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Tethys Oil

Tethys Oil

USDm 2021 2022e 2023e
Lease adj. FCF yield (%) 11,6 16,1 20,7
Lease adj. ND/EBITDA -1 -0,8 -1,5
Sales 115 153 117
Sales growth (%) 13,5 33,6 -23,6
EBITDA 65 101 63
EBITDA margin (%) 56,5 65,8 53,7
EBIT adj 24 63 23
EBIT adj margin (%) 20,5 40,9 19,8
Pretax profit 24 64 25
EPS rep 0,75 1,96 0,76
EPS growth (%) 647,7 162,8 -61,2
EPS adj 0,75 1,96 0,76
DPS 0,48 0,65 0,96
EV/EBITDA (x) 2,5 1,4 2,1
EV/EBIT adj (x) 6,8 2,3 5,6
P/E (x) 9,2 3,5 9,1
P/E adj (x) 9,2 3,5 9,1
EV/sales (x) 1,4 0,9 1,1
FCF yield (%) 11,6 16,1 20,7
Dividend yield (%) 6,9 9,4 14
Net IB debt/EBITDA -1 -0,8 -1,5
USDm 2021 2022e 2023e
Depreciation and amortisation -41 -38 -40
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
Sales 115 153 117
COGS -50 -52 -54
Gross profit 65 101 63
Other operating items 0 0 0
EBITDA 65 101 63
Depreciation on tangibles -37 -38 -42
Depreciation on intangibles 0 0 0
EBITA 24 63 23
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 24 63 23
Other financial items 0 0 0
Net financial items 1 1 2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 24 64 25
Tax 0 0 0
Net profit 24 64 25
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 24 64 25
EPS 0,75 1,96 0,76
EPS Adj 0,75 1,96 0,76
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 56,5 65,8 53,7
EBITDA margin (%) 56,5 65,8 53,7
EBITA margin (%) 20,5 40,9 19,8
EBIT margin (%) 20,5 40,9 19,8
Pretax margin (%) 21,2 41,8 21,2
Net margin (%) 21,2 41,8 21,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 13,5 33,6 -23,6
EBITDA growth (%) 28,8 55,6 -37,6
EBIT growth (%) 306,4 166 -63
Net profit growth (%) 638,4 162,8 -61,2
EPS growth (%) 647,7 162,8 -61,2
Profitability 2021 2022 2023
ROE (%) 9,3 22,4 8,2
ROE Adj (%) 9,3 22,4 8,2
ROCE (%) 9,7 22,4 8,2
ROCE Adj(%) 9,7 22,4 8,2
ROIC (%) 11 27,5 10,1
ROIC Adj (%) 11 27,5 10,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj 65 101 63
EBITDA Adj margin (%) 56,5 65,8 53,7
EBITA Adj 24 63 23
EBITA Adj margin (%) 20,5 40,9 19,8
EBIT Adj 24 63 23
EBIT Adj margin (%) 20,5 40,9 19,8
Pretax profit Adj 24 64 25
Net profit Adj 24 64 25
Net profit to shareholders Adj 24 64 25
Net Adj margin (%) 21,2 41,8 21,2
EBITDA lease Adj 65 101 63
EBITDA lease Adj margin (%) 56,5 65,8 53,7
Leasing payments 0 0 0
USDm 2021 2022e 2023e
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 0 0 0
Total other long-term liabilities 14 14 14
Net IB debt excl. leasing -65 -79 -95
Net IB debt / EBITDA lease Adj (%) -99,7 -78,8 -150,4
EBITDA 65 101 63
Net financial items 1 1 2
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 66 102 65
Change in WC -2 0 0
Operating cash flow 64 102 65
CAPEX tangible fixed assets -38 -66 -18
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 26 36 47
Dividend paid -16 -21 -31
Share issues and buybacks -1 0 0
Other non cash items 0 0 0
Decrease in net IB debt 8 -9 26
Balance Sheet (USDm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 212 240 218
Other fixed assets 0 0 0
Fixed assets 213 241 219
Inventories 10 10 10
Receivables 0 0 0
Other current assets 0 0 0
Cash and liquid assets 63 78 93
Total assets 287 329 323
Shareholders equity 265 307 301
Minority 0 0 0
Total equity 265 307 301
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 13 13 13
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 8 8 8
Total liabilities and equity 287 329 323
Net IB debt -65 -79 -95
Net IB debt excl. pension debt -65 -79 -95
Capital invested 214 242 220
Working capital 2 2 2
EV breakdown 2021 2022 2023
Market cap. diluted (m) 225 225 225
Net IB debt Adj -65 -79 -95
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 160 145 130
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 40,5 49,7 35,9
Capital invested turnover (%) 55,6 56,9 48,7
Capital employed turnover (%) 45,8 47,7 39,8
Inventories / sales (%) 7,6 6,7 7,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 0,7 1,4 1,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -24,4 -25,9 -31,4
Net debt / market cap (%) -28,7 -35,4 -42,1
Equity ratio (%) 92,3 93,3 93,2
Net IB debt adj. / equity (%) -24,4 -25,9 -31,4
Current ratio (%) 898,7 1080,1 1264,4
EBITDA / net interest (%) -8127,2 -7581,5 -3883,6
Net IB debt / EBITDA (%) -99,7 -78,8 -150,4
Interest cover (%) 2315,1 0 0
USDm 2021 2022e 2023e
Lease adj. FCF yield (%) 11,6 16,1 20,7
Shares outstanding adj. 33 33 33
Fully diluted shares Adj 33 33 33
EPS 0,75 1,96 0,76
Dividend per share Adj 0,5 0,7 1
EPS Adj 0,75 1,96 0,76
BVPS 8,12 9,44 9,23
BVPS Adj 8,12 9,44 9,23
Net IB debt / share -2 -2,4 -2,9
Share price 6,91 6,89 6,89
Market cap. (m) 225 225 225
Valuation 2021 2022 2023
P/E 9,2 3,5 9,1
EV/sales 1,39 0,95 1,11
EV/EBITDA 2,5 1,4 2,1
EV/EBITA 6,8 2,3 5,6
EV/EBIT 6,8 2,3 5,6
Dividend yield (%) 6,9 9,4 14
FCF yield (%) 11,6 16,1 20,7
P/BVPS 0,85 0,73 0,75
P/BVPS Adj 0,85 0,73 0,75
P/E Adj 9,2 3,5 9,1
EV/EBITDA Adj 2,5 1,4 2,1
EV/EBITA Adj 6,8 2,3 5,6
EV/EBIT Adj 6,8 2,3 5,6
EV/cap. employed 0,6 0,5 0,4
Investment ratios 2021 2022 2023
Capex / sales 32,8 43,1 15,4
Capex / depreciation 91,3 173,3 45,4
Capex tangibles / tangible fixed assets 17,8 27,5 8,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,5 15,9 18,2