Added to YB: 2024-05-02
Pitch date: 2024-05-01
ITH.L [bullish]
Ithaca Energy plc
+72.57%
current return
Author Info
Company Info
Ithaca Energy plc, together with its subsidiaries, engages in the development and production of oil and gas in the North Sea.
Market Cap
GBP 4.4B
Pitch Price
GBP 0.93
Price Target
N/A
Dividend
8.26%
EV/EBITDA
2.66
P/E
-42.77
EV/Sales
1.90
Sector
Oil, Gas and Consumable Fuels
Category
special_situation
Against The Trend. How to Creating Shareholder Value in Uncommon Places - Ithaca Energy plc
ITH.L: Ithaca Energy, like OKEA, operates in an underappreciated market (North Sea). Merging with Eni UK to become 2nd largest North Sea producer with 110 kboe/d output, 600m boe 2P reserves (15 yr life). $4.5B tax loss pool reduces tax burden despite UK windfall taxes, enabling aggressive investment vs peers. Generated $800M FCF in 2023 after $492M capex, paid $400M dividend (15-30% of after-tax CFFO). Guiding to $500M dividends in '24 & '25 (20% yield post-merger). Delek to own 52.7% post-deal.
Read full article (4 min)