olivLaw · European equity research
Energean plc ENOG.L
United Kingdom · London Stock Exchange · ISIN GB00BG12Y042 · Vertical: Listed companies from United Kingdom
Energean plc is an independent oil and gas producer in the Eastern Mediterranean, with assets in Israel, Egypt, Italy, Greece, Croatia and the UK. Its relevance now comes from long-term gas contracts that include floor prices and from governments' interest in energy security.
At the close of 05 Nov 2026, Energean plc (ENOG.L) stock was 7.00 GBP (+0.00% on the day), with beta 0.18, 52-week range 6.84–10.26 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)
- 40.0
- weak (30–45)
- Bollinger (20, 2)
- 6.98 – 7.72
- in the lower half of the band · %B 0.03 · band width 10.1%
- SMA 50 / 200
- 7.48 / 7.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.04
- 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 | +0.5% | −0.6% | +1.2 pp | — |
| 3 months | −3.4% | −4.2% | +0.7 pp | — |
| 6 months | −17.5% | +4.3% | −21.8 pp | — |
| Year to date | −21.0% | +7.5% | −28.5 pp | — |
| 1 year | −29.0% | +9.9% | −38.9 pp | +5.8% |
| 3 years | −20.5% | +49.8% | −70.3 pp | +26.3% |
| 5 years | −21.2% | +42.8% | −64.0 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 | 978.5 m | 1.8 bn | 1.7 bn |
| Revenue YoY | unavailable | +81.9% | −2.9% |
| Net income | 184.9 m | 127.4 m | -257.6 m |
| Net income YoY | unavailable | −31.1% | −302.1% |
| Diluted EPS | 0.01 | 0.69 | -1.40 |
| Diluted EPS YoY | unavailable | +6,471.4% | −302.9% |
| net % | 18.9% | 7.2% | -14.9% |
| Free cash flow | 220.1 m | 541.3 m | 392.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 227.2 m USD
- Financial debt
- 3.4 bn USD
- Net debt
- 3.1 bn USD
- Equity
- 141.6 m USD
- Total assets
- 5.6 bn USD
- Debt / equity
- 23.70x
- Current ratio
- 0.79x
- ROE
- -71.6%
- ROA
- -4.5%
- FCF margin
- 22.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 978.5 m | 1.8 bn | 1.7 bn | esef· 12 May 2026verified |
| Cost of revenue | 509.3 m | 988.3 m | 1.1 bn | esef· 12 May 2026verified |
| Gross profit | 469.2 m | 791.1 m | 583.2 m | esef· 12 May 2026verified |
| Operating income | 391.5 m | 455.9 m | 268.0 m | esef· 12 May 2026verified |
| Interest expense | 231.1 m | 271.5 m | 259.6 m | esef· 12 May 2026verified |
| Pre-tax income | 344.2 m | 212.0 m | -26.4 m | esef· 12 May 2026verified |
| Income tax | 69.7 m | 84.5 m | 231.2 m | esef· 12 May 2026verified |
| Net income | 184.9 m | 127.4 m | -257.6 m | esef· 12 May 2026verified |
| Diluted EPS | 0.01 | 0.69 | -1.40 | esef· 12 May 2026verified |
| Dividend per share | 0.01 | 1.19 | 1.20 | esef· 12 May 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 346.8 m | 235.3 m | 227.2 m | esef· 12 May 2026verified |
| Receivables | 353.3 m | 422.2 m | 451.8 m | esef· 12 May 2026verified |
| Inventories | 110.1 m | 101.8 m | 94.2 m | esef· 12 May 2026verified |
| Current assets | 832.6 m | 841.8 m | 895.0 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 4.4 bn | 4.5 bn | 4.3 bn | esef· 12 May 2026verified |
| Total assets | 5.8 bn | 5.9 bn | 5.6 bn | esef· 12 May 2026verified |
| Accounts payable | 737.6 m | 847.8 m | 780.1 m | esef· 12 May 2026verified |
| Long-term debt | 3.1 bn | 3.1 bn | 3.4 bn | esef· 12 May 2026verified |
| Current liabilities | 878.7 m | 1.2 bn | 1.1 bn | esef· 12 May 2026verified |
| Equity | 686.1 m | 577.5 m | 141.6 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 17.8 bn | 184.7 m | 184.0 m | esef· 12 May 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 656.2 m | 1.1 bn | 1.1 bn | esef· 12 May 2026verified |
| Capex | 436.0 m | 580.5 m | 751.0 m | esef· 12 May 2026verified |
| Free cash flow | 220.1 m ≈ | 541.3 m ≈ | 392.6 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -416.5 m | -809.4 m | -949.7 m | esef· 12 May 2026verified |
| Financing cash flow | -327.4 m | -426.0 m | -213.8 m | esef· 12 May 2026verified |
| Dividends paid | 213.7 m | 219.8 m | 220.8 m | esef· 12 May 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: 5 of at least 6
- score weight coverage: 31.2% 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
31% · 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: 15.77 – 21.21 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/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)15.77 – 21.21 (Mid 18.09)
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: 5 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.7% | 25 (vs peers) | 33% |
| Net margin · Quality | -14.9% | 20 (vs peers) | 20% |
| 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 | 1.0x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 13% |
| 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 | 56.2% | 91 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality23/100 · 2/3 factors with a value
- Returns· partial91/100 · 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
ENERGEAN PLC (ENOG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn USD in 2025; YoY growth -2.9%; net margin -14.9%; ROE -71.6%.
