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Zenith Energy
(LSE:ZEN)
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Rating:43Neutral
Price Target:
4.50 p
▲(25.70% Upside)
Action:Reiterated
Date:06/05/26
The score is pressured mainly by weak financial quality—recurring negative operating/free cash flow, a return to large losses in 2026, and rising debt. Technical signals also reflect a bearish trend with negative MACD and price below key moving averages, while valuation is limited by a negative P/E driven by losses and no dividend support.
Positive Factors
Contracted recurring revenue
Zenith’s core business is delivering electricity under long-term PPAs to remote industrial customers, creating infrastructure-like recurring revenue and predictable baseline cash flows. This contract-driven model supports project financing, long-lived asset returns and durable revenue visibility over months to years.
Negative Factors
Persistent negative cash flow
Zenith has negative operating and free cash flow in every reported year, indicating the business does not self-fund operations or investment. Continued cash burn forces reliance on external financing or asset sales, increasing execution and refinancing risk and constraining sustainable reinvestment in projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted recurring revenue
Zenith’s core business is delivering electricity under long-term PPAs to remote industrial customers, creating infrastructure-like recurring revenue and predictable baseline cash flows. This contract-driven model supports project financing, long-lived asset returns and durable revenue visibility over months to years.
Read all positive factors
Zenith Energy (ZEN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£33.24M
Dividend YieldN/A
Average Volume (3M)1.06M
Price to Earnings (P/E)―
Beta (1Y)-0.50
Revenue Growth4.36%
EPS Growth-346.15%
CountryUK
Employees34
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)N/A
Shares Outstanding714,756,500
10 Day Avg. Volume1,739,406
30 Day Avg. Volume1,058,308
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.88
Price to Sales (P/S)33.92
P/FCF Ratio-3.91
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 ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Zenith Energy Business Overview & Revenue Model
Company Description
Zenith Energy Ltd., along with its affiliated companies, is involved in the exploration and development of crude oil and natural gas reserves in various international regions, notably Italy and the Republic of the Congo. Beyond its core activities...
How the Company Makes Money
Zenith Energy primarily makes money by supplying electricity under long-term power purchase agreements (PPAs) and similar contracted arrangements to remote-site customers—most notably mining companies—where Zenith develops and operates the on-site...
Zenith Energy Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
55
Neutral
Cash Flow
18
Very Negative
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.32M | 2.15M | 1.79M | 13.16M | 8.24M |
| Gross Profit | 74.46K | 80.00K | -3.23M | 2.66M | 3.78M |
| EBITDA | -5.74M | 9.41M | -33.42M | -4.94M | -2.00M |
| Net Income | -19.78M | 1.09M | -42.37M | -12.83M | 64.44M |
Balance Sheet | |||||
| Total Assets | 197.46M | 164.72M | 140.02M | 262.91M | 259.30M |
| Cash, Cash Equivalents and Short-Term Investments | 2.07M | 3.20M | 207.00K | 1.44M | 1.15M |
| Total Debt | 53.82M | 48.50M | 41.68M | 33.94M | 18.34M |
| Total Liabilities | 107.84M | 99.09M | 90.04M | 171.26M | 156.21M |
| Stockholders Equity | 89.62M | 65.63M | 49.98M | 91.65M | 103.09M |
Cash Flow | |||||
| Free Cash Flow | -20.12M | -11.38M | -4.24M | -16.27M | -13.19M |
| Operating Cash Flow | -18.72M | -10.97M | -4.19M | -15.84M | -13.13M |
| Investing Cash Flow | -1.40M | 1.24M | -593.00K | -430.00K | -2.17M |
| Financing Cash Flow | 19.00M | 12.71M | 3.55M | 16.56M | 14.82M |
Zenith Energy Technical Analysis
Negative
3.58
Price Trends
5.29
Negative
5.88
Negative
4.66
Negative
Market Momentum
-0.19
Negative
43.28
Neutral
50.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ZEN, the sentiment is Negative. The current price of 3.58 is below the 20-day moving average (MA) of 4.70, below the 50-day MA of 5.29, and below the 200-day MA of 4.66, indicating a bearish trend. The MACD of -0.19 indicates Negative momentum. The RSI at 43.28 is Neutral, neither overbought nor oversold. The STOCH value of 50.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:ZEN.
