olivLaw · European equity research
Capricorn Energy PLC CNE.L
United Kingdom · London Stock Exchange · ISIN GB00BNKT5L33 · Vertical: Listed companies from United Kingdom
Capricorn Energy is a UK oil and gas exploration and production company whose main revenue-generating assets are in Egypt. Cash receipts from its Egyptian operations rose sharply in 2025 compared with the prior year, while geopolitical tensions in the MENA region, which escalated in the first quarter of 2026, add uncertainty to the company's outlook.
At the close of 05 Nov 2026, Capricorn Energy PLC (CNE.L) stock was 4.16 GBP (−1.42% on the day), with beta 0.27, 52-week range 1.83–4.50 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)
- 46.7
- neutral
- Bollinger (20, 2)
- 4.20 – 4.32
- below the lower band · %B -0.30 · band width 2.9%
- SMA 50 / 200
- 4.02 / 3.19
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 0.07
- 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 | −2.3% | −0.6% | −1.7 pp | — |
| 3 months | +14.0% | −4.2% | +18.1 pp | — |
| 6 months | +37.7% | +4.3% | +33.4 pp | — |
| Year to date | +113.1% | +7.5% | +105.6 pp | — |
| 1 year | +115.1% | +9.9% | +105.2 pp | +5.8% |
| 3 years | +89.8% | +49.8% | +40.0 pp | +26.3% |
| 5 years | −47.6% | +42.8% | −90.5 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 | 201.0 m | 147.8 m | 134.9 m |
| Revenue YoY | unavailable | −26.5% | −8.7% |
| Net income | -144.0 m | 10.6 m | 19.0 m |
| Net income YoY | unavailable | unavailable | +79.2% |
| Diluted EPS | -0.75 | 0.14 | 0.26 |
| Diluted EPS YoY | unavailable | unavailable | +85.7% |
| net % | -71.6% | 7.2% | 14.1% |
| Free cash flow | -84.1 m | 46.4 m | 73.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 132.7 m USD
- Financial debt
- 40.4 m USD
- Net debt
- -92.3 m USD
- Equity
- 373.3 m USD
- Total assets
- 513.0 m USD
- Debt / equity
- 0.11x
- Current ratio
- 2.44x
- ROE
- 5.3%
- ROA
- 3.4%
- FCF margin
- 54.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 201.0 m | 147.8 m | 134.9 m | esef· 21 Apr 2026verified |
| Cost of revenue | 59.6 m | 41.6 m | 39.4 m | esef· 21 Apr 2026verified |
| Gross profit | 75.1 m | 51.2 m | 45.6 m | esef· 21 Apr 2026verified |
| Operating income | -87.4 m | 30.1 m | 5.7 m | esef· 21 Apr 2026verified |
| Interest expense | 25.3 m | 20.4 m | 15.3 m | esef· 21 Apr 2026verified |
| Pre-tax income | -102.1 m | 13.9 m | -4.6 m | esef· 21 Apr 2026verified |
| Income tax | 40.5 m | 26.5 m | -21.1 m | esef· 21 Apr 2026verified |
| Net income | -144.0 m | 10.6 m | 19.0 m | esef· 21 Apr 2026verified |
| Diluted EPS | -0.75 | 0.14 | 0.26 | esef· 21 Apr 2026verified |
| Dividend per share | 2.82 | 0.43 | 0.00 | esef· 21 Apr 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 189.5 m | 123.4 m | 132.7 m | esef· 21 Apr 2026verified |
| Receivables | 186.0 m | 231.4 m | 116.5 m | esef· 21 Apr 2026verified |
| Inventories | 8.3 m | 8.0 m | 7.4 m | esef· 21 Apr 2026verified |
| Current assets | — | 366.8 m | 256.6 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 217.6 m | 210.8 m | 212.4 m | esef· 21 Apr 2026verified |
| Goodwill | 10.8 m | 10.8 m | 10.8 m | esef· 21 Apr 2026verified |
| Total assets | 667.6 m | 619.7 m | 513.0 m | esef· 21 Apr 2026verified |
| Short-term debt | 15.4 m | 26.4 m | 10.4 m | esef· 21 Apr 2026verified |
| Long-term debt | 96.4 m | 72.9 m | 30.0 m | esef· 21 Apr 2026verified |
| Current liabilities | 123.4 m | 163.5 m | 105.1 m | esef· 21 Apr 2026verified |
| Total liabilities | 261.1 m | 270.4 m | 139.7 m | esef· 21 Apr 2026verified |
| Equity | 406.5 m | 349.3 m | 373.3 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 192.0 m | 75.7 m | 67.9 m | esef· 21 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -39.9 m | 86.1 m | 149.9 m | esef· 21 Apr 2026verified |
| Capex | 44.2 m | 39.7 m | 76.7 m | esef· 21 Apr 2026verified |
| Free cash flow | -84.1 m ≈ | 46.4 m ≈ | 73.2 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | 120.8 m | -51.3 m | -55.8 m | esef· 21 Apr 2026verified |
| Financing cash flow | -646.2 m | -97.3 m | -85.3 m | esef· 21 Apr 2026verified |
| Dividends paid | 542.1 m | 50.1 m | 0 | esef· 21 Apr 2026verified |
| Share repurchases | 18.9 m | 7.3 m | 0 | esef· 21 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
- score weight coverage: 37.5% 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
