olivLaw · European equity research
Seplat Energy PLC SEPL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Seplat Energy is an independent oil and gas producer in Nigeria with onshore and offshore assets, gradually shifting from oil dominance toward natural gas development. The company aims to expand monetised gas and its processing system, as Nigeria pursues a gas-led economy, with planned investment of over 500 million USD across five years.
At the close of 05 Nov 2026, Seplat Energy PLC (SEPL.L) stock was 8.69 GBP (−1.36% on the day), with beta 0.01, 52-week range 2.47–8.99 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)
- 57.6
- strong (55–70)
- Bollinger (20, 2)
- 7.80 – 8.97
- in the upper half of the band · %B 0.76 · band width 14.0%
- SMA 50 / 200
- 8.04 / 5.82
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.23 / 0.21
- MACD above 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 | +10.1% | −0.6% | +10.8 pp | — |
| 3 months | +48.0% | −4.2% | +52.2 pp | — |
| 6 months | +57.4% | +4.3% | +53.1 pp | — |
| Year to date | +206.0% | +7.5% | +198.5 pp | — |
| 1 year | +209.3% | +9.9% | +199.3 pp | +5.8% |
| 3 years | +573.6% | +49.8% | +523.8 pp | +26.3% |
| 5 years | +1,005.6% | +42.8% | +962.8 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 | 696.9 bn | 1,651.6 bn | 4,135.4 bn |
| Revenue YoY | unavailable | +137.0% | +150.4% |
| Net income | 54.6 bn | 220.5 bn | 243.2 bn |
| Net income YoY | unavailable | +304.1% | +10.3% |
| Diluted EPS | 92.75 | 374.77 | 409.92 |
| Diluted EPS YoY | unavailable | +304.1% | +9.4% |
| net % | 7.8% | 13.4% | 5.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 477.0 bn NGN
- Financial debt
- 1,443.3 bn NGN
- Net debt
- 966.3 bn NGN
- Equity
- 2,643.2 bn NGN
- Total assets
- 8,729.4 bn NGN
- Debt / equity
- 0.55x
- Current ratio
- unavailable
- ROE
- 8.9%
- ROA
- 2.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NGN)
Margins
Income statement · NGN
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 696.9 bn | 1,651.6 bn | 4,135.4 bn | esef· 12 May 2026verified |
| Cost of revenue | 347.5 bn | 1,130.1 bn | 2,763.1 bn | esef· 12 May 2026verified |
| Gross profit | 349.3 bn | 521.4 bn | 1,372.3 bn | esef· 12 May 2026verified |
| Operating income | 163.7 bn | 483.4 bn | 1,024.6 bn | esef· 12 May 2026verified |
| Interest expense | 45.4 bn | 138.7 bn | 281.2 bn | esef· 12 May 2026verified |
| Pre-tax income | 125.5 bn | 394.7 bn | 755.5 bn | esef· 12 May 2026verified |
| Income tax | 44.2 bn | 186.8 bn | 513.9 bn | esef· 12 May 2026verified |
| Net income | 54.6 bn | 220.5 bn | 243.2 bn | esef· 12 May 2026verified |
| Diluted EPS | 92.75 | 374.77 | 409.92 | esef· 12 May 2026verified |
| Dividend per share | 92.12 | 229.73 | 354.85 | esef· 12 May 2026verified |
Balance sheet · NGN
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 404.8 bn | 721.4 bn | 477.0 bn | esef· 12 May 2026verified |
| Inventories | 47.2 bn | 526.0 bn | 489.1 bn | esef· 12 May 2026verified |
| Total assets | 3,053.5 bn | 10,482.8 bn | 8,729.4 bn | esef· 12 May 2026verified |
| Accounts payable | 480.1 bn | 1,790.2 bn | 1,310.2 bn | esef· 12 May 2026verified |
| Short-term debt | 80.3 bn | 690.3 bn | 104.2 bn | esef· 12 May 2026verified |
| Long-term debt | 599.4 bn | 1,409.5 bn | 1,339.1 bn | esef· 12 May 2026verified |
| Current liabilities | 633.7 bn | 2,714.7 bn | 1,765.3 bn | esef· 12 May 2026verified |
| Total liabilities | 1,440.8 bn | 7,660.4 bn | 6,086.1 bn | esef· 12 May 2026verified |
| Equity | 1,612.6 bn | 2,822.4 bn | 2,643.2 bn | esef· 12 May 2026verified |
| Shares outstanding at year end | 588.4 m | 588.4 m | 593.2 m | esef· 12 May 2026derived |
Cash flow · NGN
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 290.1 bn | 458.7 bn | 1,768.3 bn | esef· 12 May 2026verified |
| Investing cash flow | -104.6 bn | -998.4 bn | -909.6 bn | esef· 12 May 2026verified |
| Financing cash flow | -129.3 bn | 606.1 bn | -1,073.2 bn | esef· 12 May 2026verified |
| Dividends paid | 64.9 bn | 135.2 bn | 212.7 bn | esef· 12 May 2026verified |
| Share repurchases | 1.2 bn | 28.9 bn | 46.9 bn | esef· 12 May 2026verified |
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: 22.9% of at least 60%
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
23% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 22.0% | 75 (vs peers) | 45% |
| Net margin · Quality | 5.9% | 40 (vs peers) | 27% |
| 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 | 3.6x | 33 (on a fixed band) | 27% |
| 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· partial33/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality62/100 · 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
SEPLAT ENERGY PLC (SEPL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4,135.4 bn NGN in 2025; YoY growth 150.4%; net margin 5.9%; ROE 8.9%.
