -16 -18 -20
Gross profit 17 58 74
Other operating items 0 0 0
EBITDA 17 58 74
Depreciation on tangibles -6 -9 -12
Depreciation on intangibles 0 0 0
EBITA 11 49 62
Goodwill impairment charges 0 0 0
Other impairment and amortisation -21 0 0
EBIT -10 49 62
Other financial items 1 0 0
Net financial items -4 -7 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -14 41 54
Tax 3 -7 -8
Net profit -10 35 46
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -10 35 46
EPS -0,1 0,31 0,4
EPS Adj 0,1 0,31 0,4
Total extraordinary items after tax 0 0 0
Tax rate (%) -25,4 -16 -14,8
Gross margin (%) 51,3 76,6 78,9
EBITDA margin (%) 51,3 76,6 78,9
EBITA margin (%) 34,4 64,5 66,3
EBIT margin (%) -28,9 64,5 66,3
Pretax margin (%) -41,4 54,7 57,6
Net margin (%) -30,9 45,9 49,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -31,1 128,5 23,4
EBITDA growth (%) -51,4 240,9 27,2
EBIT growth (%) -132,6 610,7 26,8
Net profit growth (%) -152,2 439,5 32
EPS growth (%) -153,1 421,5 29,8
Profitability 2020 2021 2022
ROE (%) -14,3 46,3 39
ROE Adj (%) 15 46,3 39
ROCE (%) -8,3 40,2 35,7
ROCE Adj(%) 11,6 40,2 35,7
ROIC (%) -7,9 50,2 58,5
ROIC Adj (%) -7,9 50,2 58,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 17 58 74
EBITDA Adj margin (%) 51,3 76,6 78,9
EBITA Adj 11 49 62
EBITA Adj margin (%) 34,4 64,5 66,3
EBIT Adj -10 49 62
EBIT Adj margin (%) -28,9 64,5 66,3
Pretax profit Adj 7 41 54
Net profit Adj 11 35 46
Net profit to shareholders Adj 11 35 46
Net Adj margin (%) 32,4 45,9 49,1
Depreciation and amortisation -6 -9 -12
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation -21 0 0
EBITDA lease Adj 17 58 74
EBITDA lease Adj margin (%) 51,3 76,6 78,9
Leasing payments 0 0 0
USDm 2020 2021e 2022e
Short-term debt 36 0 0
Accounts payable 20 17 17
Other current liabilities 1 1 1
Total liabilities and equity 124 189 235
Net IB debt 29 0 -51
Net IB debt excl. pension debt 29 0 -51
Capital invested 75 89 92
Working capital -17 -14 -14
EV breakdown 2020 2021 2022
Market cap. diluted (m) 184 183 186
Net IB debt Adj 29 0 -51
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 214 183 135
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 27,8 56,1 49,1
Capital invested turnover (%) 36,6 83,7 100,3
Capital employed turnover (%) 31,6 67,7 67,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 41,1 29,1 21,7
Working capital / sales (%) -23,9 -20,3 -15,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 52,8 0,2 -36,6
Net debt / market cap (%) 19,9 0,1 -27,7
Equity ratio (%) 53,9 56,6 65,8
Net IB debt adj. / equity (%) 52,8 0,2 -36,6
Current ratio (%) 20,1 347,6 586,7
EBITDA / net interest (%) 342 718,8 909,1
Net IB debt / EBITDA (%) 172,2 0,3 -69,7
Interest cover (%) 229,1 605,8 764,1
EBITDA 17 58 74
Net financial items -4 -7 -8
Paid tax -3 -1 0
Non-cash items 2 1 0
Cash flow before change in WC 12 51 66
Change in WC 16 -3 0
Operating cash flow 28 49 66
CAPEX tangible fixed assets -20 -33 -14
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -13 0 0
Free cash flow -5 16 52
Dividend paid 0 0 0
Share issues and buybacks 0 10 0
Other non cash items -18 5 0
Decrease in net IB debt -21 17 53
Balance Sheet (USDm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets -21 -21 -21
Tangible fixed assets 102 116 118
Other fixed assets 10 10 10
Fixed assets 91 103 106
Inventories 0 0 0
Receivables 5 4 4
Other current assets 0 0 0
Cash and liquid assets 7 60 104
Total assets 103 168 214
Shareholders equity 56 95 141
Minority 0 0 0
Total equity 56 95 141
Long-term debt 0 60 53
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 5 13
Other long-term liabilities 11 11 11
Lease liability amortisation 0 0 0
Other intangible assets -21 -21 -21
Right-of-use asset 0 0 0
Total other fixed assets 10 8 8
Leasing liability 0 0 0
Total other long-term liabilities 11 15 23
Net IB debt excl. leasing 29 0 -51
Net IB debt / EBITDA lease Adj (%) 172,2 0,3 -69,7
USDm 2020 2021e 2022e
Shares outstanding adj. 101 107 109
Fully diluted shares Adj 101 107 109
EPS -0,1 0,31 0,4
Dividend per share Adj 0 0 0
EPS Adj 0,1 0,31 0,4
BVPS 0,55 0,88 1,29
BVPS Adj 0,76 1,08 1,48
Net IB debt / share 0,3 0 -0,5
Share price 1,45 1,7 1,7
Market cap. (m) 147 183 186
Valuation 2020 2021 2022
P/E -18,9 5,5 4,2
EV/sales 6,44 2,41 1,44
EV/EBITDA 12,5 3,2 1,8
EV/EBITA 18,7 3,7 2,2
EV/EBIT -22,3 3,7 2,2
Dividend yield (%) 0 0 0
FCF yield (%) -2,6 8,1 26,6
P/BVPS 3,32 1,93 1,32
P/BVPS Adj 2,41 1,58 1,15
P/E Adj 18 5,5 4,2
EV/EBITDA Adj 12,5 3,2 1,8
EV/EBITA Adj 18,7 3,7 2,2
EV/EBIT Adj -22,3 3,7 2,2
EV/cap. employed 2,3 1,2 0,7
Investment ratios 2020 2021 2022
Capex / sales 60,9 43,9 15,1
Capex / depreciation 359,6 364,4 119,7
Capex tangibles / tangible fixed assets 19,8 28,7 11,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 5,5 7,9 9,9
Lease adj. FCF yield (%) -2,6 8,1 26,6

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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