Seplat Energy - FY23 results – strong performance, more to come
Seplat delivered a strong operating and financial performance in 2023 with production up 8% to 47.8kboed and EPS increased by 27% to US$0.14, despite a near 20% fall in the oil price. Reserves increased by 9% to 478mmboe. Guidance for start-up at ANOH was reconfirmed and Seplat remains highly confident that the transformational MPNU acquisition will complete. Cash flow was strong and net debt was reduced to US$306m (YE22 US$366m). The current quarterly dividend of USc3 was supplemented with a special dividend of USc3 taking the total full year dividend to USc15, flat YoY. Production guidance for FY24 is 44-52kboed. Seplat announced that Udoma Udo Udoma will become the new Chair of Seplat from 1 April 2024 when Bello Rabiu will become Senior Independent Non-Executive Director, continuing the Board refresh. On our current forecasts Seplat trades on a P/E for 2025 of 5.5x with EV/EBITDA under 3x.
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