Etablissements Maurel & Prom (MAU) AI Stock Analysis

• Market Cap: €1.18B
• Dividend Yield: 6.7%
• Average Volume (3M): 137.68K
• Price to Earnings (P/E): 5.5
• Beta (1Y): 0.67
• Revenue Growth: -14.28%
• EPS Growth: -9.30%
• Country: FR
• Employees: 783
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): 0.48
• Shares Outstanding: 201,261,570
• 10 Day Avg. Volume: 135,204
• 30 Day Avg. Volume: 137,683
• PEG Ratio: 0.48
• Price to Book (P/B): 1.00
• Price to Sales (P/S): 1.45
• P/FCF Ratio: 8.89
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €6.50
• Price Target Upside: 8.33% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 77 Outperform
• Price Target: €7.00 ▲(16.67% Upside)

The score is driven primarily by strong financial performance (growth, high margins, low leverage) and compelling valuation (low P/E and high dividend yield). These positives are tempered by technicals showing an overbought setup (very high RSI/Stoch), which increases near-term downside risk despite an overall uptrend.

Positive Factors

High profitability margins

Sustained high gross, EBIT and net margins indicate durable operational efficiency and cost control in upstream operations. These margins provide a structural buffer versus price swings, support internal funding for maintenance and growth capex, and improve long-term cash generation quality.

Low leverage and strong equity base

Very low debt relative to equity and a strong equity ratio limit refinancing and liquidity risks during downturns. This capital structure gives management durable flexibility to fund developments, pursue selective M&A or withstand cyclicality in oil markets without stressing liquidity or credit profiles.

Solid operating cash conversion

OCF converting above net income signals high earnings quality and real cash generation from operations. Over the medium term this underpins the company’s ability to self-fund maintenance capex, support distributions or reduce leverage without relying heavily on external financing.

Negative Factors

Weak free cash flow conversion

Free cash flow materially below reported net income suggests significant capex, working capital absorption, or non-cash items limiting distributable cash. Structurally this constrains capacity to delever, increase payouts, or materially expand investment without raising external funds.

Modest free cash flow growth

Only modest FCF growth despite reported revenue gains indicates limited incremental cash conversion. Over a multi-quarter horizon this can restrict reinvestment, reduce the margin of safety for dividends, and leave less buffer to absorb commodity-driven revenue volatility.

Commodity and country risk exposure

Concentrated upstream exposure in African jurisdictions and dependence on oil prices create persistent geopolitical and commodity-cycle risks. These structural factors can cause production interruptions, regulatory shifts or price-driven cashflow swings that materially affect medium-term operational stability.

Etablissements Maurel & Prom Business Overview & Revenue Model

Company Description

Etablissements Maurel & Prom S.A., an oil and gas exploration company, engages in the exploration and production of hydrocarbons. It operates through three segments: Exploration, Production, and Drilling. As of December 31, 2021, the company had proven and probable reserves of 171 million barrels of oil equivalent. The company was founded in 1831 and is headquartered in Paris, France. Etablissements Maurel & Prom S.A. is a subsidiary of PT Pertamina Internasional Eksplorasi dan Produksi.

How the Company Makes Money

Etablissements Maurel & Prom generates revenue primarily through the exploration and production of crude oil and natural gas. The company earns money by selling the hydrocarbons it extracts from its fields, which are then sold to refineries and other industrial consumers. Key revenue streams include the sale of crude oil, which is influenced by global oil prices, and natural gas, as well as potential revenues from joint ventures and partnerships in various regions. MAU often enters into production-sharing contracts with host governments, which allows it to recover its investment costs and share profits. Additionally, the company's strategic partnerships with other oil and gas companies can facilitate technology sharing and increase operational efficiency, contributing to its earnings.

Etablissements Maurel & Prom Financial Statement Overview

Summary

Etablissements Maurel & Prom exhibits strong financial health with significant revenue and profit growth, efficient cost management, and a stable balance sheet with low leverage. Cash flow metrics are positive, although there is potential to enhance free cash flow management. Overall, the company's financial statements portray a robust financial condition with prospects for sustainable growth in the oil and gas industry.

Income Statement

Etablissements Maurel & Prom has demonstrated robust revenue growth with a 18.48% increase from 2023 to 2024. Gross and net profit margins are strong at 50.44% and 28.78% respectively for 2024, indicating effective cost management and profitability. The EBIT margin of 31.93% and EBITDA margin of 42.12% highlight operational efficiency. These metrics are impressive for the oil and gas sector, suggesting a competitive edge in their operations.

Balance Sheet

The company's balance sheet is solid with a debt-to-equity ratio of 0.14 in 2024, reflecting low leverage and financial stability. The return on equity is strong at 19.93%, indicating efficient use of equity to generate profits. The equity ratio stands at 57.47%, denoting a strong equity base relative to total assets. Overall, the balance sheet reflects a healthy financial structure, though there is room for improvement in managing total liabilities.

Cash Flow

The operating cash flow to net income ratio of 1.17 in 2024 suggests healthy cash conversion from earnings. Free cash flow grew by 5.54% from 2023 to 2024, indicating good cash generation capability. Despite these positives, the free cash flow to net income ratio stands at 0.56, which may suggest some inefficiencies in cash management relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	687.10M	808.39M	682.15M	676.48M	499.67M	329.75M
Gross Profit	519.81M	407.82M	399.48M	604.01M	418.00M	83.98M
EBITDA	300.19M	340.52M	321.86M	430.62M	279.68M	64.35M
Net Income	235.91M	232.68M	210.19M	204.82M	119.73M	-588.98M
Balance Sheet
Total Assets	2.04B	2.03B	1.86B	1.68B	1.69B	1.67B
Cash, Cash Equivalents and Short-Term Investments	292.93M	235.71M	211.38M	225.50M	208.82M	222.55M
Total Debt	141.50M	168.52M	226.79M	343.22M	536.66M	622.47M
Total Liabilities	806.82M	826.62M	807.92M	807.20M	997.59M	1.12B
Stockholders Equity	1.19B	1.17B	1.02B	856.51M	675.16M	539.66M
Cash Flow
Free Cash Flow	64.35M	131.48M	124.58M	263.38M	115.83M	15.52M
Operating Cash Flow	210.33M	272.22M	270.33M	365.89M	280.18M	108.68M
Investing Cash Flow	-93.99M	-30.77M	-113.50M	-167.94M	-157.23M	-78.76M
Financing Cash Flow	-133.97M	-144.21M	-195.16M	-255.40M	-95.11M	-93.83M

Etablissements Maurel & Prom Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:MAU, the sentiment is Positive. The current price of 6 is above the 20-day moving average (MA) of 5.24, above the 50-day MA of 5.02, and above the 200-day MA of 4.75, indicating a bullish trend. The MACD of 0.26 indicates Negative momentum. The RSI at 71.71 is Negative, neither overbought nor oversold. The STOCH value of 59.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:MAU.

Etablissements Maurel & Prom Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RUI	78 Outperform	€3.39B	9.04	14.24%	8.70%	-0.98%	20.09%
TTE	78 Outperform	€118.90B	9.53	12.75%	5.87%	-11.20%	-13.26%
MAU	77 Outperform	€1.18B	5.50	21.70%	6.70%	-14.28%	-9.30%
EC	75 Outperform	€828.00M	14.88	4.13%	47.20%	-8.54%	47.48%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
FDE	50 Neutral	€183.60M	49.89	4.36%	―	-3.42%	-62.80%