Financials Avance Gas Holding Ltd

Equities

AGAS

BMG067231032

Oil & Gas Transportation Services

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-05-16 am EDT			5-day change	1st Jan Change
198 ^NOK	+4.32%		+14.19%	+32.35%

May. 15	Nordic Shares Moved Upward Wednesday; BioArctic Series B Topped Leaders	DJ
May. 15	Transcript : Avance Gas Holding Ltd, Q1 2024 Earnings Call, May 15, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	361.1	307.1	302	465.5	1,127	1,417	-	-
Enterprise Value (EV) ²	728.2	647.8	590	692.8	1,488	1,614	1,684	1,784
P/E ratio	6.05 x	6.64 x	8.89 x	4.97 x	6.66 x	4.85 x	11.9 x	11.5 x
Yield	5.64%	2.25%	6.65%	19.1%	15.2%	23.3%	7.84%	7.83%
Capitalization / Revenue	2.08 x	2.13 x	2.11 x	2.54 x	4.12 x	5.15 x	6.53 x	5.99 x
EV / Revenue	4.2 x	4.5 x	4.13 x	3.79 x	5.44 x	5.86 x	7.76 x	7.54 x
EV / EBITDA	5.72 x	6.81 x	6.25 x	5.11 x	6.57 x	6.93 x	9.72 x	9.58 x
EV / FCF	9.76 x	50.9 x	44.1 x	-21.7 x	-145 x	3.37 x	21.6 x	24.8 x
FCF Yield	10.3%	1.97%	2.27%	-4.62%	-0.69%	29.7%	4.63%	4.04%
Price to Book	0.75 x	0.69 x	0.56 x	0.42 x	1.81 x	2.66 x	2.61 x	2.4 x
Nbr of stocks (in thousands)	63,656	63,694	76,593	76,593	76,593	76,593	-	-
Reference price ³	50.00	41.12	34.72	59.55	149.6	198.0	198.0	198.0
Announcement Date	2/27/20	2/19/21	2/22/22	2/28/23	2/14/24	-	-	-

¹NOK in Million²USD in Million³NOK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	173.6	144.1	143	183	273.7	275.3	217.1	236.5
EBITDA ¹	127.2	95.19	94.43	135.6	226.6	232.8	173.3	186.2
EBIT ¹	85.38	59.31	47.22	109.2	182.6	274.3	133.8	141
Operating Margin	49.19%	41.16%	33.02%	59.69%	66.71%	99.64%	61.6%	59.62%
Earnings before Tax (EBT) ¹	56	70.99	32.61	89.28	163.8	293.2	118.1	122.8
Net income ¹	55.95	70.91	32.11	88.99	163.6	293.2	118.1	122.8
Net margin	32.24%	49.21%	22.46%	48.62%	59.75%	106.5%	54.4%	51.9%
EPS ²	8.267	6.192	3.907	11.99	22.46	40.80	16.60	17.24
Free Cash Flow ¹	74.65	12.73	13.38	-31.98	-10.3	478.5	78	72
FCF margin	43.01%	8.84%	9.35%	-17.47%	-3.76%	173.8%	35.93%	30.44%
FCF Conversion (EBITDA)	58.67%	13.38%	14.17%	-	-	205.56%	45.01%	38.66%
FCF Conversion (Net income)	133.41%	17.96%	41.66%	-	-	163.18%	66.04%	58.66%
Dividend per Share ²	2.818	0.9234	2.308	11.37	22.77	46.04	15.53	15.50
Announcement Date	2/27/20	2/19/21	2/22/22	2/28/23	2/14/24	-	-	-

¹USD in Million²NOK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	32.91	46.86	43.56	39.12	53.5	62.35	62.57	59.24	89.59	91.97	52.33	62.33	69	58	47
EBITDA ¹	21.56	34.77	31.61	27.73	41.5	51.27	51.55	46.06	77.68	80.76	41.67	52	58	48	36.5
EBIT ¹	10.18	22.67	20.47	16.59	38.75	40.72	40.02	35.25	66.62	70.7	44	42.33	48.33	38.5	27
Operating Margin	30.93%	48.37%	46.98%	42.42%	72.43%	65.31%	63.97%	59.5%	74.36%	76.87%	84.08%	67.91%	70.05%	66.38%	57.45%
Earnings before Tax (EBT) ¹	7.99	24.31	18.46	11.65	34.86	36.37	35.76	30.11	61.59	146.6	64.33	38	44	34.5	22.5
Net income ¹	7.492	24.3	18.4	11.6	34.71	36.32	35.71	30.08	61.47	146.5	64.33	38	44	34.5	22.5
Net margin	22.77%	51.86%	42.24%	29.67%	64.89%	58.25%	57.07%	50.77%	68.61%	159.28%	122.93%	60.96%	63.77%	59.48%	47.87%
EPS ²	0.8879	3.070	2.351	1.496	4.650	5.227	4.898	4.168	8.474	20.66	8.953	5.279	6.135	4.762	3.156
Dividend per Share ²	0.4439	1.919	1.982	1.983	5.167	5.598	5.283	5.314	6.885	-	10.02	7.205	5.707	4.548	2.889
Announcement Date	2/22/22	5/25/22	8/31/22	11/24/22	2/28/23	5/30/23	8/30/23	11/28/23	2/14/24	5/15/24	-	-	-	-	-

¹USD in Million²NOK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	367	341	288	227	361	197	267	367
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.886 x	3.579 x	3.051 x	1.676 x	1.595 x	0.8449 x	1.543 x	1.97 x
Free Cash Flow ¹	74.6	12.7	13.4	-32	-10.3	479	78	72
ROE (net income / shareholders' equity)	14.4%	16.4%	6.48%	15.6%	27.1%	51%	22%	21.8%
ROA (Net income/ Total Assets)	6.32%	7.89%	3.47%	8.8%	14.7%	26.1%	9.3%	10.3%
Assets ¹	884.9	898.1	926.3	1,012	1,111	1,123	1,270	1,192
Book Value Per Share ²	66.30	59.60	61.90	143.0	82.60	74.50	75.80	82.40
Cash Flow per Share	12.30	10.50	-	-	-	-	-	-
Capex ¹	8.82	66.2	60.2	155	177	105	77	116
Capex / Sales	5.08%	45.96%	42.09%	84.74%	64.82%	38.14%	35.47%	49.05%
Announcement Date	2/27/20	2/19/21	2/22/22	2/28/23	2/14/24	-	-	-

¹USD in Million²NOK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Avance Gas Holding Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

198 NOK

Average target price

193 NOK

Spread / Average Target

-2.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sea-Borne Tankers

	1st Jan change	Capi.
AVANCE GAS HOLDING LTD	+32.35%	1.42B
COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.	+43.28%	9.94B
FRONTLINE PLC	+37.06%	6.12B
SCORPIO TANKERS INC.	+34.36%	4.19B
INTERNATIONAL SEAWAYS, INC.	+39.20%	3.14B
NANJING TANKER CORPORATION	+36.79%	2.55B
BW LPG LIMITED	+18.24%	2.21B
DHT HOLDINGS, INC.	+27.32%	2.02B
DORIAN LPG LTD.	-0.32%	1.78B
FLEX LNG LTD.	+1.27%	1.59B

Sea-Borne Tankers