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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 gas production in Morocco.

Stock data

Market cap.£80.9m
Last close39.50p
High / Low (52 weeks)73.0p / 34.1p
Stock market listingLN, CN
Forecast net cash (US$m)15.9
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & gas

Price performance

%1m3m12m
Actual11.7(20.2)(21.9)
Relative *8.9(19.3)(12.1)

* % Relative to local index

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Company news

Proactive news snapshot: Active Energy Group, Gfinity, SDX Energy …

Thu, 17 May 2018 14:37:30 GMT

SDX Energy first quarter shows benefits of well successes

Thu, 17 May 2018 06:58:13 GMT

SDX Energy Inc unearths another better than expected gas discovery

Tue, 08 May 2018 07:18:45 GMT

SDX ENERGY INC. ("SDX" or the "Company") - Gas discovery at LMS-1 well, Morocco

Mon, 07 May 2018 06:00:00 GMT

Proactive news snapshot: Challenger Acquisitions, SDX Energy, Greencoat UK Wind …

Tue, 08 May 2018 14:48:45 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 12.9 2.4 (26.7) (8.9) N/A N/A
2017A 39.2 4.1 32.8 14.1 3.6 4.8
2018E 53.1 21.6 12.1 6.6 7.7 2.5
2019E 73.3 35.2 34.2 16.0 3.2 1.7

Last updated on 08/01/2019

Investment summary

2019 will be an active year for SDX with H119 focused on delivery of first gas at South Disouq, ahead of a return to the drill bit in H219. An eight to nine well programme targets both oil and gas prospectivity in Egypt and appraisal/development locations in Morocco. Drilling activity is expected to be financed through cash flow, undrawn debt ($10m accessible under a reserve-based facility) and an estimated end-FY18 cash position of $15.9m. We expect first gas from South Disouq and increased gas production in Morocco to provide cash flow to support a FY19 capital programme of an estimated US$38m. Our updated risked valuation stands at 99.6p/share (up from 92.7p/share, driven by FX and roll forward of NAV), but we drop our sales and cash flow forecasts for FY19 – a key driver being deferred gas sales in Morocco and a later start-up at South Disouq. Morocco and South Disouq combined make up 67% of our core valuation with contracted sale volumes not levered to the oil price.

Last updated on 08/01/2019

Industry outlook

SDX remains open to adding to its portfolio and sees Egypt as a natural market for consolidation, given the large number of small players. Its acquisition of Circle Oil's Egyptian and Moroccan assets in early 2017 show that it is able to negotiate and complete transactions efficiently.

Last updated on 29/11/2018

Key management

Paul Welch, CEO
Mark Reid, CFO

Company address

38 Welbeck Street
London
W1G 8DP
United Kingdom
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