olivLaw · European equity research
Genel Energy plc GENL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Genel Energy is an oil producer with assets in the Kurdistan Region of Iraq, where the Tawke field remains its main source of cash. The company is restarting drilling in 2026 and seeks to strengthen cash flows, while regional risks and payment delays remain in focus.
At the close of 05 Nov 2026, Genel Energy plc (GENL.L) stock was 0.54 GBP (−1.81% on the day), with beta 0.56, 52-week range 0.50–0.70 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 38.5
- weak (30–45)
- Bollinger (20, 2)
- 0.53 – 0.61
- in the lower half of the band · %B 0.12 · band width 13.2%
- SMA 50 / 200
- 0.58 / 0.57
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.00
- 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 | −5.3% | −0.6% | −4.6 pp | — |
| 3 months | +8.3% | −4.2% | +12.5 pp | — |
| 6 months | +6.1% | +4.3% | +1.7 pp | — |
| Year to date | −9.1% | +7.5% | −16.6 pp | — |
| 1 year | −14.3% | +9.9% | −24.2 pp | +5.8% |
| 3 years | −32.4% | +49.8% | −82.2 pp | +26.3% |
| 5 years | −62.4% | +42.8% | −105.3 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 | 78.4 m | 74.7 m | 68.7 m |
| Revenue YoY | unavailable | −4.7% | −8.0% |
| Net income | -61.3 m | -76.9 m | -8.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.22 | -0.28 | -0.03 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -78.2% | -102.9% | -13.0% |
| Free cash flow | -33.7 m | 45.2 m | 17.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 224.4 m USD
- Financial debt
- 90.7 m USD
- Net debt
- -133.7 m USD
- Equity
- 351.0 m USD
- Total assets
- 561.0 m USD
- Debt / equity
- 0.26x
- Current ratio
- unavailable
- ROE
- -2.5%
- ROA
- -1.5%
- FCF margin
- 25.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 78.4 m | 74.7 m | 68.7 m | esef· 07 Apr 2026verified |
| Gross profit | 23.4 m | 5.0 m | 1.1 m | esef· 07 Apr 2026verified |
| Operating income | -10.3 m | -52.4 m | -10.3 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 37.1 m | 52.2 m | 50.1 m | esef· 07 Apr 2026verified |
| EBITDA | 26.8 m ≈ | -200.0 k ≈ | 39.8 m ≈ | esef· 07 Apr 2026derived |
| Pre-tax income | -16.9 m | -62.1 m | -12.7 m | esef· 07 Apr 2026verified |
| Income tax | 200.0 k | 100.0 k | 100.0 k | esef· 07 Apr 2026verified |
| Net income | -61.3 m | -76.9 m | -8.9 m | esef· 07 Apr 2026verified |
| Diluted EPS | -0.22 | -0.28 | -0.03 | esef· 07 Apr 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 | 363.4 m | 195.6 m | 224.4 m | esef· 07 Apr 2026verified |
| Receivables | 34.0 m | 27.2 m | 23.0 m | esef· 07 Apr 2026verified |
| Current assets | 397.4 m | 222.8 m | — | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 246.5 m | 191.1 m | — | esef· 15 Apr 2025verified |
| Total assets | 795.1 m | 598.9 m | 561.0 m | esef· 07 Apr 2026verified |
| Accounts payable | 57.6 m | 109.6 m | 91.7 m | esef· 07 Apr 2026verified |
| Long-term debt | 243.7 m | 0 | 90.7 m | esef· 07 Apr 2026verified |
| Current liabilities | 63.6 m | 174.5 m | — | esef· 15 Apr 2025verified |
| Total liabilities | 361.2 m | 241.6 m | 210.0 m | esef· 07 Apr 2026verified |
| Equity | 433.9 m | 357.3 m | 351.0 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 278.6 m | 276.6 m | 278.1 m | esef· 07 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 55.1 m | 66.9 m | 36.3 m | esef· 07 Apr 2026verified |
| Capex | 88.8 m | 21.7 m | 18.9 m | esef· 07 Apr 2026verified |
| Free cash flow | -33.7 m ≈ | 45.2 m ≈ | 17.4 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -98.5 m | -24.8 m | -23.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | -87.8 m | -209.9 m | 15.9 m | esef· 07 Apr 2026verified |
| Share repurchases | 1.8 m | 2.4 m | 0 | esef· 07 Apr 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: 3 of at least 6
- score weight coverage: 27.1% 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
27% · 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 · not enough peers
- 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: 3 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.6% | 17 (vs peers) | 38% |
| Net margin · Quality | -13.0% | 20 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -3.4x | 100 (on a fixed band) | 38% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality18/100 · 2/3 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
GENEL ENERGY PLC (GENL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 68.7 m USD in 2025; YoY growth -8.0%; net margin -13.0%; ROE -2.5%; net debt/EBITDA -3.4x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 27.1% 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
- Net debt / EBITDA: -3.4x
What contradicts it
- ROIC: -4.6%
- Net margin: -13.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for GENL.L 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
Genel Energy is an oil producer with assets in the Kurdistan Region of Iraq, where the Tawke field remains its main source of cash. The company is restarting drilling in 2026 and seeks to strengthen cash flows, while regional risks and payment delays remain in focus.
