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Capricorn Energy PLC
(LSE:CNE)
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Rating:71Outperform
Price Target:
383.00 p
â–²(21.59% Upside)
Action:Upgraded
Date:03/31/26
The score is driven primarily by improving financial performance (profitability returning and solid cash generation with low leverage) and supportive technical momentum with the stock trading well above key moving averages. This is balanced by operational/cash-flow volatility and revenue declines, plus earnings-call risks around EGPC receivables, concession ratification dependency, and planned 2026 turnarounds. Valuation is supportive with a low P/E, but dividend support is not available.
Positive Factors
Balance sheet strength
A near debt‑free position and year-end net cash (~$103m) provide durable financial flexibility. Low leverage reduces refinancing risk, supports disciplined capex and selective M&A, and gives the company the ability to absorb cyclical oil price or operational shocks without immediate reliance on external funding.
Negative Factors
Receivables concentration (EGPC)
Concentration of significant receivables with a single state counterparty creates persistent cash‑timing and credit risk. Sovereign payment delays or administrative disputes could interrupt cash inflows, constrain planned investment, or force short-term financing, weakening the benefits of the otherwise strong cash position.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
A near debt‑free position and year-end net cash (~$103m) provide durable financial flexibility. Low leverage reduces refinancing risk, supports disciplined capex and selective M&A, and gives the company the ability to absorb cyclical oil price or operational shocks without immediate reliance on external funding.
Read all positive factors
Capricorn Energy PLC (CNE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£242.41M
Dividend YieldN/A
Average Volume (3M)128.28K
Price to Earnings (P/E)17.5
Beta (1Y)0.99
Revenue Growth-11.74%
EPS GrowthN/A
CountryUK
Employees250
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.27
Shares Outstanding70,558,340
10 Day Avg. Volume86,270
30 Day Avg. Volume128,279
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.48
Price to Sales (P/S)1.33
P/FCF Ratio2.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1
Revenue Forecast (FY)£188.99M
Capricorn Energy PLC Business Overview & Revenue Model
Company Description
Capricorn Energy PLC operates as an autonomous entity in the petroleum sector, managing the entire lifecycle of oil and gas operations from discovery to extraction. Its asset portfolio encompasses a range of exploration prospects, development proj...
How the Company Makes Money
Capricorn Energy makes money primarily through upstream oil and gas activities and the contractual and commercial structures tied to those assets. Key revenue and cash-generation mechanisms include: (1) Hydrocarbon production and sales: Where Capr...
Capricorn Energy PLC Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 08, 2026
Earnings Call Sentiment Positive
Overall the call communicated a clear operational and financial turnaround: strong production performance, substantial reserve replacement (277%), significant collections ($217M) and a materially improved balance sheet with net cash of $103M. Key positives include EGPC Board approval for concession consolidation (awaiting ratification), disciplined capex and a path to grow liquids exposure. Main concerns are concentrated receivables exposure to EGPC ($86M outstanding), dependency on ratification to unlock full value, near‑term production interruptions from two planned turnarounds and external risks (geopolitics and takeover speculation). On balance, the positives — notably cash recovery, near debt‑free position and strong reserve replacement — outweigh the operational and political risks.Positive Updates
Strong Production Performance
Average production of just over 20,000 BOE/d (working interest basis) in 2025, achieving the higher end of management's guidance and setting a solid exit rate supported by development drilling and reservoir management.
Negative Updates
Receivables Concentration and Ongoing Collection Risk
Despite material collections, outstanding receivables remain $86 million and the company has a single customer for oil/gas (EGPC) — ongoing reliance on timely EGPC payments is a principal financial risk and key to sustaining investment.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Production Performance
Average production of just over 20,000 BOE/d (working interest basis) in 2025, achieving the higher end of management's guidance and setting a solid exit rate supported by development drilling and reservoir management.
