Africa Oil Corp.

BATS-CHIXE:AOIS Stock Report

Market Cap: SEK 6.1b

Africa Oil Valuation

Is AOIS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AOIS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AOIS (SEK14.56) is trading below our estimate of fair value (SEK32.1)

Significantly Below Fair Value: AOIS is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AOIS?

Key metric: As AOIS is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for AOIS. This is calculated by dividing AOIS's market cap by their current book value.
What is AOIS's PB Ratio?
PB Ratio1x
BookUS$548.70m
Market CapUS$554.44m

Price to Book Ratio vs Peers

How does AOIS's PB Ratio compare to its peers?

The above table shows the PB ratio for AOIS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average1.3x
SQZ Serica Energy
0.8x-18.3%UK£506.8m
SAVE Savannah Energy
1.6xn/aUK£344.5m
DEC Diversified Energy
1.5x2.4%UK£625.8m
PANR Pantheon Resources
1.3xn/aUK£295.1m
AOIS Africa Oil
1x84.7%SEK 797.8m

Price-To-Book vs Peers: AOIS is good value based on its Price-To-Book Ratio (1x) compared to the peer average (1.3x).

Price to Book Ratio vs Industry

How does AOIS's PB Ratio compare vs other companies in the GB Oil and Gas Industry?

11 CompaniesPrice / BookEstimated GrowthMarket Cap
BOR Borders & Southern Petroleum
0.06xn/aUS$17.25m
INDI Indus Gas
0.05xn/aUS$16.98m
BLVN Bowleven
0.04xn/aUS$6.93m
GCM GCM Resources
0.1xn/aUS$6.43m
No. of Companies11PB00.61.21.82.43+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: AOIS is expensive based on its Price-To-Book Ratio (1x) compared to the UK Oil and Gas industry average (0.8x).

Price to Book Ratio vs Fair Ratio

What is AOIS's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AOIS PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio1x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate AOIS's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AOIS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
SEK 24.23
0%
9.3%SEK 27.18SEK 21.35n/a4
Dec ’25n/a
SEK 24.08
0%
8.6%SEK 26.87SEK 21.60n/a4
Nov ’25n/a
SEK 23.37
0%
8.6%SEK 26.04SEK 21.02n/a4
Oct ’25n/a
SEK 24.63
0%
8.7%SEK 26.36SEK 21.05n/a4
Sep ’25n/a
SEK 24.49
0%
8.8%SEK 26.38SEK 20.88n/a4
Aug ’25n/a
SEK 25.48
0%
8.5%SEK 27.17SEK 21.82n/a4
Jul ’25SEK 19.10
SEK 25.50
+33.5%
8.5%SEK 27.21SEK 21.84n/a4
Jun ’25n/a
SEK 25.25
0%
9.3%SEK 27.54SEK 22.04n/a3
May ’25n/a
SEK 25.61
0%
9.1%SEK 27.82SEK 22.41n/a3
Apr ’25n/a
SEK 24.66
0%
9.4%SEK 26.98SEK 21.49n/a3
Mar ’25n/a
SEK 24.28
0%
9.5%SEK 26.61SEK 21.16n/a3
Feb ’25n/a
SEK 24.67
0%
9.5%SEK 27.04SEK 21.50n/a3
Jan ’25n/a
SEK 25.85
0%
13.4%SEK 28.70SEK 20.98n/a3
Dec ’24n/a
SEK 25.34
0%
14.3%SEK 28.97SEK 21.71n/a2
Nov ’24n/a
SEK 26.23
0%
14.4%SEK 30.00SEK 22.45n/a2
Oct ’24SEK 24.22
SEK 26.42
+9.1%
14.9%SEK 30.36SEK 22.48n/a2
Sep ’24SEK 25.67
SEK 26.40
+2.8%
14.8%SEK 30.32SEK 22.48n/a2
Aug ’24n/a
SEK 25.12
0%
16.1%SEK 29.17SEK 21.07n/a2
Jul ’24SEK 22.32
SEK 25.32
+13.4%
12.8%SEK 28.56SEK 22.08SEK 19.102
Jun ’24n/a
SEK 25.08
0%
11.2%SEK 27.88SEK 22.27n/a2
May ’24SEK 19.70
SEK 23.98
+21.7%
11.3%SEK 26.69SEK 21.26n/a2
Apr ’24n/a
SEK 23.74
0%
10.7%SEK 26.27SEK 21.21n/a2
Mar ’24SEK 18.95
SEK 23.20
+22.4%
7.4%SEK 24.91SEK 21.48n/a2
Feb ’24n/a
SEK 23.00
0%
8.3%SEK 24.90SEK 21.09n/a2
Jan ’24n/a
SEK 24.17
0%
11.3%SEK 26.90SEK 21.44n/a2
Dec ’23n/a
SEK 24.60
0%
12.3%SEK 27.62SEK 21.57n/a2

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 02:21
End of Day Share Price 2024/12/06 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Africa Oil Corp. is covered by 44 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Anders HolteABG Sundal Collier
Matthew CooperBarclays
Lydia RainforthBarclays