Canacol Energy (TSX: CNE)

Currency in CAD

Last close As at 30/11/2023

CAD6.85

−0.65 (−8.67%)

Market capitalisation

CAD256m

Canacol Energy is a natural gas exploration and production company primarily focused on Colombia.

Colombia is running out of gas and is increasingly reliant on imports of expensive LNG. Canacol is well placed with significant uncontracted gas reserves and resources. The advent of El Nino this year could trigger increased demand for gas.

Latest Insights

View More

Oil & Gas | Update

Canacol Energy — Shifting focus

Oil & Gas | Flash note

Canacol Energy — Q3 gas sales dip but netbacks improve

Energy & Resources | Flash note

Canacol Energy — 2022 ESG report highlights new goals

Energy & Resources | Flash note

Canacol Energy — Q2 results in line

Equity Analyst

Key Management

  • Charle Gamba

    CEO

  • Jason Bednar

    CFO

Balance Sheet

Forecast net debt (US$m)

481

Forecast gearing ratio (%)

156

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (33.2) (33.6) (30.2)
Relative (30.6) (28.4) (30.9)
52 week high/low C$3.5/C$1.8

Financials

Canacol Energy has announced that it is cancelling its Empresas Publicas de Medellin (EPM) gas sales contract and pipeline from Jobo to Medellin. This is likely to affect gas sales from 2025 since this pipeline was to be the main driver of revenues. Management also said that it is making a strategic entry into Bolivia with the award of three exploration contracts. Separately, Canacol’s Q323 numbers had a higher netback than expected. However, the deferred production leads us to reduce our NAV to C$17.36 per share from C$23.94 per share.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 311.0 181.0 59.0 4.3 128.0 1.3
2022A 336.0 198.0 66.0 43.1 12.8 0.6
2023E 373.0 240.0 114.0 21.6 25.5 0.8
2024E 388.0 241.0 92.0 17.6 31.3 0.8

Research

Flash note

Energy & Resources

Canacol Energy — Q2 results in line

Flash note

Energy & Resources

Canacol Energy — Increasing activity

Flash note

Energy & Resources

Canacol Energy — On track to meet guidance

Initiation

Energy & Resources

Canacol Energy — Poised for strong growth

Update

Energy & Resources

Canacol Energy — Q2 results deliver strong operating cash flow

Outlook

Energy & Resources

Canacol Energy — Shift towards high-impact drilling

Update

Energy & Resources

Canacol Energy — Canacol maintains drilling pace into 2022

Update

Energy & Resources

Canacol Energy — Shares do not price in exploration upside

Thematics

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

thematic

Energy & Resources

Decarbonisation

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free