Kolibri Global Energy (TSX: KEI)

Last close As at 27/02/2024

CAD4.18

−0.01 (−0.24%)

Market capitalisation

CAD150m

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

Despite an impressive growth profile, due to the low operating leverage, Kolibri can at the same time be viewed as a defensive play compared to the majority of its peers, which bodes well for the company should the oil price environment continue to soften.

Latest Insights

Oil & Gas | Initiation

Kolibri Global Energy — Playing its cards right

Kolibri banner

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)

29.1

Forecast gearing ratio (%)

17

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.0) (25.9) (24.7)
Relative (5.9) (30.4) (28.4)
52 week high/low C$6.8/C$3.9

Financials

Kolibri Global Energy (KEI) reported its operational and financial guidance for FY24. The company expects average production of 3,500–4,000boepd and 6–7 well completions this year. Earlier, Kolibri provided FY23 production guidance of 2,800–3,000boepd. Both FY24 output and well completions are somewhat lower than our previous assumptions, which lead us to revise downwards our estimates. As a result, our valuation of KEI falls to US$7.1/share from US$7.5/share. On the positive side, we note strong oil price momentum supported by geopolitical uncertainty, which bodes well for KEI given its high share of oil in the production mix, and the company’s intention to implement a shareholder return policy this year.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2021A 19.1 9.3 (0.4) (1.72) N/A 1.0
2022A 48.4 28.9 16.6 46.74 6.6 6.6
2023E 67.7 41.3 21.8 61.14 5.1 5.1
2024E 93.2 58.7 38.2 107.11 2.9 2.9

Thematics

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

thematic

Energy & Resources

Decarbonisation

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