SDX Energy (SDX)

Business description

SDX Energy is a North African onshore player listed in Toronto and London. It has oil and gas production in Egypt, and Moroccan gas production. A large gas discovery was recently made at South Disouq.

Stock data

Market cap.£86.9m
Last close46.50p
High / Low (52 weeks)67.4p / 20.2p
Stock market listingLN, CN
Forecast net cash (US$m)28.5
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(18.6)(26.2)129.6
Relative *(18.7)(29.4)104.3

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 11.4 2.6 11.1 19.5 3.1 N/A
2016A 12.9 (19.2) (26.7) (39.4) N/A N/A
2017E 40.3 24.7 6.3 3.2 18.8 4.3
2018E 67.1 49.9 31.8 16.4 3.7 2.3

Last updated on 20/07/2017

Investment summary

SDX Energy is a North Africa-focused E&P with production in Egypt and Morocco. The company benefits from strong cash flow generation from its oil production (Egypt) and high value gas production in Morocco, which is being re-invested to increase production markedly in H217. The company added to its portfolio in early 2017 and continues to seek other opportunities. We have adjusted our valuation, which sees the core NAV increase to 55p/share (from 40p/share) but RENAV fall to 67p/share. With further success in exploration at South Disouq this could grow further.

Last updated on 19/07/2017

Key management

Paul Welch, CEO
Mark Reid, CFO

Company address

38 Welbeck Street
London
W1G 8DP
United Kingdom
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