SWOT
Strengths
- Tawke PSC is a reference asset with stable production and significant reserves that underpins the company's cash generation 1.
- The balance sheet is relatively solid, with substantial cash and a equity ratio above the financial covenant threshold 1.
- The operator restored production close to pre-drone attack levels, showing operational resilience 1.
Weaknesses
Opportunities
Risks
- KRI regional risk and export accesshigh
Disagreements between the federal government and the regional government could prevent exports at international prices consistent with PSC terms 1.
- Payment risk and outstanding receivableshigh
The company is owed a significant sum for sales between September 2022 and March 2023, with no agreed collection plan 1.
- Operational security riskmedium
Drone attacks damaged equipment at Tawke and Peshkabir, and interruptions could recur if tensions escalate 1.
- Reserve replacement riskmedium
Without new discoveries, existing reserves decline gradually, and exploration carries higher geological and geopolitical risk 1.
- Climate and regulatory risklow
Carbon taxes and falling oil demand could affect margins and access to financing over the long term 1.
Investment thesis
What would need to be true (bull case)
- If Tawke production holds and resumed drilling delivers good results, the company could recover free cash flow.
- A cash balance above covenant thresholds gives flexibility for investment and a possible restart of dividends.
- If exports normalise on PSC-consistent terms, realised prices could rise significantly.
What would break the thesis
- Dependence on a single asset in Kurdistan exposes the company to political and security risks that are hard to control.
- Payment delays and outstanding receivables could strain cash flows if the situation is not resolved.
- If reserves are not replaced through new discoveries, long-term production could decline.
What to watch
- Evolution of the export agreement between the federal government, the KRG and oil companies2026
- Results of the multi-rig drilling campaign at Tawke2026
- Collection of outstanding receivables from the regional government for 2022-2023 salesnext 10-K
- Results of the Toosan-1 well in Somaliland and 3D seismic data from Oman2027
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
Genel Energy is a socially responsible oil producer that describes its strategy through three objectives: a strong balance sheet, resilient cash generation and investment in new cash flows. Its main asset is a 25% working interest in Tawke PSC alongside the Peshkabir field, with working interest average production of 17,520 bopd in fiscal 2025 1. The company ended 2025 with cash of $224 million and nominal bond debt of $92 million 1.
EBITDAX was $43 million in fiscal 2025 compared with $1 million a year earlier, though this increase was largely driven by an arbitration cost award recorded the previous year 1. Free cash flow was only $4 million, against $20 million in 2024 1. Net assets stood at $351 million at 31 December 2025 1.
Beyond Tawke, Genel develops exploration and pre-production assets: Oman Block 54 (40%) and Somaliland SL10B13 (51%, operator), where drilling of the Toosan-1 well is planned 1. Regional tensions, export access through the pipeline to Ceyhan and delayed payments from the Kurdistan Regional Government are central to the business model 1.
