Kolibri Global Energy (TSX: KEI)

Last close As at 16/07/2024

CAD4.70

0.03 (0.64%)

Market capitalisation

CAD168m

Kolibri is a junior unconventional exploration and production (E&P) company operating in the Tishomingo oil field in southern Oklahoma.

The oil price remains favourable for Kolibri, which has a high share of oil in its production mix. The company’s growth story remains intact as it boasts a large proved undeveloped reserve base in the Caney formation alone.

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Equity Analyst

Andrey Litvin

Energy and Resources Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

  • David Neuhauser

    Chairman

  • Gary Johnson

    CFO

  • Wolf Regener

    Director, president and CEO

Balance Sheet

Forecast net debt (US$m)

29.8

Forecast gearing ratio (%)

15

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 3.5 2.0 (24.3)
Relative (2.6) (4.0) (33.3)
52 week high/low C$6.5/C$3.9

Financials

Kolibri Global Energy (KEI) has provided an update on operations and revised guidance. It now guides to FY24 revenue of US$57–62m and EBITDA of US$43–48m on average production of 3,200–3,700boepd. KEI plans to start drilling its next three wells in the first half of August. These wells will have longer lateral lengths, which should result in better well economics. We have revised our estimates to reflect the latest guidance and operational update. Our valuation of KEI falls slightly to US$6.8/share. The announced intention to initiate a share buyback, as well as the recent inclusion in the Russell Microcap Index, should provide additional support to the shares.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2022A 48.4 28.9 16.6 46.74 7.3 7.3
2023A 64.4 39.7 22.6 54.12 6.3 6.3
2024E 80.4 49.9 30.7 68.93 5.0 5.0
2025E 83.6 52.0 32.1 71.10 4.8 4.8

Thematics

thematic

Consumer

IPO apocalypse

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TMT

ESG, moving beyond the box tick

thematic

Energy & Resources

Decarbonisation

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