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Tethys Oil: Estimates down on lower production - ABG

Q4 EBITDA of USD 21.5m, in line with ABGSCe
Estimates down on lower production assumptions
Fair value range revised to SEK 30-55 (40-75)


Q4 numbers in line with ABGSCe

Tethys Oil reported Q4'23 numbers in line with our expectations. EBITDA of USD 21.5m was only slightly above ABGSCe at USD 20.1m. The small beat was explained by slightly lower-than-expected opex, as production, sold volumes and realised prices were pre-announced. FCF of USD 2.5m (SEK 0.8/sh) was better than ABGSCe of USD -1.8m (SEK -0.6/sh) due to lower than expected capex.
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