The estimated value range is 4,054.38–5,718.54 NGN per share (median of 2 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 22.0%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 SEPL.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
Seplat Energy is an independent oil and gas producer in Nigeria with onshore and offshore assets, gradually shifting from oil dominance toward natural gas development. The company aims to expand monetised gas and its processing system, as Nigeria pursues a gas-led economy, with planned investment of over 500 million USD across five years.
SWOT
Strengths
Weaknesses
Opportunities
- Gas plans for industry and power could expand the domestic market if projects start on schedule 1.
- Replacing diesel and petrol generators with natural gas could open new long-term contracts 1.
- Developing renewable energy and gas-based baseload power could diversify the company's activity in coming years 1.
Risks
- Asset integrityhigh
Integrity problems in offshore and onshore assets could lead to production interruptions and extra maintenance costs.
- Catastrophic eventshigh
A catastrophic event could affect operations and reputation, given exposure to complex projects.
- Market and liquidity riskmedium
Lower oil and gas prices, combined with net debt, could limit financial flexibility.
- Regulation and fiscal termsmedium
Changes to the regulatory and fiscal framework could reduce the returns on gas and oil projects.
- Security and local tensionsmedium
Security risks and relations with host communities could interrupt activity in some areas.
Investment thesis
What would need to be true (bull case)
- If gas projects come online as planned, the company could significantly expand gas revenue and reduce its dependence on oil.
- Production and cash flow growth seen in 2025 could continue if the 2026 guidance is confirmed.
- The company's role in Nigeria's energy transition could attract long-term contracts and solid partnerships.
What would break the thesis
- If the oil price falls again, revenue and operating cash flow could be significantly affected.
- Net debt and high payments to the state could limit the ability to finance planned investment.
- Delays in gas projects or execution problems could postpone the expected revenue increase.
What to watch
- Delivery of 2026 production guidance2026
- Execution of planned capex and gas projects2026
- Trend in realised oil and gas pricesQ1 2027
- Regulatory and fiscal changes in Nigerianext 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
Seplat Energy is a Nigerian energy company covering the value chain from the well to customer payment, including petrochemical products and electricity. In fiscal 2025 production reached 131.5 kboepd, the result of combining offshore and onshore assets, and adjusted EBITDA reached 1.27 billion USD 1. The company frames its strategy around two ambitions, building a sustainable business and delivering the energy transition, with natural gas as Nigeria's transition fuel.
Exports account for almost all liquids sales, 98.6% in 2025, while the domestic market takes the rest 1. On the gas side the company supplies industrial, petrochemical and power generation customers, and gas sales rose 54% in fiscal 2025 compared with 2024 1. Production guidance for 2026 is between 135,000 and 155,000 boepd, supported by restoration of idle wells and gas deliveries to the ANOH project 1.
Net debt stood at 673 million USD at year end 2025, and payments of 1.146 billion USD were made to the Nigerian government in royalties, taxes and levies 1. If gas projects come online as planned, the company could expand its role in Nigeria's energy supply, although this depends on investment execution and the regulatory context.
Segments
Upstream (oil and condensate)
The upstream segment produces oil and condensate, at 97,784 bopd in 2025, with 2P reserves of 674 MMbbl of liquids 1. It generates most of the operating cash flow, and exports account for almost all sales in this category.
Gas and processing (midstream)
The gas segment holds 2P reserves of 1,897 Bscf and growing processing capacity, with a joint venture target of 2.7 Bscf per day by 2030 1. The 500 to 600 million USD investment over five years targets this segment 1.
New energy and power
The company pursues gas-to-power projects to replace diesel and petrol generators and is assessing renewable energy opportunities, though these are not yet a major activity 1.
Market context
The reference market is Nigeria, where natural gas is treated as a transition fuel and baseload source for power, fertiliser and cement 1. The company focuses on the domestic gas market while keeping oil exports. Gas demand grows with the population, and the company's strategy assumes this demand supports higher gas revenue 1.
Oil prices drive results directly: the average realised crude price fell 12.2% in 2025 to 70.29 USD/bbl 1. The average gas price was steadier, declining 3.6% in 2025 1. Long-term contracts help stabilise these prices, but sustained oil declines could reduce operating cash flow.
Trends
- Nigeria's shift toward gastailwind
The government and company see natural gas as a route to replace diesel and petrol generation, opening opportunities for processing and distribution projects 1.
- Oil price volatilityheadwind
Oil prices weakened in 2025, and the company partly covered exposure through hedging, which can reduce the effect of short-term declines 1.
- Growing gas demandtailwind
Population and industrial growth in Nigeria could support demand for gas for power and production if infrastructure develops as planned 1.
- Regulation and fiscal termsmixed
Changes in the regulatory and fiscal framework are treated as a principal risk, and the burden of payments to the state remains high, which could affect margins if the rules change 1.
Competitive position
Seplat competes in Nigeria's oil and gas market with other independent producers and larger operators in offshore and onshore areas. The supplied sources do not name competitors, so direct comparisons cannot be made from these documents.
Competitive advantages derive from gas reserves, integrated processing infrastructure and relationships with government and joint venture partners 1. If these advantages strengthen, the company could keep a solid position during the gas transition.
- Independent oil producers in Nigeria
Not identified in the supplied sources; direct competition cannot be verified from the available documents.
- Offshore operators in the Gulf of Guinea
Compete for capital and delivery contracts; data on them does not appear in the supplied sources.
- Industrial gas suppliers
May compete for industrial and petrochemical customers; no information is available in the documents.
- Renewable energy producers
Indirect long-term competition if solar and wind projects expand; no data in the supplied sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Seplat 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.