Zenith Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
51 Neutral | £26.12M | -10.71 | -8.49% | ― | ― | 2.38% | |
46 Neutral | £23.69M | -9.00 | ― | ― | ― | ― | |
45 Neutral | £43.58M | -5.66 | -31.73% | ― | ― | ― | |
45 Neutral | £20.45M | -6.16 | -54.57% | ― | 356.85% | 70.77% | |
43 Neutral | £33.24M | -2.06 | -7.06% | ― | 4.36% | -346.15% | |
41 Neutral | £4.22M | -0.17 | -45.38% | ― | ― | 85.90% |
* Energy Sector Average
GB:ZEN
Zenith Energy
4.65
1.03
28.45%
GB:EOG
Europa Oil & Gas (Holdings)
1.80
1.33
278.95%
GB:SOU
Sound Energy
1.84
-5.66
-75.46%
GB:CHAR
Chariot Oil & Gas
1.60
0.11
7.45%
GB:MATD
Petro Matad
1.10
0.32
41.03%
GB:PRD
Predator Oil & Gas Holdings Plc
3.00
-2.80
-48.28%
Zenith Energy Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Zenith Energy Strikes EUR 12m MoU to Monetise Italian Solar Portfolio
Positive
Jul 15, 2026
Zenith Energy’s Italian subsidiary WESOLAR has signed a Memorandum of Understanding to sell a portfolio of solar development projects in the Piedmont region with an expected installed capacity of about 50 MWp. The agreed consideration of EUR...
Business Operations and StrategyPrivate Placements and Financing
Zenith Energy Adds Flexible £2m At-the-Market Equity Facility
Positive
Jul 10, 2026
Zenith Energy has set up an at‑the‑market equity offering programme enabling it to raise up to £2 million in new shares over the next 12 months, with sales made at its discretion to investors on the London Stock Exchange. The faci...
Business Operations and StrategyLegal Proceedings
Zenith Energy escalates legal battle over Tunisia SLK concession with new evidence in ICC annulment bid
Negative
Jul 9, 2026
Zenith Energy’s subsidiary Canadian North Africa Oil and Gas has submitted what it describes as new “smoking gun” evidence to the Swiss Federal Supreme Court in support of its bid to annul an ICC arbitration ruling related to Tun...
Business Operations and StrategyDelistings and Listing ChangesM&A TransactionsPrivate Placements and Financing
Zenith Energy Becomes Largest Shareholder in Uranium-Focused Reveille Resources
Positive
Jul 6, 2026
Zenith Energy has deepened its exposure to uranium by investing an additional £259,000 in Reveille Resources, a uranium-focused natural resources investor set to list on the Aquis Growth Market on July 7, 2026. The transaction, priced at 5 pe...
Business Operations and Strategy
Zenith Energy Targets Italian Solar Windfall From €23bn Renewables Scheme
Positive
Jun 12, 2026
Zenith Energy is positioning its Italian solar business to capitalise on a newly approved €23 billion state aid scheme designed to boost renewable electricity generation. The company holds a 188.5 MWp solar development portfolio through subs...
Delistings and Listing ChangesRegulatory Filings and Compliance
Zenith Energy Aligns London Listing With 714.8 Million Shares Admitted to Trading
Neutral
May 26, 2026
Zenith Energy Ltd., an international energy production and development company listed in London, Oslo and Sweden, operates a portfolio of revenue-generating assets in North Africa, the U.S. and Europe. Its strategy centres on developing proven pro...
Business Operations and StrategyLegal ProceedingsPrivate Placements and Financing
Zenith Energy Raises Fresh Capital, Secures Loan to Drive Solar and Uranium Push
Positive
Apr 28, 2026
Zenith Energy has raised about £3.1 million through private placements in the U.K. and Norway, issued £1.45 million worth of shares to settle debt, and secured a new unsecured convertible loan facility of up to £2 million, alongside...
Business Operations and StrategyM&A Transactions
Zenith Energy Adds 5 MWp in Puglia as Solar Pipeline Grows to 183.5 MWp
Positive
Apr 27, 2026
Zenith Energy has expanded its Italian renewables footprint with the acquisition of two 2.5 MWp solar development projects in Puglia, comprising a photovoltaic plant and an agrivoltaic site on a combined seven hectares of land. The company will pa...
Business Operations and StrategyM&A Transactions
Zenith Energy expands Italian solar pipeline with Puglia project acquisition
Positive
Apr 23, 2026
Zenith Energy has acquired a 5 MWp photovoltaic development project on a 5-hectare site in Italy’s Puglia region, expanding its footprint in an area designated as suitable for solar development and located close to existing infrastructure an...
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.