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SEPLAT Petroleum Development
(LSE:SEPL)
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Rating:72Outperform
Price Target:
937.00 p
▲(45.27% Upside)
Action:Reiterated
Date:09/09/26
The score is driven primarily by strong financial performance—especially high operating profitability and robust free cash flow—supported by a strong uptrend in the technical picture. The main constraints are compressed net margins (despite healthy operating metrics), overbought technical readings that elevate pullback risk, and a less attractive valuation profile (P/E ~19.7 with ~2.05% yield).
Positive Factors
Revenue Growth
The substantial revenue rebound indicates stronger current operating scale and improved commercial performance. If maintained, higher production and sales can support recurring cash generation, fund development spending, and strengthen Seplat’s ability to capture demand across its oil and gas portfolio.
Negative Factors
Net Margin Compression
The sharp decline in net profitability shows that strong operating performance is not translating fully into bottom-line earnings. Higher below-the-line costs, taxes, or other stated headwinds could limit retained earnings and weaken the consistency of shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
The substantial revenue rebound indicates stronger current operating scale and improved commercial performance. If maintained, higher production and sales can support recurring cash generation, fund development spending, and strengthen Seplat’s ability to capture demand across its oil and gas portfolio.
Read all positive factors
SEPLAT Petroleum Development (SEPL) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.90B
Dividend Yield1.82%
Average Volume (3M)597.16K
Price to Earnings (P/E)21.7
Beta (1Y)0.10
Revenue Growth44.51%
EPS Growth104.04%
CountryUK
Employees1,506
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.50
Shares Outstanding599,944,600
10 Day Avg. Volume76,649
30 Day Avg. Volume597,161
Financial Highlights & Ratios
PEG Ratio3.68
Price to Book (P/B)1.24
Price to Sales (P/S)0.81
P/FCF Ratio2.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£782.50Price Target Upside21.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.56
Revenue Forecast (FY)£3.59B
SEPLAT Petroleum Development Business Overview & Revenue Model
Company Description
Seplat Energy Plc is a Nigerian firm specializing in upstream oil and gas activities, including the exploration, production, and processing of natural gas. The company extracts hydrocarbons from seven strategically located oil and gas blocks withi...
How the Company Makes Money
Seplat makes money primarily by producing and selling hydrocarbons and earning revenue from related midstream activities. (1) Crude oil and condensate sales: A major revenue stream comes from lifting crude oil/condensate produced from its operated...
SEPLAT Petroleum Development Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.15B | 2.78B | 1.12B | 1.06B | 951.79M | 733.19M |
| Gross Profit | 1.15B | 833.09M | 479.90M | 532.00M | 464.74M | 285.19M |
| EBITDA | 1.42B | 1.27B | 526.76M | 427.75M | 410.71M | 404.30M |
| Net Income | 295.91M | 163.50M | 153.35M | 83.13M | 104.71M | 141.78M |
Balance Sheet | ||||||
| Total Assets | 6.01B | 6.08B | 6.40B | 3.40B | 3.54B | 3.89B |
| Cash, Cash Equivalents and Short-Term Investments | 568.29M | 458.84M | 469.86M | 450.11M | 404.34M | 324.49M |
| Total Debt | 871.94M | 1.07B | 1.44B | 757.07M | 774.23M | 770.18M |
| Total Liabilities | 4.14B | 4.24B | 4.55B | 1.60B | 1.78B | 2.19B |
| Stockholders Equity | 1.85B | 1.83B | 1.83B | 1.77B | 1.78B | 1.77B |
Cash Flow | ||||||
| Free Cash Flow | 1.02B | 821.43M | 101.86M | 261.14M | 323.56M | 199.96M |
| Operating Cash Flow | 1.32B | 1.09B | 310.00M | 445.07M | 498.89M | 369.84M |
| Investing Cash Flow | -640.81M | -624.43M | -658.94M | -162.40M | -280.95M | -165.35M |
| Financing Cash Flow | -675.32M | -619.55M | 409.59M | -196.66M | -137.03M | -100.76M |
SEPLAT Petroleum Development Technical Analysis
Positive
645.00
Price Trends
774.30
Positive
657.62
Positive
556.31
Positive
Market Momentum
14.02
Positive
52.36
Neutral
70.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SEPL, the sentiment is Positive. The current price of 645 is below the 20-day moving average (MA) of 810.35, below the 50-day MA of 774.30, and above the 200-day MA of 556.31, indicating a bullish trend. The MACD of 14.02 indicates Positive momentum. The RSI at 52.36 is Neutral, neither overbought nor oversold. The STOCH value of 70.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:SEPL.
