Investment Summary
[Two or three short paragraphs. State your view first, then the value range and the two or three reasons behind it. A reader who stops here should know your call and why.]
Company Overview
[What the company does, where its revenue comes from, and how it has changed in the last three years. Keep it to what matters for the valuation.]
Financial Performance
[Revenue, EBITDA margin, cash conversion and leverage over the last three to five years, drawn from the audited accounts. Explain the movements; do not just list them.]
| Year Ended 31 December | [Year 1] | [Year 2] | [Year 3] |
|---|---|---|---|
| Revenue (₦bn) | [x] | [x] | [x] |
| EBITDA Margin | [x]% | [x]% | [x]% |
| Net Debt / EBITDA | [x]x | [x]x | [x]x |
Valuation
[Explain each method, its weight and why. Show the bridge from enterprise value to equity value per share.]
| Method | Weight | Value per Share (₦) |
|---|---|---|
| Discounted Cash Flow | [x]% | [x] |
| EV/EBITDA (Peers) | [x]% | [x] |
| Blended Value | 100% | [x] |
Key Assumptions
[Production, oil price, FX, capex and WACC inputs, each with its source and a sensitivity range.]
Key Risks
- [Risk One]: [How it would affect the value, and by roughly how much.]
- [Risk Two]: [How it would affect the value.]
- [Risk Three]: [How it would affect the value.]
Sources
All company figures are from Seplat Energy Plc audited financial statements filed with the Nigerian Exchange, [years]. Market data as at [date].