Financials Beach Energy Limited

Equities

BPT

AU000000BPT9

Oil & Gas Exploration and Production

Market Closed - Australian S.E. Other stock markets 02:10:44 2024-04-26 am EDT			5-day change	1st Jan Change
1.59 ^AUD	-0.62%		-1.24%	-0.62%

Apr. 25	JPMorgan Upgrades Beach Energy to Overweight from Neutral, Price Target is AU$1.85	MT
Apr. 24	Beach Energy Revises FY2024 Production Guidance to 18-18.5 Million Barrels of Oil Equivalent	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,522	3,466	2,826	3,932	3,078	3,625	-	-
Enterprise Value (EV) ¹	4,350	3,416	2,874	3,767	3,078	4,064	3,852	3,201
P/E ratio	7.85 x	6.93 x	8.94 x	7.86 x	7.68 x	-19.2 x	6.88 x	5.42 x
Yield	1.01%	1.32%	1.61%	1.16%	-	3.15%	5.43%	6.95%
Capitalization / Revenue	2.18 x	2.01 x	1.81 x	2.22 x	1.87 x	2.03 x	1.74 x	1.56 x
EV / Revenue	2.09 x	1.98 x	1.84 x	2.13 x	1.87 x	2.28 x	1.85 x	1.37 x
EV / EBITDA	3.17 x	3.08 x	3.02 x	3.39 x	3.13 x	4.2 x	2.99 x	2.19 x
EV / FCF	7.78 x	-74 x	1,437 x	12.1 x	-	-18.1 x	11.8 x	4.67 x
FCF Yield	12.8%	-1.35%	0.07%	8.24%	-	-5.53%	8.5%	21.4%
Price to Book	1.9 x	1.23 x	0.92 x	1.11 x	-	1 x	0.9 x	0.81 x
Nbr of stocks (in thousands)	2,278,249	2,280,587	2,278,949	2,279,633	2,279,920	2,279,870	-	-
Reference price ²	1.985	1.520	1.240	1.725	1.350	1.590	1.590	1.590
Announcement Date	8/18/19	8/16/20	8/15/21	8/14/22	8/13/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,078	1,728	1,562	1,771	1,646	1,786	2,078	2,331
EBITDA ¹	1,374	1,108	953	1,111	982	966.7	1,287	1,464
EBIT ¹	848	653.3	524	734.8	569.8	534.4	776.4	916.2
Operating Margin	40.81%	37.8%	33.55%	41.48%	34.61%	29.92%	37.37%	39.31%
Earnings before Tax (EBT) ¹	810.4	693.1	436.8	716.6	559.3	531.5	743.2	912.5
Net income ¹	577.3	500.8	317	500.8	400.8	-194	516.4	651.6
Net margin	27.79%	28.98%	20.29%	28.27%	24.34%	-10.87%	24.85%	27.96%
EPS ²	0.2528	0.2192	0.1387	0.2194	0.1758	-0.0827	0.2312	0.2933
Free Cash Flow ¹	558.9	-46.2	2	310.4	-	-224.7	327.3	686
FCF margin	26.9%	-2.67%	0.13%	17.52%	-	-12.58%	15.75%	29.43%
FCF Conversion (EBITDA)	40.66%	-	0.21%	27.94%	-	-	25.42%	46.87%
FCF Conversion (Net income)	96.81%	-	0.63%	61.98%	-	-	63.39%	105.29%
Dividend per Share ²	0.0200	0.0200	0.0200	0.0200	-	0.0500	0.0864	0.1105
Announcement Date	8/18/19	8/16/20	8/15/21	8/14/22	8/13/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q2	2023 S1	2023 S2	2024 Q1	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 S2	2026 S1
Net sales ¹	900	779.4	726.3	835.7	388	409.4	-	487	526.4	974	422	827	819.4	405	953.9	391	418.6	843.9	542.4	551.2	1,063	577.4	1,169	1,210
EBITDA	622	486.1	407	546	-	-	513	-	-	598	-	499.2	482.8	-	488	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	336	-	-	-	-	-	418.7	-	301.3	268.5	-	265	-	-	200.2	-	-	336.9	-	402	428
Operating Margin	-	-	-	40.21%	-	-	-	-	-	42.99%	-	36.43%	32.77%	-	27.78%	-	-	23.73%	-	-	31.7%	-	34.39%	35.38%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	273.1	-	-492.5	-	111.5	238.1	183.7	184.8	368.5	184.2	386	-
Net income	-	-	128.7	-	-	-	212.9	-	-	287.9	-	-	-	-	-345	-	77.95	166.8	128.5	129.4	258	129	270.3	-
Net margin	-	-	17.72%	-	-	-	-	-	-	29.56%	-	-	-	-	-36.17%	-	18.62%	19.77%	23.7%	23.49%	24.27%	22.34%	23.12%	-
EPS	-	-	0.0564	-	-	-	0.0933	-	-	0.1261	-	0.0908	-	-	-	-	0.0338	0.0723	0.0554	0.0569	0.1122	0.0569	0.1184	-
Dividend per Share ²	0.0100	-	0.0100	0.0100	-	0.0100	0.0100	-	0.0100	0.0100	-	0.0100	-	-	0.0200	0.0106	0.0106	0.0212	-	-	-	-	-	-
Announcement Date	2/11/20	8/16/20	2/15/21	8/15/21	11/13/21	2/13/22	2/13/22	2/12/23	8/14/22	8/14/22	2/12/23	2/12/23	8/13/23	11/11/23	2/11/24	-	-	-	-	-	-	-	-	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	48	-	-	439	227	-
Net Cash position ¹	172	50	-	165	-	-	-	424
Leverage (Debt/EBITDA)	-	-	0.0504 x	-	-	0.4541 x	0.1764 x	-
Free Cash Flow ¹	559	-46.2	2	310	-	-225	327	686
ROE (net income / shareholders' equity)	26.6%	17.8%	12.3%	15.2%	-	10.7%	13.4%	14.7%
ROA (Net income/ Total Assets)	14%	11.3%	7.13%	10.3%	-	6.16%	9.39%	10.5%
Assets ¹	4,117	4,415	4,446	4,859	-	-3,149	5,498	6,196
Book Value Per Share ²	1.040	1.240	1.350	1.550	-	1.580	1.760	1.960
Cash Flow per Share ²	0.4500	0.3800	0.3300	0.5400	0.4100	0.3500	0.4600	0.5400
Capex ¹	479	920	674	913	-	1,038	647	450
Capex / Sales	23.07%	53.24%	43.12%	51.53%	-	58.13%	31.15%	19.32%
Announcement Date	8/18/19	8/16/20	8/15/21	8/14/22	8/13/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Beach Energy Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.59 AUD

Average target price

1.903 AUD

Spread / Average Target

+19.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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