olivLaw · European equity research
Meren Energy Inc MER.ST
Sweden · Nasdaq Stockholm · Vertical: Listed companies from Sweden
Meren Energy Inc is an independent oil and gas producer with assets in Nigeria, Equatorial Guinea and South Africa. Total net revenues reached 883.4 million USD in 2025, while net debt fell after the RBL facility was repaid, a point of interest for investors watching financial discipline amid volatile oil prices.
At the close of 05 Nov 2026, Meren Energy Inc (MER.ST) stock was 13.56 SEK (−0.88% on the day), with beta -0.01, 52-week range 11.50–17.15 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)
- 28.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 13.78 – 15.62
- below the lower band · %B -0.12 · band width 12.5%
- SMA 50 / 200
- 15.06 / 14.86
- mixed trend
- MACD (12, 26, 9)
- -0.21 / -0.08
- 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 | −4.4% | −0.6% | −3.7 pp | — |
| 3 months | −2.0% | −4.2% | +2.1 pp | — |
| 6 months | −11.6% | +4.3% | −15.9 pp | — |
| Year to date | +10.4% | +7.5% | +2.9 pp | — |
| 1 year | +11.6% | +9.9% | +1.7 pp | −8.5% |
| 3 years | −36.6% | +49.8% | −86.5 pp | +12.3% |
| 5 years | −1.6% | +42.8% | −44.4 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 | 0 | 562.1 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 87.1 m | -279.1 m | -31.6 m |
| Net income YoY | unavailable | −420.4% | unavailable |
| Diluted EPS | 0.18 | -0.62 | -0.05 |
| Diluted EPS YoY | unavailable | −444.4% | unavailable |
| net % | unavailable | unavailable | -5.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 174.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 765.9 m USD
- Total assets
- 2.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.95x
- ROE
- -4.8%
- ROA
- -2.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 0 | 562.1 m | esef· 26 Oct 2026verified |
| Cost of revenue | — | 0 | 526.1 m | esef· 26 Oct 2026verified |
| Gross profit | — | 0 | 36.0 m | esef· 26 Oct 2026verified |
| Operating income | — | -32.4 m | -400.0 k | esef· 26 Oct 2026verified |
| Interest expense | 7.6 m | 4.9 m | 47.8 m | esef· 26 Oct 2026verified |
| Pre-tax income | — | -279.1 m | 11.8 m | esef· 26 Oct 2026verified |
| Income tax | — | 0 | 43.4 m | esef· 26 Oct 2026verified |
| Net income | 87.1 m | -279.1 m | -31.6 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.18 | -0.62 | -0.05 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 472.9 m | 449.4 m | 624.5 m | esef· 26 Oct 2026verified |
| Dividend per share | 0.05 | 0.05 | 0.16 | esef· 26 Oct 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 232.0 m | 61.4 m | 174.7 m | esef· 26 Oct 2026verified |
| Receivables | 5.1 m | 4.0 m | 77.7 m | esef· 26 Oct 2026verified |
| Inventories | — | 0 | 94.2 m | esef· 26 Oct 2026verified |
| Current assets | 237.1 m | 76.7 m | 348.8 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 19.1 m | 29.3 m | 43.7 m | esef· 26 Oct 2026verified |
| Total assets | 966.2 m | 615.2 m | 2.0 bn | esef· 26 Oct 2026verified |
| Current liabilities | 22.4 m | 14.6 m | 367.7 m | esef· 26 Oct 2026verified |
| Total liabilities | 71.6 m | 66.4 m | 1.2 bn | esef· 26 Oct 2026verified |
| Equity | 894.6 m | 548.8 m | 765.9 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 458.4 m | 450.2 m | 632.0 m | esef· 26 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -53.3 m | -48.5 m | 272.6 m | esef· 26 Oct 2026verified |
| Investing cash flow | 114.7 m | -53.7 m | 404.7 m | esef· 26 Oct 2026verified |
| Financing cash flow | -29.1 m | -68.4 m | -564.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 23.1 m | 22.6 m | 100.2 m | esef· 26 Oct 2026verified |
| Share repurchases | 6.0 m | 45.3 m | 8.3 m | esef· 26 Oct 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: 16.7% 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
17% · 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: 2.08 – 2.80 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 · 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)2.08 – 2.80 (Mid 2.39)
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: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -5.6% | 14 (vs peers) | 38% |
| 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 | -0.0x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.9x | 12 (on a fixed band) | 25% |
| 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 sheet5/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial14/100 · 1/3 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
MEREN ENERGY INC (MER.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 562.1 m USD in 2025; net margin -5.6%; ROE -4.8%.
The estimated value range is 2.08–2.80 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- Net margin: -5.6%
- Interest coverage: -0.0x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 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 | |
|---|---|---|---|---|---|---|
| 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 MER.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
Meren Energy Inc is an independent oil and gas producer with assets in Nigeria, Equatorial Guinea and South Africa. Total net revenues reached 883.4 million USD in 2025, while net debt fell after the RBL facility was repaid, a point of interest for investors watching financial discipline amid volatile oil prices.
SWOT
Strengths
- The company generates meaningful operating cash flow and visibly reduced its debt during the year.
- The portfolio includes large offshore fields with development activity and life-extension work.
- The amalgamation with Meren Coop consolidated control over assets and the financial structure.
Weaknesses
- Net income was negative in 2025, mainly due to the impairment of Agbami assets.
- Operating costs per barrel of oil equivalent increased, compressing margins.
- Revenue depends heavily on oil and a limited number of liftings, making quarters very volatile.