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.94 – 4.53 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2.94 – 4.53 (Mid 3.75)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.6% | 17 (vs peers) | 28% |
| Net margin · Quality | 14.1% | 57 (vs peers) | 17% |
| FCF conversion · Quality | 385.3% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 11% |
| 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 | 0.0% | 100 (on a fixed band) | 11% |
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
- Quality50/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 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
CAPRICORN ENERGY PLC (CNE.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 134.9 m USD in 2025; YoY growth -8.7%; net margin 14.1%; ROE 5.3%.
The estimated value range is 2.94–4.53 USD per share (median of 1 methods, agreement: single method); 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 (score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 385.3%
- Current ratio: 2.4x
- Payout ratio (FCF): 0.0%
What contradicts it
- ROIC: 1.6%
- Interest coverage: 0.4x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 CNE.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
Capricorn Energy is a UK oil and gas exploration and production company whose main revenue-generating assets are in Egypt. Cash receipts from its Egyptian operations rose sharply in 2025 compared with the prior year, while geopolitical tensions in the MENA region, which escalated in the first quarter of 2026, add uncertainty to the company's outlook.
SWOT
Strengths
- Revenue concentrated in producing assets, with low operating costs, and a self-funding business model described in the annual report.
- Improved collections from EGPC in the second half of 2025 reduced pressure on cash flow.
- A prudent balance sheet and cash reserves sufficient to cover the stress scenarios presented in the viability analysis.
Weaknesses
- Strong dependence on a single country, Egypt, makes revenue sensitive to local developments.
- Receivables owed by the Egyptian state have fluctuated, and irregular payments can delay investment.
- The company has a limited pipeline of new growth opportunities outside Egypt.
Opportunities
- Rising long-term oil demand could support investment in existing assets.
- If the Egyptian business environment remains favourable, expansion within current concessions could be possible.
- Diversification outside Egypt could reduce dependence on a single country if viable opportunities are identified.
Threats
- An adverse outcome of the Senegal tax arbitration could lead to a significant cash outflow.
- A prolonged geopolitical crisis in the region could seriously affect operations in Egypt.
- A fall in the oil price could reduce cash flow and investment capacity.
Risks
- EGPC receivablesmedium
Delays in EGPC payments can limit investment and may require cash injections from existing funds. The risk decreased in 2025 but remains under monitoring.
- Oil and gas priceshigh
Fluctuations in oil prices can reduce cash flows and affect joint venture partners. The risk remained static in 2025.
- Senegal tax arbitrationhigh
An unfavourable outcome in the arbitration with the Senegal tax authorities could cause loss of value and a significant cash outflow. The risk increased in 2025.
- Egypt asset performancemedium
Egyptian assets may underperform expectations, which would affect production and revenue.
- Geopolitical instability in MENAhigh
A prolonged regional crisis could create fiscal difficulties in Egypt and could disrupt the company's operations.
Investment thesis
What would need to be true (bull case)
- If payments from Egypt remain regular and production holds up, the company could fund investment without external financing.
- Long-term oil demand could support the value of the low-cost Egyptian asset base.
- The additional Senegal consideration and better collections in 2025 could strengthen the cash position.
What would break the thesis
- If the oil price falls significantly, cash flows from Egypt could be seriously affected.
- An unfavourable outcome in the Senegal arbitration could require a significant cash outflow.
- Dependence on a single country and a lack of new growth opportunities could limit long-term development.