Read all positive updates
Company Guidance
Capricorn’s 2026 guidance calls for OpEx of $5–$7/boe, production of 18,000–22,000 boe/d with a slightly higher liquids weighting of ~43% (up from ~40% in 2025), and capital investment of $85–$95m focused on liquids (after investing $77m in 2025); management cautioned two planned turnarounds will affect full‑year volumes and said ratification of the merged concession is critical to unlock acreage and further development. For context the business exited 2025 at just over 20,000 boe/d, with 40% liquids, recorded $217m of collections in 2025 leaving $86m receivables and ~$81m Egypt net cash flow, finished the year with ~$103m net cash (YOY cash up $80m) and only ~$30m outstanding on a ring‑fenced junior facility after early repayment of the senior facility. Operational highlights underpinning the guidance include a ~277% reserves replacement ratio (replacement of >250% of 2025 production), ~332mm boe unrisked 2C resources (≈80mm boe GLJ‑evaluated), an estimated ~$5/boe netback uplift at $80/bbl Brent, and a stated M&A return hurdle of roughly 25%.Capricorn Energy PLC Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 135.80M | 177.90M | 255.10M | 229.60M | 57.10M |
| Gross Profit | 45.60M | 51.20M | 75.10M | 149.20M | 20.80M |
| EBITDA | 59.60M | 116.30M | 41.70M | 3.30M | 950.40M |
| Net Income | 19.00M | 10.60M | -144.00M | -67.10M | 894.50M |
Balance Sheet | |||||
| Total Assets | 513.19M | 619.70M | 667.60M | 1.53B | 2.25B |
| Cash, Cash Equivalents and Short-Term Investments | 132.75M | 123.40M | 189.50M | 891.20M | 400.70M |
| Total Debt | 46.00M | 105.40M | 119.20M | 162.90M | 180.70M |
| Total Liabilities | 139.75M | 270.40M | 261.10M | 341.40M | 447.80M |
| Stockholders Equity | 373.44M | 349.30M | 406.50M | 1.12B | 1.80B |
Cash Flow | |||||
| Free Cash Flow | 60.40M | 44.50M | -100.80M | -10.40M | 153.00M |
| Operating Cash Flow | 149.90M | 86.10M | -39.90M | 63.50M | 179.90M |
| Investing Cash Flow | -55.80M | -51.30M | 120.80M | 963.90M | -296.00M |
| Financing Cash Flow | -85.30M | -97.30M | -646.20M | -579.60M | -147.90M |
Capricorn Energy PLC Technical Analysis
Positive
315.00
Price Trends
318.68
Positive
302.59
Positive
256.41
Positive
Market Momentum
10.42
Negative
65.44
Neutral
83.50
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CNE, the sentiment is Positive. The current price of 315 is below the 20-day moving average (MA) of 315.95, below the 50-day MA of 318.68, and above the 200-day MA of 256.41, indicating a bullish trend. The MACD of 10.42 indicates Negative momentum. The RSI at 65.44 is Neutral, neither overbought nor oversold. The STOCH value of 83.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:CNE.
Capricorn Energy PLC Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | £242.41M | 17.51 | 5.30% | ― | -11.74% | ― | |
68 Neutral | £103.55M | -22.17 | 1.89% | 6.46% | -18.06% | -127.50% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
54 Neutral | £413.16M | 1,545.04 | 0.54% | 4.36% | -13.35% | -104.39% | |
50 Neutral | £153.91M | -0.53 | -11.54% | ― | -10.76% | 88.89% | |
44 Neutral | £230.65M | -186.82 | -136.50% | ― | -4.86% | 95.89% | |
41 Neutral | £188.77M | 45.31 | -2.23% | ― | -47.84% | -277.39% |
* Energy Sector Average
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Capricorn Energy PLC Corporate Events
Business Operations and StrategyDividendsM&A Transactions
Genel Energy Launches $360m Cash Bid for Capricorn
Positive
Jul 2, 2026
Genel Energy, via its subsidiary Genel Energy No.9 Limited, has agreed a recommended cash acquisition of Capricorn Energy PLC, valuing the company at about $360 million, or 357 pence per share including a planned special dividend. The offer repres...
M&A TransactionsRegulatory Filings and Compliance
Capricorn Energy Extends Deadline for Potential Cafani-Backed Takeover Bid
Neutral
Jul 1, 2026
Capricorn Energy has secured a further extension to the deadline for Alamadiyaf al-Masiyyah for Trading, a member of the Cafani Group, to decide on a possible all-cash takeover offer for the company. The so-called put-up-or-shut-up deadline has be...
Regulatory Filings and Compliance
Capricorn Energy Confirms Total Voting Rights and Share Capital Structure
Neutral
Jun 30, 2026
Capricorn Energy PLC reported that, as of 30 June 2026, it has 70,558,339 ordinary shares in issue, each carrying one voting right, and confirmed that it holds no shares in treasury. This disclosure clarifies the company’s total voting right...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Capricorn Energy Wins New Deadline Extension in Ongoing Takeover Talks
Neutral
Jun 3, 2026
Capricorn Energy has secured a further extension to the so‑called “put up or shut up” deadline for Alamadiyaf al-Masiyyah, a member of the Cafani Group, to decide on a possible all-cash takeover offer for the entire share capital...