Opportunities
- Infill drilling and tie-in of nearby reservoirs could extend long-term production.
- Lower debt could allow new investment or distributions to shareholders.
- Better operational reliability could reduce downtime and support output.
Threats
- Falling oil prices could reduce revenue and trigger further impairments.
- Tax changes in Nigeria, including a new levy from early 2026, could raise the tax burden.
- Operational outages on offshore infrastructure could delay liftings and affect cash flow.
Risks
- Impairment of Agbami assetshigh
The company recognized a non-cash impairment on Agbami field assets due to a more conservative price and cost outlook. If prices stay low, further impairments could arise.
- Offshore production interruptionshigh
Start-up and operating problems with compressors and pumps slowed production recovery. Repeated interruptions could affect sales volumes.
- Oil price volatilitymedium
Revenue is sensitive to the oil price, and sharp declines could compress margins and cash flow.
- Fiscal risk in Nigeriamedium
The introduction of a new development levy from January 1, 2026 may change the company's tax burden.
- Timing gaps between liftings and revenue recognitionlow
Shifting cargos from one quarter to another creates large swings between periods and can make quarterly results hard to compare.
Investment thesis
What would need to be true (bull case)
- If production stabilises after remediation work, cash flow could continue to support debt reduction and development investment.
- Life extension of the Agbami FPSO could open opportunities for additional drilling on existing reservoirs.
- A lower debt level could provide financial flexibility in a volatile price environment.
What would break the thesis
- If oil prices stay below expectations, revenue and margins could fall, and further impairments cannot be ruled out.
- Rising operating costs could erode profitability, especially if output remains below expected levels.
- Fiscal and regulatory changes in Nigeria could reduce the net cash available to shareholders.
What to watch
- Production trajectory after remediation of compressors and injection pumpsQ1 2026
- Number and volume of liftings allocated during the year2026
- Effect of the new development levy on the tax burden2026
- Evolution of net debt and available RBL facility capacitynext 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
Meren Energy is an exploration and production company with activity concentrated mainly in Nigeria, where it operates offshore fields such as Agbami, Egina and Akpo. Revenue comes largely from crude oil sales through allocated liftings, while gas makes a much smaller contribution. In 2025 oil revenue was 864.3 million USD, from 12.0 MMbbl sold at a realized price of 72.2 USD/bbl.
The company's financial structure was reshaped by the amalgamation with Meren Coop, completed on March 19, 2025, after which reporting was presented on a constructed basis to explain performance. This basis includes 100% of Meren Coop figures for all periods so that comparisons across years are clearer. Net income attributable to common shareholders was negative in 2025, mainly due to a non-cash impairment on the Agbami field assets.
Operations depend on the reliability of infrastructure, such as gas turbine compressors and the seawater injection system, and management states that remediation work could improve uptime. Operating cost per barrel of oil equivalent rose to 11.9 USD/boe in 2025 from 10.3 USD/boe in 2024, mainly due to lower entitlement production and higher cost of operations.
Segments
Oil (Nigeria)
The oil segment, concentrated in Nigeria, generates almost all revenue. In Q4 2025 three liftings were allocated, with a sales volume of 3.0 MMbbl, while Q4 2024 had no liftings because some cargos were pushed into Q1 2025.
Gas
Gas revenue is modest compared with oil, at 19.1 million USD in 2025 for 19.7 Bcf sold. Its share of total revenue remains small and the segment does not materially change the company's profile.
Investment and debt
Capital expenditure of 100.2 million USD in 2025 mainly targeted planned infill drilling on Egina and Akpo, along with facilities on Agbami. The company used cash flow to repay debt, and net debt fell to 155.3 million USD.
Market context
The market Meren operates in is offshore oil production in West Africa, where the Dated Brent benchmark averaged 69.1 USD/bbl in 2025. Company revenue depends directly on allocated liftings and on the gap between realized and benchmark prices. A lower price, as seen in Q4 2025, can compress margins and lead to impairments.
In 2025 the company's realized oil price was 72.2 USD/bbl, below 84.6 USD/bbl in 2024, but higher volumes supported revenue. The interplay of these two variables drives the direction of financial results, and price volatility means quarters differ widely from one another.
Trends
- Oil price volatilityheadwind
Realized prices fell from 84.6 USD/bbl in 2024 to 72.2 USD/bbl in 2025, and management signalled a more conservative outlook. If prices remain volatile, margins and asset valuations could be affected.
- Debt reduction disciplinetailwind
Repayment of 420.0 million USD under the RBL facility reduced debt, which could give flexibility for future investment.
- Offshore infrastructure reliabilitymixed
Start-up problems with compressors and injection pumps slowed production recovery, but remediation could support more stable operations.
- Extending field lifemixed
Life-extension work on the Agbami FPSO is costly in the short term but could open infill drilling and tie-in opportunities on nearby reservoirs.
Competitive position
Meren competes with other independent operators and national companies for acreage and service contracts in Nigeria and West Africa. Its edge lies in operating experience on large offshore fields and in its ability to fund projects from cash flow. The exact intensity of competition is not detailed in the source analysed.
Differentiation in the market rests on operational reliability and production costs, measured through operating cost per barrel of oil equivalent. If costs stay high, the company could lose margin against rivals with more efficient cost structures.
- Independent operators in Nigeria
Private or local companies competing for blocks and service contracts in the same oil basin.
- National oil companies
State or parastatal entities holding interests in the same offshore areas.
- International offshore oil operators
Large companies competing for assets and technology in the West African basin.
- Other African independent producers
Companies with assets in Equatorial Guinea and other African countries and a similar profile.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Meren Energy Inc · 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.