What to watch
- Evolution of EGPC collections and the receivables balance2026
- Outcome of the Senegal tax arbitration2026
- Evolution of the geopolitical and fiscal situation in Egypt2026
- New growth opportunities outside Egyptnext 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
Capricorn Energy PLC conducts its activity through oil and gas concessions, mainly in Egypt, where it operates through joint ventures with its partners. The business model is described as self-funding, with investment conditioned on the collection of receivables, especially those owed by EGPC. The company also manages a legacy matter linked to its former assets in Senegal, where a tax dispute is ongoing.
Segments
Egypt
The Egyptian concessions are the group's main source of revenue. In 2025 cash receipts from Egyptian operations were 217 million USD, compared with 135 million USD in 2024, and outstanding receivables due from EGPC stood at 86 million USD at 31 December 2025.
Senegal (divested asset)
The company disposed of its Senegal interests in 2020 but later received an additional 50 million USD in January 2025. The risk remains linked to a tax assessment by the Senegal authorities, which is being contested through international arbitration.
Market context
The Brent benchmark averaged 69 USD/bbl in 2025, a 15% decline from the 2024 average of 81 USD/bbl. Industry players and international energy bodies point to continued growth in oil demand through the rest of the decade, but price fluctuations are expected to continue in 2026, which could affect cash flow from Egyptian production.
Trends
- Better cash collections from Egypttailwind
Collections from Egypt improved markedly in the second half of 2025, and the Egyptian business environment improved. If payments remain regular, funding of new investment could become more predictable.
- Oil price volatilityheadwind
Oil prices fell in 2025 and fluctuations are still expected in 2026. If prices remain low, cash flows from Egypt could be materially affected.
- Geopolitical tensions in MENAheadwind
Instability in the MENA region escalated in the first quarter of 2026. A prolonged crisis could create fiscal challenges in Egypt that would affect the company.
- Long-term oil demandmixed
Industry and international outlooks point to rising oil demand through the end of the decade. This could support investment in the low-cost Egyptian asset base.
Competitive position
Capricorn Energy is a small producer concentrated on a few assets in Egypt and competes for capital, personnel and concessions with other independent operators in the region. The sources reviewed do not identify its direct competitors in detail.
- Independent operators in Egypt
Exploration companies active in the same basins that compete for concessions and financing, not named in the source.
- Regional MENA operators
Oil companies in the region that compete for investment and for state-linked counterparties under similar geopolitical risk.
- Joint venture partners
Operators and partners in joint ventures whose funding capacity can influence the pace of shared investment.
- Buyers of oil assets
Companies that may acquire assets, relevant to divestments and to the search for new opportunities outside Egypt.
News & filings
In the press
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 31 octombrie – 6 noiembrie 2026Libertatea.ro · 30 Oct 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 24 - 30 octombrie 2026Libertatea.ro · 23 Oct 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 17 - 23 octombrie 2026Libertatea.ro · 16 Oct 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 10 - 16 octombrie 2026Libertatea.ro · 09 Oct 2026 · RO
- Horoscop 4 octombrie 2026: Zi importantă pentru Capricorn, Vărsător și Pești. Schimbări pe plan financiar și profesionalMediafax · 03 Oct 2026 · RO
- DNO raises Capricorn takeover offer to $396m cash dealYahoo Finance — News · 17 Sept 2026 · EN
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 5 – 11 septembrie 2026Libertatea.ro · 04 Sept 2026 · RO
- DNO agrees to acquire Capricorn Energy for $396mYahoo Finance — News · 01 Sept 2026 · EN
- Capricorn Energy Backs DNO’s $396 Million Bid Over Genel OfferYahoo Finance — News · 01 Sept 2026 · EN
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 29 august – 4 septembrie 2026Libertatea.ro · 28 Aug 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 22 – 28 august 2026Libertatea.ro · 21 Aug 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 15 – 21 august 2026Libertatea.ro · 14 Aug 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 8 – 14 august 2026Libertatea.ro · 07 Aug 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 1 – 7 august 2026Libertatea.ro · 31 Jul 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 25 – 31 iulie 2026Libertatea.ro · 24 Jul 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 18 – 24 iulie 2026Libertatea.ro · 17 Jul 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 11 – 17 iulie 2026Libertatea.ro · 10 Jul 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 4 – 10 iulie 2026Libertatea.ro · 03 Jul 2026 · RO
- Horoscop Urania săptămânal pentru Capricorn. Previziuni pentru perioada 27 iunie – 3 iulie 2026Libertatea.ro · 26 Jun 2026 · RO
- Horoscop Urania | Previziuni astrologice pentru perioada 27 iunie – 3 iulie 2026. Luna Plină în Capricorn; Jupiter va intra în zodia LeuluiLibertatea.ro · 26 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Capricorn 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.