Segments
Kurdistan production (Tawke PSC)
Tawke PSC, with a 25% working interest, is the basis of the company's cash generation. Average production was 70,090 bopd in fiscal 2025, 11% below 2024, due to the interruption caused by drone attacks in July 1. The company says the operator restored gross production to around 80,000 bopd by early November 1.
Exploration and pre-production
Oman Block 54 (40%) and Somaliland SL10B13 (51%) are early-stage assets. In Oman, 3D seismic acquisition and two exploration wells are planned over the next two years, while in Somaliland the Toosan-1 well is awaited 1. These projects are riskier but could diversify the portfolio over the longer term.
Market context
Brent averaged $69/bbl in fiscal 2025 compared with $81/bbl in 2024, while Genel's realised price on domestic sales was $32/bbl 1. The gap reflects that exports are not yet normalised and production is sold locally with payment in advance 1. The company tests its portfolio against a base case of $75/bbl with no carbon tax 1.
In the company's climate scenario analysis, margin could erode to 86% and 67% between 2030 and 2035 in a more stringent hybrid scenario with carbon taxes of $25-50 per tonne 1. Carbon intensity was 14.4 kgCO2e/bbl in fiscal 2025 1, an important factor for long-term competitiveness.
Trends
- Resumed investment in Tawketailwind
The operator began a multi-rig drilling campaign in December 2025 after a two-year hiatus, which could support production over the longer term 1. If drilling results are good, it could reduce reliance on natural field decline.
- Normalisation of KRI exportsmixed
An interim agreement signed in the second half of 2025 between the federal government, the KRG and oil companies could allow exports on terms consistent with existing PSCs, but this outcome is not certain 1. If exports normalise, Genel could access international prices.
- Security risks in the regionheadwind
Drone attacks in July 2025 temporarily suspended operations at Tawke and affected production 1. Long-standing tensions between Baghdad and Erbil remain a source of uncertainty for the company's operations.
- Decarbonisation pressureheadwind
The company evaluates the impact of stricter climate policies, including carbon taxes and falling oil demand, using IEA scenarios 1. If these policies accelerate, costs and access to financing could become harder.
Competitive position
The analysed source does not explicitly name the company's competitors. Genel operates as a small to mid-sized oil producer in Kurdistan and an explorer in Oman and Somaliland, where it competes for assets and licences with other regional and international operators. The absence of an official competitor list in the annual report limits comparative assessment.
The company's advantage lies in its operating experience at the Tawke field, which has produced more than 500 MMbbls cumulatively 1, and in its management of relations with host governments. The main disadvantage is dependence on a single major asset and on political conditions in Kurdistan.
- International operators in Kurdistan
Oil companies that operate or compete for licences in the Kurdistan Region of Iraq, referred to in the 2025 export arrangements 1.
- Regional Middle East operators
Companies competing for exploration and production licences in Oman and the Horn of Africa, where Genel has ongoing projects 1.
- National oil companies
State-owned companies in the region that may become partners or competitors for the same assets and production contracts 1.
- Independent East African explorers
Exploration companies active in Somaliland and neighbouring areas that compete for the same exploration licences 1.
News & filings
In the press
- Türkiye Sigorta eski Genel Müdürü Taha Çakmak tutuklandı , Altınbaş Holdingin sahibi teslim olduSurge — GDELT DOC · 24 Oct 2026 · RO
- Erdoğan BM Genel Kuruluna seslendiSurge — GDELT DOC · 23 Sept 2026 · RO
- Cumhurbaşkanı Erdoğandan BM Genel Kurulunda KKTC ve Gazze mesajlarıSurge — GDELT DOC · 22 Sept 2026 · RO
- Birleşmiş Milletler 81 . Genel Kurulu bugün başlıyorSurge — GDELT DOC · 22 Sept 2026 · RO
- BM Genel Kurulunda diplomasi trafiği : Ege , Kıbrıs ve Türkiye - Yunanistan ilişkilerinde gözler New YorktaSurge — GDELT DOC · 21 Sept 2026 · RO
- Capricorn Energy Backs DNO’s $396 Million Bid Over Genel OfferYahoo Finance — News · 01 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Genel Energy plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.