reports
DANA GAS sees an upgrade to Positive due to a better fundamental star ...
The general evaluation of DANA GAS (AE), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date March 25, 2022, the closing price was AED 1.21 and its p...
- Kiti Pantskhava
Dana Gas: Initiation — DANAUH has upside if sukuks partially repaid ...
Initiate with Buy. Dana Gas reported relatively upbeat H1 20 results last week, demonstrating positive free cash flows in Q2 20, the reporting period severely affected by the coronavirus pandemic and falling oil prices. Even after spending US$105mn on dividends in May and cUS$90mn on bond buyback since the start of the year, the company maintained high liquidity. Unless there is an operating or financial disruption between now and the bond maturity on 31 October 2020, Dana Gas should have eno...
- CI Capital Research Team
Suspension of coverage | Dana Gas, Marsa Maroc, and TransGlobe Energy
CI Capital is effective today suspending equity research coverage on the following industrial stocks in MENA: Dana Gas, Marsa Maroc, and TransGlobe Energy. This comes as a result of a departing analyst. The last published ratings and target prices are shown in the table.
- Salma KHARBACHI
Improvement on better conditions
Dana Gas reported 9M 2017 revenues of US$330m, 18% higher compared to US$280m in the same period of 2016. 9M 2017 net profit increased from US$26m to US$125m. CAPEX declined by 74% during 9M 2017 to US$28m, driven by lower Capex in Egypt. During the quarter the Company completed one of its most critical projects. The South Faraskur Compression project has added 5 MMscf/d in volume and has guaranteed maximum capacity output through the end of the year.
- Salma KHARBACHI
A jump following an increase in energy prices
Dana Gas reported a 71% leap in Q2 2017 profit. Indeed, the company made a net profit of US$12m in the three months to June 30, 2017. This compares to a profit of US$7m in the prior-year period. In the first half of 2017, Dana Gas reported gross revenues of US$222m and a net profit of US$23m as compared to US$178m and US$13m, respectively, in H1 2016. Total average group production was 67,550 boepd in the first half of 2017, 6% higher compared to H1 2016.
- Khaled Sadek
Initiate with Underweight on impairment risks
Unstable cash cycle a drag; no close resolution to Iran dispute. DG is a gas E&P player (output 64k boepd) mainly exposed to the Kurdistan Region of Iraq (KRI) and Egypt. Our TP implies USD1.33/bbl on EV/2P reserves for KRI and UAE (c16% higher than recent M&A in KRI) and USD5.6/bbl for Egypt (vs USD11.2/bbl for the sector), justified by delayed receivables collection. We also value DG’s AED2bn investment with Iran at a 60% discount to book as it is idle since 2005, with no clear operational tim...
- Caroline Berzi
Cash flow positive; upgrade to Neutral from UW
Prudent spending should enhance cash flow. We hike our 12M TP by 44% to AED0.72/share to reflect: i) a 20-25% expected drop in costs to USD1.7/boe over 2017-20e supported by opex reductions and currency devaluation in Egypt, ii) a cut in Egypt capex, thanks to a more conservative strategy towards exploration, and iii) clearing of Egypt receivables by 2019. These factors more than offset the downtrend of crude oil futures (USD50/bbl between 2017-19 vs. USD57/bbl previously). On EV/2P reserves (ex...
- Salma KHARBACHI
A good quarterly jump
In the first quarter of 2017, Dana Gas’s Net profit rose by 83% to US$11m from US$6m a year earlier. Q1 2017 revenue climbed by 44% to US$118m. Overall, the group’s production was 69,900 boepd, 16% higher than Q1 2016. Average realised prices in Q1 were US$42 per boe, versus US$30 per boe in Q1 2016. In the first quarter of 2017, collections in Egypt were US$13m, representing 42% of total billings.