The estimated value range is 15.77–21.21 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 (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Payout ratio (FCF): 56.2%
What contradicts it
- ROIC: 6.7%
- Net margin: -14.9%
- Interest coverage: 1.0x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, 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 ENOG.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
Energean plc is an independent oil and gas producer in the Eastern Mediterranean, with assets in Israel, Egypt, Italy, Greece, Croatia and the UK. Its relevance now comes from long-term gas contracts that include floor prices and from governments' interest in energy security 1.
SWOT
Strengths
- Long-term gas contracts with floor prices protect revenues from Israel and Egypt, according to the scenario analysis 1.
- The portfolio remains value-generating across the IEA scenarios tested, according to the company 1.
- The existence of an internal carbon price helps assess new investments against regulatory risks 1.
Weaknesses
Opportunities
Risks
- Carbon regulation riskmedium
Changes in climate policy or investor pressure could lead to new carbon taxes, affecting revenues 1.
- Hydrocarbon price riskhigh
A sustained fall in prices could affect cash flows and the economic life of assets 1.
- Physical climate riskmedium
Storms, floods and extreme temperatures could interrupt production and raise insurance premiums 1.
- Regulatory risk in Italymedium
The less stable regulatory environment in Italy could influence operations and costs 1.
- Scenario dependence risklow
Value estimates rely on long-term assumptions, and uncertainty grows with the time horizon 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Evolution of European gas prices and the Brent oil price2027
- Progress of the Prinos CCS project in Greece2027
- Carbon tax policies in Israel and Egyptnext annual report
- Results under updated IEA scenariosnext annual report
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
Energean operates in the exploration and production of oil and natural gas, with a portfolio of assets in several countries across Europe and the Middle East 1. The group reports results by country and manages its activity through a structure that also includes carbon capture and storage projects through its subsidiary EnEarth 1. The company publishes an annual report following the TCFD framework, which illustrates its approach to climate risks 1.
The reserve portfolio is periodically tested against IEA scenarios, and the analysis focuses on 2P reserves, excluding exploration assets 1. The company says the portfolio remains value-generating in all scenarios tested, owing to floor-priced long-term contracts in Israel and Egypt 1.
Energean uses an internal carbon price to stress-test new projects, acquisitions and investments, which allows it to measure the effect on its carbon footprint 1.
Segments
Israel and Egypt
Assets in Israel and Egypt are protected by long-term gas contracts with floor prices, and the impact of the NZE scenario on value is described as minor 1.
Market context
The IEA 2025 analysis includes three scenarios: current policies, stated policies and NZE, with 2035 oil prices between 33 and 89 dollars per barrel depending on the scenario 1. The internal carbon price used by the company for countries without a regulated market is set in ranges for 2026, 2035 and 2050 1.
Rising gas demand and interest in energy security in Europe after the conflict in Ukraine are cited as factors that could support prices and the company's revenues 1.
Trends
- Climate policy and carbon taxesheadwind
If carbon taxes extend to hydrocarbon producers in Israel or Egypt, revenues and asset values could decline, although the company sees no current indication of this 1.
- Energy security in Europetailwind
Governments' focus on energy security could support more favourable fiscal terms and access to capital for new oil and gas projects 1.
- Carbon capture and storagemixed
The CCS opportunity, including projects in Greece, Egypt, Italy and Bulgaria, could generate new revenues, but depends on financing and regulation 1.
- Physical climate effectsheadwind
Extreme heat and storms can disrupt production and raise insurance premiums, and staff productivity could fall in regions with very hot days 1.
Competitive position
The analysed source does not explicitly name the company's competitors. The company does, however, operate in markets where other hydrocarbon producers and gas service providers are active 1.
Competitive pressure appears mainly in Italy and Greece, where regulations and energy policies differ and market prices directly affect results 1.
- Gas producers in the Eastern Mediterranean
The source does not name competitors; these companies could compete for gas contracts and licences in the region.
- CO2 storage operators in Europe
Competition for CCS projects in Europe could come from operators developing similar storage.
- International oil companies active in Italy
The source gives no details; such companies could compete for the same areas or resources.
- Energy suppliers focused on transition
Over the longer term these suppliers could reduce demand for hydrocarbons, as the source's risk section describes.
News & filings
In the press
- Energean in Exclusive Talks for $1 Billion BP Egypt Gas DealOil Price · 27 Aug 2026 · EN
- Energean Slashes Dividend After Israel Gas Shutdown Cuts OutputOil Price · 20 May 2026 · EN
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Energean 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.