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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.ZAR705.3m
Last closeZAR8.45
High / Low (52 weeks)ZAR13.0 / ZAR7.8
Stock market listingJP
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(8.2)(13.8)(32.4)
Relative *(6.6)(6.5)(24)

* % Relative to local index

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Investment summary

Renergen holds the only onshore petroleum production right in South Africa. It is already producing and selling gas and announced in May a GSA with Anheuser-Busch to supply CNG and then LNG to the growing domestic heavy duty truck market. LNG also unlocks the potential to extract and sell helium, adding material upside to economics. 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, although this is contingent on equity/project funding (debt already secured) which has slipped from our previous FY H119 assumption. As such, our forecasts are under review.

Last updated on 26/10/2018

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 N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 23/10/2018

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 reported that 70,000 new LNG-fuelled trucks were added in China in 2017.

Last updated on 26/10/2018

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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