Regulatory Filings and Compliance
Capricorn Energy Updates Market on Total Voting Rights
Neutral
May 29, 2026
Capricorn Energy PLC reported that as of 29 May 2026 it has 70,558,339 ordinary shares in issue, each carrying one voting right, and confirmed that it holds no shares in treasury. The company highlighted that this share count should be used by inv...
Business Operations and StrategyStock BuybackShareholder Meetings
Capricorn Energy Wins Shareholder Backing for All AGM Resolutions
Positive
May 21, 2026
Capricorn Energy PLC reported that shareholders approved all resolutions at its 2026 Annual General Meeting, including the annual report and accounts, remuneration report and policy, auditor re-appointment and pay, and the re-election of the entir...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Capricorn Energy Highlights Egyptian Contract Milestone and Debt-Free Balance Sheet
Positive
May 21, 2026
Capricorn Energy PLC, a cash flow-focused energy producer, operates an attractive portfolio of onshore development and production assets in Egypt’s Western Desert. The company emphasises disciplined investment, low operating costs and balanc...
Business Operations and StrategyM&A Transactions
Capricorn Energy Confirms It Will Not Bid for Deltic Energy
Neutral
May 19, 2026
Capricorn Energy has clarified that its previously announced decision not to make an offer for Deltic Energy remains unchanged and should have been formally linked to Deltic Energy plc. The company confirms it will be bound by Rule 2.8 of the UK T...
Business Operations and Strategy
Capricorn Secures Long-Term Western Desert Concession Deal in Egypt
Positive
May 19, 2026
Capricorn Energy PLC has secured ministerial approval for a consolidated and amended concession agreement covering eight of its Egyptian Western Desert concessions, where it holds a 50% interest with operator Cheiron Oil and Gas. The new framework...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Capricorn Energy Rules Out Bid for Deltic Under UK Takeover Code
Neutral
May 19, 2026
Capricorn Energy PLC has formally confirmed that it does not intend to make an offer for UK-based Deltic Energy plc, following an earlier announcement and a separate firm offer declaration by NEO NEXT+ Energy Upstream UK Limited. The decision plac...
Business Operations and StrategyM&A Transactions
Capricorn Energy Extends Takeover Offer Deadline for Cafani-Backed Bidder
Neutral
May 6, 2026
Capricorn Energy has extended the deadline for potential bidder Alamadiyaf al-Masiyyah, part of the Cafani Group, to declare a firm all-cash takeover offer or walk away. The new cut-off is 3 June 2026, reflecting ongoing progress on the bidderR...
Business Operations and StrategyFinancial Disclosures
Capricorn Energy Set to Receive Cash Proceeds After Waldorf Restructuring
Positive
May 5, 2026
Capricorn Energy said that a restructuring plan for its partner Waldorf Production UK has been sanctioned by the court, paving the way for completion of an associated transaction involving Waldorf CNS (I) Limited in Scotland. The group, which oper...
Business Operations and StrategyFinancial Disclosures
Capricorn Energy Speeds Up Debt Repayment After Strong Egyptian Cash Collections
Positive
May 5, 2026
Capricorn Energy PLC has fully repaid its $30 million Junior Debt Facility loan, achieving this milestone two years ahead of schedule. The early repayment was enabled by $81 million in collections received so far this year from the Egyptian Genera...
Regulatory Filings and Compliance
Capricorn Energy Confirms Total Voting Rights and Share Count
Neutral
Apr 30, 2026
Capricorn Energy PLC reported that as of 30 April 2026 it has 70,558,339 ordinary shares in issue, each carrying one voting right, and confirmed that it holds no shares in treasury. The company stated that this total share count should be used by ...
Business Operations and StrategyM&A Transactions
Capricorn Energy Confirms Possible Bid Talks With Deltic Energy
Neutral
Apr 22, 2026
Capricorn Energy has confirmed it is in early-stage discussions over a possible bid for Deltic Energy, acknowledging Deltic’s separate announcement and stressing that no firm offer has been agreed. The company currently holds about 1.1% of D...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Capricorn Energy Publishes 2025 Results and Sets Date for 2026 AGM
Neutral
Apr 16, 2026
Capricorn Energy PLC has distributed its annual report and accounts for the year ended 31 December 2025, along with the notice of its 2026 Annual General Meeting to shareholders. The AGM is scheduled to take place at the Sheraton Grand Hotel in Ed...
Executive/Board ChangesRegulatory Filings and Compliance
Capricorn Energy Awards Free Shares to Senior Executives Under Incentive Plan
Neutral
Apr 15, 2026
Capricorn Energy PLC has granted annual awards of free ordinary shares to eligible employees under its all-employee Share Incentive Plan, using existing shares bought in the market and valued at a reference price of £3.27. Chief Operating Off...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.