Hibiscus Petroleum Berhad (5199.KL)

Industry: Oil & Gas Exploration & Production Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
C9Q.SI	79	Sinostar PEC Holdi	732	8.34	6.17	2.03	1.54	11.66	3.35
OKEA.OL	80	OKEA Asa	729	-	-	0.58	0.58	0.94	0.70
BRY	81	Berry Corporation	680	-	-	3.55	4.17	-	6.16
PVAC	82	Penn Virginia Corp	657	2.42	2.42	4.42	4.42	3.33	10.88
0V1L.L	83	International Petr	619	7.76	10.81	3.72	5.44	10.45	8.05
STRDW	84	Sitio Royalties Co	614	38.37	38.37	4.95	2.63	16.88	6.35
RECV3.SA	85	Petroreconcavo S.A	597	5.90	5.90	3.65	3.65	9.23	6.86
5199.KL	86	Hibiscus Petroleum	571	9.79	9.79	1.89	1.39	1.51	1.15
HHRS	87	Hammerhead Energy	530	-	-	9.42	9.42	7.10	23.85
OBE	88	Obsidian Energy Lt	511	-	-	2.26	1.99	82.05	-
WTI	89	W&T Offshore, Inc.	500	-	-	6.11	7.45	-	-
BIR-PA.TO	90	Birchcliff Energy	486	27.90	27.90	6.86	5.11	150.80	9.65
PIPE.TO	91	Pipestone Energy C	457	4.04	4.04	2.85	2.85	9.56	4.27
VLU.L	92	Valeura Energy Inc	452	0.01	0.01	-0.15	-0.15	-	-0.25
GRNT	93	Granite Ridge Reso	451	18.68	18.68	3.58	3.58	12.69	13.09
GTE	94	Gran Tierra Energy	449	-	-	0.53	0.53	-	7.67

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.90	5.90	3.56	3.21	9.56	6.61
Full Range Median Multiple	7.76	6.17	3.61	3.61	10.45	7.27
Industry Multiple	12.60	12.70	3.89	3.81	28.61	8.41
Market Implied Multiple	9.67	9.67	1.88	1.38	1.50	1.14
Company (5199.KL) Multiple	9.79	9.79	1.89	1.39	1.51	1.15
(*) Net Income / EBITDA / Revenue	29	29	249	341	313	412
Winsorized Enterprise Value	N/A	N/A	888	1,095	2,994	2,723
Full Range Median Enterprise Value	N/A	N/A	901	1,231	3,274	2,995
(-) Net Debt	191	191	191	191	191	191
Winsorized Equity Value	170	170	697	904	2,803	2,532
Full Range Median Equity Value	223	177	710	1,040	3,083	2,804
(/) Shares Outstanding	180	180	180	180	180	180
Winsorized Fair Value	$0.94	$0.94	$3.86	$5.01	$15.53	$14.03
Full Range Median Fair Value	$1.24	$0.98	$3.93	$5.76	$17.08	$15.53
Current Price	$1.54	$1.54	$1.54	$1.54	$1.54	$1.54
Upside / Downside	-38.92%	-38.92%	150.94%	225.33%	908.49%	810.98%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$0.66	$0.66	$2.71	$3.51	$10.87	$9.82
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY