olivLaw · European equity research
Maha Energy AB KEOC.ST
Sweden · Nasdaq Stockholm · ISIN SE0008374383 · Vertical: Listed companies from Sweden
Maha Energy AB is an oil producer with assets in the Illinois Basin in the USA and projects in Venezuela and Brazil, listed on Nasdaq Stockholm. In 2024 the company expanded production by drilling new wells in Indiana, while its share price fell sharply, making the Oman exit and the Venezuela geopolitical framework key factors to watch.
At the close of 05 Nov 2026, Maha Energy AB (KEOC.ST) stock was 6.66 SEK (+8.29% on the day), with beta 0.27, 52-week range 6.15–15.60 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.8
- weak (30–45)
- Bollinger (20, 2)
- 6.65 – 9.63
- in the lower half of the band · %B 0.00 · band width 36.6%
- SMA 50 / 200
- 8.12 / 10.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.39 / -0.16
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.7% | −0.6% | −18.0 pp | — |
| 3 months | −37.8% | −4.2% | −33.6 pp | — |
| 6 months | −32.2% | +4.3% | −36.6 pp | — |
| Year to date | −6.2% | +7.5% | −13.7 pp | — |
| 1 year | −28.5% | +9.9% | −38.5 pp | −8.3% |
| 3 years | −30.4% | +49.8% | −80.2 pp | +12.0% |
| 5 years | −47.1% | +42.8% | −90.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -34.0 m | -32.6 m | -24.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.21 | -0.18 | -0.14 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -15.9 m | -12.9 m | -4.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 51.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 98.8 m USD
- Total assets
- 115.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 104.99x
- ROE
- -22.6%
- ROA
- -20.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 1.8 m | 0 | 0 | esef· 28 Oct 2026verified |
| Gross profit | 361.0 k | -78.0 k | -63.0 k | esef· 28 Oct 2026verified |
| Operating income | -7.9 m | -11.3 m | -14.9 m | esef· 28 Oct 2026verified |
| Depreciation & amortisation | 1.8 m | 78.0 k | 63.0 k | esef· 28 Oct 2026verified |
| EBITDA | -6.0 m ≈ | -11.2 m ≈ | -14.8 m ≈ | esef· 28 Oct 2026derived |
| Interest expense | 7.0 m | 4.2 m | 1.5 m | esef· 28 Oct 2026verified |
| Pre-tax income | -6.8 m | -51.1 m | -19.0 m | esef· 28 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 28 Oct 2026verified |
| Net income | -34.0 m | -32.6 m | -24.7 m | esef· 28 Oct 2026verified |
| Diluted EPS | -0.21 | -0.18 | -0.14 | esef· 28 Oct 2026verified |
| Weighted average diluted shares | 164.8 m | 177.4 m | 175.5 m | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 88.3 m | 8.9 m | 51.0 m | esef· 28 Oct 2026verified |
| Receivables | 1.1 m | 1.3 m | 575.0 k | esef· 28 Oct 2026verified |
| Current assets | 130.8 m | 106.3 m | 114.3 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | — | 15.2 m | 34.0 k | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 22.0 k | esef· 28 Oct 2026verified |
| Total assets | 201.9 m | 127.8 m | 115.5 m | esef· 28 Oct 2026verified |
| Current liabilities | 34.2 m | 7.2 m | 1.1 m | esef· 28 Oct 2026verified |
| Total liabilities | 47.1 m | 8.0 m | 16.7 m | esef· 28 Oct 2026verified |
| Equity | 154.8 m | 119.7 m | 98.8 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 161.7 m | 180.9 m | 176.8 m | esef· 28 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -12.7 m | -9.2 m | -3.8 m | esef· 28 Oct 2026verified |
| Capex | 3.2 m | 3.7 m | 544.0 k | esef· 28 Oct 2026verified |
| Free cash flow | -15.9 m ≈ | -12.9 m ≈ | -4.3 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | 92.7 m | -33.4 m | 33.6 m | esef· 28 Oct 2026verified |
| Financing cash flow | -14.4 m | -36.0 m | 11.8 m | esef· 28 Oct 2026verified |
| Share repurchases | 0 | 1.2 m | 493.0 k | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -10.2x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 105.0x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MAHA ENERGY AB (KEOC.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -22.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 105.0x
What contradicts it
- Interest coverage: -10.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for KEOC.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Maha Energy AB is an oil producer with assets in the Illinois Basin in the USA and projects in Venezuela and Brazil, listed on Nasdaq Stockholm. In 2024 the company expanded production by drilling new wells in Indiana, while its share price fell sharply, making the Oman exit and the Venezuela geopolitical framework key factors to watch 1.
SWOT
Strengths
- The company expanded production in 2024 through new wells and has US operating assets that generate dollar-denominated sales.
- A major shareholder base provides a stable ownership structure that could offer strategic continuity.
- The company has shown it can complete asset sales, such as the Oman transaction.
Weaknesses
- The share price fell significantly in 2024, and liquidity is limited compared with larger companies.
- The company depends on a few partners and buyers, which increases counterparty risk.
- No dividend is proposed, and revenue depends on production volumes and prices.
Opportunities
- Additional drilling in the Illinois Basin could increase production if results are confirmed.
- The sale of the Oman interest could free capital for new projects.
- If the political situation in Venezuela improves, the assets there could become more valuable.
Threats
- International sanctions and political instability in Venezuela could block operations and repatriation of funds.
- Stricter environmental rules could increase operating and well-closure costs.
- A fall in oil prices could quickly reduce revenue and investment capacity.
Risks
- Infrastructure risksmedium
Lack or failure of necessary infrastructure can delay production and reduce revenue.
- Partner dependencehigh
If a partner fails to meet its obligations, the company could lose additional payments and related rights.
- Political risk in Venezuelahigh
Expropriation, sanctions and currency controls could materially affect investments in the country.
- Environmental and restoration risksmedium
Site restoration costs could exceed the provisions made.
- Liquidity and refinancing risksmedium
The company could face financing difficulties if cash flows deteriorate.
Investment thesis
What would need to be true (bull case)
- If the Indiana drilling continues to produce as expected, higher volumes could support revenue.
- The Oman sale could provide resources to finance new projects in the USA.
- Political stabilisation in Venezuela could open access to significant resources.
What would break the thesis
- The share price decline in 2024 and the absence of a dividend could discourage short-term investors.
- Sanctions and instability in Venezuela could limit or block activity there.
- Dependence on a small number of partners and buyers increases exposure to counterparty risk.
What to watch
- Production from the new Indiana wells2025
- Negotiations and sanctions developments in Venezuela2025
- Outcome of the annual general meeting27 May 2025
- Additional payments linked to the Oman salenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Maha Energy AB, headquartered in Stockholm, explores and produces hydrocarbons in the United States, Venezuela and Brazil. According to the 2024 annual report, Illinois Basin production is sold to a refinery at the monthly average WTI price, with a small discount 1. In September 2024 three new production wells in Posey County, Indiana, drilled to about 1 200 metres, were completed and brought online 1.
In October 2023 the company started a drilling and facilities upgrade programme, including installing a production unit; production growth began in January 2024 1. A smaller investment completed in the first quarter of 2024 added two producing wells, production facilities and further possible drilling locations in its core area 1.
Segments
Illinois Basin (USA)
The main US asset in the Illinois Basin was expanded in 2024 with three new wells in Indiana, and the crude is sold to a refinery at a price linked to WTI 1.
Oman (Block 70)
The Block 70 interest was sold to Mafraq Energy LLC, and a final agreement for the remaining stake was signed in January 2024; the company could lose additional consideration rights if the partner fails to perform 1.
Venezuela and Brazil
Projects in Venezuela and Brazil are treated as growth markets with political, economic and sanctions risks, and exposure in Venezuela could affect investments and cash flows 1.
Market context
The company operates in the oil market, where prices are influenced by the WTI benchmark, and US sales are settled 30 days in arrears 1. The share trades on Nasdaq Stockholm, and liquidity and price performance weakened during 2024 1.
