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Renergen (RENJ)

Business description

Renergen is an integrated alternative and renewable energy business that invests in early stage alternative energy projects across Africa and emerging markets.

Stock data

Market cap.ZAR822.2m
Last closeZAR9.99
High / Low (52 weeks)ZAR13.9 / ZAR7.8
Stock market listingJP
Forecast net cash (ZARm)2.4
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual1.99.2(0.1)
Relative *2.410.2(11.9)

* % Relative to local index

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Investment summary

Renergen holds the first, and currently only, onshore petroleum production right in South Africa. It is already producing and selling gas, with production set to accelerate in 2019 as it moves to LNG production, primarily serving the growing domestic heavy duty truck market. LNG also unlocks the potential to extract and sell helium, adding material upside to economics (c 35% upside to NAV). With gross 2P reserves of 142 bcf of methane and c 2.2% of additional helium (Renergen 90% WI), our core NAV on a fully diluted basis is ZAR19.0/share. We estimate additional funding of c ZAR240m is required to become self-funding, in addition to a secured ZAR218m of term loan.

Last updated on 27/04/2018

Y/E Feb Revenue (ZARm) EBITDA (ZARm) PBT (ZARm) EPS (fd) (c) P/E (x) P/CF (x)
2016A 0.0 (17.9) (15.0) (0.3) N/A N/A
2017A 1.7 (22.0) (21.7) (0.2) N/A N/A
2018E 2.9 (33.6) (34.9) (0.4) N/A N/A
2019E 23.8 (36.1) (37.2) (0.3) N/A N/A

Last updated on 23/04/2018

Latest research

South African LNG and helium play

Initiation | Oil & Gas | 13/03/2018

Latest video

Bitesize briefing - Renergen

Industry outlook

Heavy duty LNG trucks is a rapidly evolving market globally. China has led the way with LNG trucks now accounting for 4% of more than six million heavy vehicles (categorised as hauling 40-49 tonnes of goods) on the country’s roads. Shell has recently reported that 70,000 new LNG-fuelled trucks were added in China in 2017 .

Last updated on 27/04/2018

Key management

Stefano Marani, CEO
Fulu Ravele, CFO
Nick Mitchell, COO

Company address

1 Bompas Road
Dunkeld West
2196
South Africa
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