Stock data
| Market cap. | £405.6m |
| Last close | 156.50p |
| High / Low (52 weeks) | 202.5p / 89.8p |
| Stock market listing | AIM |
| Forecast net cash (US$m) | 27.2 |
| Forecast gearing ratio (%) | N/A |
| Team | Resources - Oil & Gas |
| Sector | Oil & Gas |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (20.15) | (14.36) | 5.74 |
| Relative * | (16.23) | (7.33) | 16.21 |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 135.1 | 89.8 | 64.9 | 31.6 | 8.0 | 5.3 |
| 2011A | 129.1 | 55.7 | 22.4 | 6.7 | 37.7 | 6.3 |
| 2012E | 343.3 | 267.7 | 223.2 | 80.6 | 3.1 | 38.2 |
| 2013E | 420.0 | 336.1 | 251.4 | 90.7 | 2.8 | 2.1 |
Last updated on 19/04/2012
Latest research
Development ‘purists’
Outlook | Oil & Gas | 16/12/2011
Exploiting Jacky
Flash note | Oil & Gas | 15/12/2010
Awaiting 2011 programme
Update | Oil & Gas | 19/11/2010
Ready to grow
Outlook | Oil & Gas | 28/09/2010
Progress on Athena
Flash note | Oil & Gas | 16/03/2010
Reserves upgrade
Update | Oil & Gas | 05/02/2010
Stella appraisal next
Update | Oil & Gas | 25/11/2009
A turning point
Outlook | Oil & Gas | 09/09/2009
Investment summary
Imminent start up of the Athena field is set to double Ithaca's production, with a further step-change expected in 2013 from the recently FDP-approved Greater Stella Area development. With almost the entire portfolio scheduled to be in production by end 2014, fully funded for all its core developments, and with a $325m UK tax-loss pool, the company has offered investors good-value access to low-risk reserves in the UK North Sea and this has not gone unnoticed. Non-binding acquisition discussions initially announced in January have pushed volatile trading to levels well above our risked valuation of 168p. We expect trading to remain volatile until any bids are made public or Ithaca walks away.
Last updated on 23/04/2012
Industry outlook
Ithaca's acquisition discussions could lead to another significant takeover of a North Sea player. A 2011 bear market has left value on the table for investors and we would not be surprised to see further consolidation, especially among companies seeking or selling strong tax loss positions.
Last updated on 23/04/2012
Key management
| Lawrence Payne, Chairman |
| Iain McKendrik, CEO |
| Graham Forbes, CFO |
Company address
| 64 Knightsbridge London SW1X 7JF United Kingdom +44 (0) 207 590 3665 View website |