- Salma KHARBACHI
Hampered by poor collections
Dana Gas reported a 95% drop in Q4 2016 net profit to US$7m. For full-year 2016, the firm posted a US$33m profit, nearly four times lower than full-year profit of US$144m in 2015. 2016 Revenue fell by 6% to US$392m. Overall production rose by 5% to 67,050 barrels of oil equivalent per day (boepd), but the average realized price was US$33 per boe, compared with US$45 the year before. The company’s total collections for the year were US$200m, up from US$168m the previous year.
- Salma KHARBACHI
- Salma KHARBACHI
Lower on uncertain backdrop
Dana gas, the UAE energy company, reported a Q4 2016 profit of US$7m compared to US$134.2m in Q4 2015. It posted a US$33m profit for 2016, nearly four times lower than the full year profit of US$144m in 2015. Excluding the RWE payment, Dana Gas lost US$64m in 2015. FY2016 revenue fell by 6% to US$392m as compared to US$417m in 2015. The total 2016 average production increased by 5% to 67,050 boepd, from 63,900 boepd in 2015.
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Salma KHARBACHI
The Cash Collection problem still persists
Dana Gas reported 9M 2016 and Q3 2016 revenues of US$280m and US$102m as compared to revenues of US$324m and US$93m in the same period in 2015. The Company booked a third quarter and nine months net profit of US$13m and US$26m as compared to a net loss of US$9m and a gain of US$10m in the corresponding periods in 2015. The Group’s Q3 2016 production was 69,400 barrels of oil equivalent per day (boepd), a 14% increase from 60,800 boepd in Q3 2015. The total collections for the third quarter and...
Drab Quarter in a challenging environment
The Middle East’s largest regional private sector natural gas company, Dana Gas announced a Q2 2016 Net profit of US$7m, similar to the US$7m in Q2 2015. In the second quarter of 2016, Revenue was US$96m as compared to US$116m in Q2 2015. H1 2016 revenue decreased by 23% to US$178m. H2 2016 Net profit was US$13m compared to US$19m in H1 2015, namely a drop of 31.6%. Group production in Q2 2016 was 66,650 boepd, up 1% on Q2 2015.
Dana Gas swings to Q4 profit on RWE arbitration gain
UAE-based Dana Gas has announced that its net profit in 2015 increased by 15% to US$144M, compared to US$125M in 2014.The company reported gross revenues and gross profit of US$417M and US$126M, respectively, down from US$683M and US$303M for the full year 2014. The company’s year-end cash and bank balance stood at US$470M, up from US$184M at the end of 2014. During the year the Company has also significantly increased its oil & gas reserves.
Dana Gas comes through a bad period
Dana Gas reported 9M 2015 gross revenues and net profit of US$324M and US$10M, respectively, as compared to US$541M and US$129M in the same period of 2014. The average production in the third quarter of 2015 was 60,800 barrels of oil equivalent per day (boepd). Furthermore, because of early conversions on the convertible sukuk in early 2014, the Company saved approximately US $4 million in interest payment during 2015. Dana Gas continues to make progress on its Zora Gas Field project.
Dana Gas posts an 85% slump in Q2 2015 profit
Dana Gas reported an 85% plunge in its second-quarter profit as production declined and prices dropped. Q2 Net result fell to US$6.8M from US$46M a year earlier. The production fell by 9%, led by an 18% drop in Egypt. Dana's Egyptian unit delivered 35,010 boepd in the second quarter (an 18% yoy drop) due to aging oilfields and delays in drilling. However, its share of production in the Kurdistan region of Iraq rose by 4% to 30,000 boepd over the same period.
Dana Gas's 2014 profit plummet by 20%
Dana Gas’s 2014 revenues recorded a 5% annual increase, reflecting a growth in production despite the sharp fall in oil prices during the second half of 2014. The net revenue rose by 3.26% to US475M. The company posted a lower net profit of US$125M in FY2014, compared to US$156M in FY13, i.e. a 20% decline. In 2014, the company's net production went up by 6% to 68,900 boepd as compared to 2013’s average of 64,700 boepd. -Egypt Gas's (Dana Gas's subsidiary) LPG, condensate and crude oil full...
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