The regulatory framework in the USA, Venezuela and Brazil, including OFAC sanctions and environmental law, remains central to the company's operations 1.
Trends
- Production growth in the Illinois Basintailwind
Drilling new wells in 2024 could support production volumes if results are sustained 1.
- Oil price exposuremixed
Revenue depends on the WTI price, and a decline could compress margins 1.
- Stricter environmental rulesheadwind
Industry participants expect tougher environmental rules, which could raise costs 1.
- Sanctions and geopolitical tensionsheadwind
Sanctions against Venezuela and political instability may limit activity and repatriation of profits 1.
Competitive position
Maha Energy operates as a small independent producer, where competition comes from other oil operators in the Illinois Basin and in the regions where it has projects. The sources reviewed do not explicitly identify listed US competitors 1.
The company's differentiation rests on its Illinois Basin position and its ability to drill new wells quickly, although larger operators may have greater technological resources 1.
- Independent Illinois Basin operators
Companies producing from the same basin and competing for capacity and refinery sales.
- Large oil and gas operators
Companies with greater financial and technological resources that can adopt new technology earlier.
- Operators in Venezuela and Brazil
Local or international competitors in the emerging markets where the company has projects.
- Partners and asset buyers
Parties that buy interests or co-operate on projects, such as the Oman partner.
News & filings
In the press
- Following midterm losses, MAHA is at a crossroadsThe Hill · 05 Nov 2026 · EN
- MAHA leader open to working with Democrats who won’t fight RFK Jr.The Hill · 05 Nov 2026 · EN
- Opinion: MAHA 1.0 is dead. MAHA 2.0 is bornSTAT News · 05 Nov 2026 · EN
- STAT+: Winners, losers, and MAHASTAT News · 05 Nov 2026 · EN
- ‘Revenge of the nerds’: US midterms deliver a win for science – and a rebuke of MahaThe Guardian — Health · 05 Nov 2026 · EN
- STAT+: Where does MAHA go from here? Three possible futuresSTAT News · 04 Nov 2026 · EN
- STAT+: Five midterm winners and losers: MAHA mowed down, Dem docs scrub in, Medicare for All returnsSTAT News · 04 Nov 2026 · EN
- Miza alegerilor din SUA e și în politicile alimentare. Cum ar putea schimba votul de marți filosofia MAHAHotNews.ro · 03 Nov 2026 · RO
- Can Democrats win Maha voters after Trump let them down?The Guardian — Health · 31 Oct 2026 · EN
- Opinion: What a mother’s 1834 letter about measles tells us about MAHASTAT News · 30 Oct 2026 · EN
- STAT+: Kennedy’s closing arguments for the 2026 midterms: Fraud, vaccines, and MAHASTAT News · 29 Oct 2026 · EN
- Democrats try to win over MAHA votersAxios · 28 Oct 2026 · EN
- RFK Jr. extends MAHA push to hospital foodThe Hill · 26 Oct 2026 · EN
- The MAHA - MAGA Alliance Is Fracturing Before the MidtermsSurge — GDELT DOC · 25 Oct 2026 · RO
- How MAHA fueled a new wave of doctors running for officeThe Hill · 24 Oct 2026 · EN
- Șapte plângeri de viol în dosarul lui Alexandru Toader. Rectorul UAIC, Liviu Maha: „Nu am primit nicio informare oficială”. Ce se întâmplă cu postul universitarului - Ziarul de IaşiSurge — Google News · 23 Oct 2026 · RO
- EXCLUSIV. Premii în bani pentru peste 150 de studenți din Iași. Rectorul Liviu Maha: „Sunt foarte mulți tineri care merită” - Aktual24Surge — Google News · 23 Oct 2026 · RO
- Kennedy to select MAHA-aligned researcher to head mental health institute, overruling NIH directorScience (AAAS) · 23 Oct 2026 · EN
- Top health adviser and MAHA ally quits Trump adminAxios · 22 Oct 2026 · EN
- Top MAHA adviser Calley Means resigns from White House days ahead of midtermsSTAT News · 22 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Maha Energy AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.