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1. Company Snapshot

1.a. Company Description

BW Energy Limited engages in the acquisition, exploration, development, and production of oil and natural gas in West Africa and Brazil.It primarily holds interests in three hydrocarbon licenses located in Dussafu, Gabon; Maromba, Brazil; and Kudu, Namibia.The company was founded in 2016 and is based in Oslo, Norway.

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1.b. Last Insights on BWE

BW Energy's recent performance was driven by several positive developments. The company made a final investment decision for the Golfinho Boost project in Brazil, aiming to increase uptime, reduce operating expenses, and add approximately 3,000 barrels per day of incremental oil production from 2027. This project is expected to boost production efficiency and increase recoverable reserves by approximately 12 million barrels. Additionally, BW Energy reported a net production of 3.2 million barrels of oil in Q1 2025, equal to 36,000 bbls per day, from the Dussafu licence in Gabon and the Golfinho field in Brazil. The company also received an extension to the Golfinho licence production phase to 2042 by ANP, supporting its long-term plans for developing the Golfinho field. These developments demonstrate BW Energy's commitment to increasing production and improving operational efficiency, which is expected to drive growth and profitability in the coming years.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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BW Energy: Provides second update on Kudu appraisal well

Nov -19

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BW Energy (OB:BWE): Is There More Upside After a 63% Year-to-Date Rally?

Nov -13

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BW Energy Ltd (BWEFF) Q3 2025 Earnings Call Highlights: Strong Financial Performance Amid ...

Nov -05

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BW Energy reports hydrocarbon potential at Namibia’s Kudu licence

Oct -31

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BW Energy: Update on Kudu appraisal well

Oct -31

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BW ENERGY: THIRD QUARTER RESULTS 2025

Oct -28

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Does BW Energy’s 59.5% Rally Reflect Its True Value After Production Growth?

Oct -26

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BW Energy: Invitation to Q3 2025 results presentation 28 October

Oct -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.67%)

6. Segments

Crude Oil

Expected Growth: 4.65%

BW Energy Limited's 4.65% growth in crude oil is driven by increasing global demand, OPEC's production cuts, and rising prices. Additionally, the company's focus on optimizing production costs, improving operational efficiency, and investing in new projects also contribute to its growth.

Other

Expected Growth: 4.83%

BW Energy Limited's 4.83% growth is driven by increasing oil prices, successful exploration and production activities, and strategic acquisitions. The company's focus on cost optimization and operational efficiency also contribute to its growth. Additionally, BW Energy's diversified portfolio and strong financial position enable it to capitalize on new opportunities and weather market volatility.

7. Detailed Products

Oil Production

BW Energy Limited is involved in the exploration, development, and production of oil from its operated fields and partner-operated fields.

Gas Production

The company produces natural gas from its operated fields and partner-operated fields, which is used as a clean-burning fuel for power generation, industrial processes, and domestic consumption.

FPSO (Floating Production Storage and Offloading) Services

BW Energy Limited provides FPSO services, which involve the processing, storage, and offloading of oil and gas from offshore fields.

Drilling and Well Services

The company offers drilling and well services, including drilling, completion, and intervention services, to support its oil and gas operations.

8. BW Energy Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

BW Energy Limited operates in the oil and gas industry, which has few substitutes. However, the increasing focus on renewable energy sources poses a moderate threat of substitutes.

Bargaining Power Of Customers

BW Energy Limited's customers are primarily large industrial companies and governments, which have limited bargaining power due to their dependence on the company's oil and gas products.

Bargaining Power Of Suppliers

BW Energy Limited relies on a few large suppliers for its drilling and extraction equipment, giving them moderate bargaining power.

Threat Of New Entrants

The oil and gas industry has high barriers to entry, including significant capital requirements and regulatory hurdles, making it difficult for new entrants to join the market.

Intensity Of Rivalry

The oil and gas industry is highly competitive, with many established players competing for market share and resources, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 42.66%
Debt Cost 7.58%
Equity Weight 57.34%
Equity Cost 12.67%
WACC 10.50%
Leverage 74.40%

11. Quality Control: BW Energy Limited passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
TotalEnergies EP Gabon

A-Score: 6.8/10

Value: 7.8

Growth: 2.8

Quality: 8.0

Yield: 10.0

Momentum: 6.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Serica Energy

A-Score: 6.1/10

Value: 5.7

Growth: 5.3

Quality: 6.0

Yield: 9.4

Momentum: 9.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
BW Energy

A-Score: 5.6/10

Value: 6.8

Growth: 7.9

Quality: 7.1

Yield: 0.0

Momentum: 9.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
DNO

A-Score: 5.4/10

Value: 8.2

Growth: 2.9

Quality: 2.1

Yield: 9.4

Momentum: 7.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
OKEA

A-Score: 5.1/10

Value: 8.0

Growth: 7.3

Quality: 6.6

Yield: 3.8

Momentum: 1.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Tullow Oil

A-Score: 3.1/10

Value: 10.0

Growth: 3.6

Quality: 4.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

38.25$

Current Price

38.25$

Potential

-0.00%

Expected Cash-Flows