SEPLAT Petroleum Development Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £776.03M | 2.31 | 64.44% | 7.81% | ― | ― | |
72 Outperform | £4.90B | 21.75 | 16.13% | 1.82% | 44.51% | 104.04% | |
67 Neutral | £5.31B | 23.46 | 9.66% | 3.91% | 17.03% | ― | |
67 Neutral | £1.06B | -994.54 | -0.62% | 5.91% | 64.39% | 97.39% | |
67 Neutral | £5.06B | 25.95 | 10.32% | 8.68% | 28.04% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | £1.41B | -8.75 | -114.52% | 7.82% | 8.94% | -196.02% |
* Energy Sector Average
GB:SEPL
SEPLAT Petroleum Development
817.00
531.53
186.19%
GB:DEC
Diversified Energy Company
1,082.00
195.23
22.02%
GB:HBR
Harbour Energy
305.00
97.20
46.77%
GB:SQZ
Serica Energy
270.60
81.34
42.98%
GB:ENOG
Energean
762.50
-117.29
-13.33%
GB:ITH
Ithaca Energy PLC
305.80
121.27
65.72%
SEPLAT Petroleum Development Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Elumelu-Backed Heirs Energies Lifts Stake in Seplat Energy to 21%
Positive
Oct 1, 2026
Seplat Energy Plc disclosed that Heirs Energies Ltd, a company controlled by non-executive director Tony Elumelu, purchased 6,000,000 ordinary shares at £8.87 per share in a London transaction on 30 September 2026. Following the deal, entitie...
Business Operations and StrategyRegulatory Filings and Compliance
Elumelu-controlled Heirs Energies lifts Seplat stake to 21.07% with 6m-share purchase
Neutral
Oct 1, 2026
Seplat Energy has disclosed that Heirs Energies Ltd, a company controlled by non-executive director Tony Elumelu, purchased 6 million ordinary shares in the London market at £8.87 per share on September 30, 2026. Following this transaction, H...
Business Operations and StrategyExecutive/Board Changes
Seplat Energy Tightens Executive Pay Link to Long-Term Share Performance
Positive
Aug 24, 2026
Seplat Energy has granted new share awards to its executive directors under its 2024 Long Term Incentive Plan for the 2026 financial year, including sizeable LTIP allocations to the CEO, COO and CFO based on a five-day average grant price. The awa...
Business Operations and StrategyDividends
Seplat Energy Sets Naira FX Rate for Q2 2026 Interim and Special Dividends
Positive
Aug 13, 2026
Seplat Energy has set the currency conversion rate that will be used to pay its Q2 2026 interim and special dividends to shareholders who opted to receive their distributions in Nigerian Naira. The company said the rate will be ₦1,360.58 to ...
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial DisclosuresM&A Transactions
Seplat Energy boosts profits, cuts debt and raises dividends amid JV stake sale and leadership transition
Positive
Jul 30, 2026
Seplat Energy reported a strong first half of 2026, with working interest production rising to 139,509 boepd and robust output from onshore assets and NGLs, while offshore volumes were broadly stable. The company also cut its carbon emissions inte...
Executive/Board Changes
Seplat Energy to Replace Long-Serving Independent Director Emma FitzGerald
Neutral
Jul 30, 2026
Seplat Energy Plc has announced that Independent Non-Executive Director Dr. Emma FitzGerald will retire from the board at the end of the 2026 financial year, after deciding not to seek re-election at the 2027 AGM. FitzGerald has played a key role ...
Business Operations and StrategyDividends
Seplat Energy Declares Interim and Special Dividends for 2026 Half-Year
Positive
Jul 30, 2026
Seplat Energy Plc has declared an interim dividend of US5 cents and a special dividend of US7 cents per ordinary share for the period ended June 30, 2026, to shareholders on record as of August 13, 2026. The move underscores the company’s co...
Business Operations and StrategyDividendsM&A Transactions
Seplat Energy Sells 10% JV Stake to NNPC to Cut Debt and Boost Payouts
Positive
Jul 30, 2026
Seplat Energy has agreed to sell a 10% working interest in the NNPCL/SEPNU joint venture to Nigerian National Petroleum Company Limited for about US$281.6 million, cutting its JV interest to 30% while remaining operator as NNPC’s share rises...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.