Seplat Energy - Research Update - Valuation Catalysts
We believe Seplat has multiple catalysts for value uplift which remain poorly understood despite the share price outperformance this year. Based on new modelling, we provide detailed insights into these catalysts. Most certain are improved operational reliability and the start-up of the ANOH gas project. Completion of the MPNU acquisition and conversion to the new PIA terms could be transformative while enhanced corporate governance and the improved outlook for Nigeria add supportive context. Seplat is on a discount rating to peers and on compelling forward valuation multiples with upside of 32%-91% to our initial NAV estimates, excluding the potential transformational value from the MPNU and PIA uplifts.
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