SDX Energy (SDX)

Business description

SDX Energy is an Egyptian onshore player listed in Toronto and London. It has plans to notably increase production in two fields, while a third should see a carried exploration well around the turn of the year.

Stock data

Market cap.£93.5m
Last close50.00p
High / Low (52 weeks)50.0p / 18.0p
Stock market listingLN, CN
Forecast net cash (US$m)7.2
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual5.078.6N/A
Relative *3.571.4N/A

* % 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)
2014A 24.5 19.1 16.5 3.2 19.2 9.1
2015A 11.4 2.7 18.8 47.1 1.3 N/A
2016E 10.1 0.1 (4.4) (5.6) N/A 22.8
2017E 44.7 28.2 10.6 5.2 11.8 3.9

Last updated on 21/02/2017

Latest research

Investment summary

SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.

Last updated on 20/03/2017

Key management

Paul Welch, CEO
Mark Reid, CFO

Company address

38 Welbeck Street
London
W1G 8DP
United Kingdom
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