Maha Energy AB Class A (MAHA.A) AI Stock Analysis

• Market Cap: kr2.24B
• Dividend Yield: N/A
• Average Volume (3M): 467.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.05
• Revenue Growth: -22.91%
• EPS Growth: 88.74%
• Country: SE
• Employees: 25
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): -0.32
• Shares Outstanding: 178,444,750
• 10 Day Avg. Volume: 740,539
• 30 Day Avg. Volume: 467,545
• PEG Ratio: 0.62
• Price to Book (P/B): 0.85
• Price to Sales (P/S): 11.94
• P/FCF Ratio: -7.86
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: kr13.00 ▲(39.94% Upside)

Overall score is held back primarily by weak financial performance (revenue decline, persistent losses, and negative operating/free cash flow). The main offset is strong technical momentum with price above major moving averages, though indicators are stretched (RSI/Stoch elevated). Valuation remains challenged due to negative earnings and no provided dividend yield.

Positive Factors

Asset-backed upstream business model

The company’s core revenue comes from producing and selling crude oil and related hydrocarbons, a durable cash-generation model tied to production volumes and commodity cycles. This provides clear monetization pathways including ongoing liftings and occasional asset divestments to support funding.

Moderate leverage and equity support

TTM debt-to-equity near 0.27 and a sizable equity base relative to assets imply moderate leverage and financial flexibility. This reduces near-term default risk and gives management room to fund drilling or workovers without immediate distress, supporting multi-month operational plans.

Proven cash generation in favorable cycles

Historical positive operating cash flow in 2022 demonstrates the company’s ability to convert production into substantial cash when commodity and operational conditions align. This indicates underlying asset quality and operational competence that can restore cash generation over a 2–6 month to multi-year horizon when cycles improve.

Negative Factors

Declining revenue and persistent net losses

A ~24% TTM revenue decline and recurring net losses signal deteriorating core profitability. Sustained top-line weakness limits reinvestment, pressures margins and returns, and forces reliance on external funding or asset sales to maintain operations, undermining durable shareholder value creation.

Negative operating and free cash flow

Ongoing negative operating and free cash flow, with material deterioration year-over-year, indicate cash burn that is not covered by operations. This raises structural funding risk, constrains capital spending on wells and maintenance, and increases dependence on asset disposals or capital markets to sustain production.

Volatile debt levels and financing uncertainty

Meaningful year-to-year swings in debt create financing unpredictability and signal episodic reliance on external borrowings. This volatility raises refinancing risk, can force opportunistic asset sales or equity raises, and complicates long-term planning for drilling programs and production optimization.

Maha Energy AB Class A Business Overview & Revenue Model

Company Description

Maha Energy AB (publ) engages in the exploration, development, and production of crude oil and natural gas. The company owns 75% working interest in the Tartaruga Block covering an area of 5,944 acres located in the Brazil; 99% working interest in the LAK Ranch property, which covers an area of 6,475 acres located in Wyoming, the United States; 100% working interest in the Tie Field project covering an area of 1,511 acres located in Brazil; 97% working interest in the Illinois Basin property that covers an area of 3,134 acres located in Illinois, the United States; and 100% working interest in the Block 70 (Mafraq) project covering an area of 157,900 acres in Oman. The company was founded in 2013 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Maha Energy generates revenue primarily through the sale of crude oil and natural gas produced from its operational fields. The company's revenue model is centered on the extraction and commercialization of hydrocarbons, with cash flows driven by the volume of production and prevailing market prices for oil and gas. Key revenue streams include direct sales to refineries, contracts with trading companies, and potential joint ventures with other energy firms which may facilitate access to larger markets or technology. Additionally, Maha Energy may benefit from partnerships that enhance its operational efficiency and broaden its reach in the energy sector, contributing to overall earnings growth.

Maha Energy AB Class A Financial Statement Overview

Summary

Financials are the primary drag: TTM revenue fell ~24%, profitability is weak with a net loss, and both operating cash flow and free cash flow are negative (and deteriorating). Balance sheet leverage is moderate (TTM debt-to-equity ~0.27) and equity support is decent, but returns are negative and cash burn raises funding risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue declined ~24% versus the prior period and profitability remains weak, with a net loss and negative net margin. Gross margin is modest (~14–16% in TTM and 2024) and well below earlier peaks, showing reduced pricing/premium and/or higher operating cost pressure. While EBITDA is positive in TTM, the company is still loss-making at the bottom line and has posted losses in most years since 2020, highlighting a choppy earnings profile.

Balance Sheet

Leverage is currently moderate, with TTM debt-to-equity around 0.27 and a sizable equity base relative to assets. However, debt levels have swung meaningfully year-to-year (very low in 2024, higher in 2022/2023 and again in TTM), which adds financing/strategy uncertainty. Returns on equity are negative in TTM and 2024, indicating the balance sheet is not currently producing attractive shareholder returns despite reasonable leverage.

Cash Flow

Cash generation is a key weak spot: TTM operating cash flow and free cash flow are both negative, and free cash flow deteriorated further (down ~50% year-over-year in TTM). 2024 also showed materially negative operating and free cash flow, following 2023’s negative levels, implying ongoing cash burn and higher dependence on asset sales, funding, or a commodity-driven rebound. The one clear bright spot was 2022, which produced strong positive operating cash flow, but that strength has not been sustained.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.66M	8.49M	5.23M	12.33M	68.31M	39.02M
Gross Profit	819.00K	1.33M	361.00K	3.74M	37.52M	17.69M
EBITDA	12.73M	-43.03M	773.00K	9.57M	2.61M	-3.13M
Net Income	-10.24M	-32.56M	-33.95M	22.93M	21.59M	-10.26M
Balance Sheet
Total Assets	132.25M	127.75M	201.90M	218.35M	168.11M	124.02M
Cash, Cash Equivalents and Short-Term Investments	83.95M	96.46M	88.29M	19.52M	25.54M	6.68M
Total Debt	27.66M	417.00K	34.98M	46.24M	58.94M	40.72M
Total Liabilities	28.14M	8.02M	47.08M	77.46M	76.69M	68.47M
Stockholders Equity	104.11M	119.73M	154.82M	140.90M	91.42M	55.56M
Cash Flow
Free Cash Flow	-1.91M	-12.89M	-28.91M	-8.03M	-15.97M	-15.74M
Operating Cash Flow	-1.30M	-9.18M	-12.68M	54.66M	31.00M	18.98M
Investing Cash Flow	60.07M	-40.47M	92.65M	-62.68M	-46.99M	-33.58M
Financing Cash Flow	5.32M	-28.93M	-14.41M	6.38M	35.95M	492.00K

Maha Energy AB Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.29
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MAHA.A, the sentiment is Positive. The current price of 9.29 is below the 20-day moving average (MA) of 10.59, above the 50-day MA of 8.92, and above the 200-day MA of 6.55, indicating a bullish trend. The MACD of 0.92 indicates Negative momentum. The RSI at 72.89 is Negative, neither overbought nor oversold. The STOCH value of 89.61 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:MAHA.A.

Maha Energy AB Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
MAHA.A	54 Neutral	kr2.24B	-26.48	0.66%	―	-22.91%	88.74%
ORRON	46 Neutral	kr1.51B	-4.46	-9.16%	―	-3.20%	-2418.83%