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Nigerian independent oil and gas exploration and production company, producing crude oil and gas mainly onshore/shallow-water Niger Delta.
Nigerian independent oil and gas exploration and production company, producing crude oil and gas mainly onshore/shallow-water Niger Delta.
Holds its fields through joint ventures with NNPC, Nigeria's state oil company, which takes its share of production, so Seplat earns only on its own stake in oil and gas sold. The 2024 purchase of ExxonMobil's Nigerian shallow-water business greatly expanded its production base.
In one line: A Nigerian E&P, like a smaller independent oil producer such as Murphy Oil.
Moat: none (regulatory licence, installed base). Owns licensed Nigerian producing assets, but is a price-taker on global oil prices with local operating/security risk.
Headquarters: Lagos, Nigeria · Founded: 2009 · Employees: 1,506
Size Seplat Energy (SEPL.L) is a United Kingdom Energy company (Oil & Gas Production) with a market value of $7.14B, the 70th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £885.00 on 6 Nov 2026.
Performance Over six months the shares gained 56.1%, against -2.8% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 25.1% over the last twelve months (peer median +11.2%); the operating margin is 26.9% (peer median 21.6%).
Valuation It trades at 19.7× forward earnings against a peer median of 9.3× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +38%, so the hurdle is -45 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 24.6 points above its cost of capital (8.5% WACC).
Credit Seplat Energy has 1 bond outstanding ($650M), rated B+ by the agencies and trading like BB- at a weighted spread of 224 bp.
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.47B | £2.07B | £873M | £854M | £773M |
| Revenue growth | — | +137% | +2% | +10% | — |
| Gross profit | £838M | £619M | £261M | £415M | £368M |
| EBITDA | £1.21B | £941M | £315M | £437M | £373M |
| Net income | £241M | £122M | £117M | £66.9M | £50.7M |
| Free cash flow | £567M | £610M | £39.3M | £168M | £222M |
| Capital expenditure | £205M | £202M | £163M | £148M | £133M |
| Total debt | £633M | £797M | £1.15B | £594M | £644M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Seplat Energy SEPL.L | $7.14B | +56% | +25% | 27% | 19.7× | -7.1% |
| Shell SHEL.L | $284B | +18% | +15% | 16% | 7.7× | -10.9% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| TotalEnergies TTE.PA | $200B | +2% | +11% | 17% | 7.0× | -15.6% |
| Eni ENI.MI | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% |
| Tullow Oil TLW.L | n/a | -44% | n/a | n/a | n/a | n/a |
| Kosmos Energy KOS | $1.26B | -23% | +23% | 23% | 4.6× | -6.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SEPL.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.7% | -3.3% | 2nd highest of 20 |
| 6-month return | +56.1% | -2.8% | highest of 20 |
| Distance from 52-week high | -2.5% | -20.9% | highest of 20 |
| Revenue growth (TTM) | +25.1% | +11.2% | 3rd highest of 20 |
| Operating margin | 26.9% | 21.6% | 9th highest of 20 |
| Forward P/E | 19.7× | 9.3× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -7.1% | -0.7% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +38.0% | +15.1% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -45.0 pp | -18.4 pp | 2nd least demanding of 14 |
| ROIC minus cost of capital | +24.6 pp | +1.5 pp | highest of 20 |
| EV / EBITDA | 4.5× | 7.5× | 7th cheapest of 19 |
| Net debt / EBITDA | 0.1× | 1.1× | least indebted of 19 |
| Bond spread | 224 bp | 151 bp | 3rd widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Seplat Energy SEPL.L | United Kingdom | $7.14B | +56% | +25% | 27% | 19.7× | -7.1% | +38.0% |
| Vista Energy SAB de CV Sponsored ADR VIST | United States | $6.91B | -12% | +84% | 40% | 4.6× | -13.4% | +55.3% |
| Magnolia Oil & Gas MGY | United States | $6.34B | -15% | +11% | 38% | 7.4× | 3.4% | +19.4% |
| Harbour Energy HBR.L | United Kingdom | $6.17B | -8% | +17% | 40% | 5.1× | n/a | n/a |
| Murphy Oil MUR | United States | $5.16B | -3% | +8% | 22% | 8.6× | -0.7% | +9.0% |
| CNX Resources CNX | United States | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% | +14.6% |
| Antero Resources AR | United States | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% | +15.1% |
| Range Resources RRC | United States | $11.4B | +20% | +18% | 33% | 12.1× | -1.7% | +10.9% |
| Comstock Resources CRK | United States | $3.94B | -5% | +17% | 19% | 43.4× | n/a | n/a |
| Patterson-UTI Energy PTEN | United States | $3.76B | -13% | 0% | 0% | 26.0× | 42.6% | +33.8% |
| Origin Energy ORG.AX | Australia | $14.4B | +5% | -10% | 8% | 16.2× | 10.9% | +5.0% |
| Topaz Energy TPZ.TO | Canada | $3.17B | -9% | +22% | 60% | 22.8× | 5.9% | +29.4% |
| Jiangxi Jovo Energy 605090.SS | China | $3.02B | -37% | -7% | 9% | 11.8× | -0.6% | +17.9% |
| Tourmaline Oil TOU.TO | Canada | $17.5B | -3% | +4% | 1% | 11.9× | n/a | n/a |
| International Petroleum Corp. (British Columbia) IPCO.TO | Canada | $2.85B | 0% | +11% | 19% | 11.2× | n/a | n/a |
| Santos STO.AX | Australia | $19.2B | +11% | -8% | 21% | 8.1× | 11.7% | +9.3% |
| Gulfport Energy GPOR | United States | $2.65B | -16% | +27% | 42% | 6.3× | -13.4% | +10.6% |
| Talos Energy TALO | United States | $2.48B | -1% | +13% | 14% | 7.9× | -5.0% | +25.3% |
| Northern Oil and Gas NOG | United States | $2.43B | -2% | -3% | 30% | 4.9× | n/a | n/a |
| Select Water Solutions WTTR | United States | $2.09B | -4% | -2% | 4% | 28.9× | n/a | n/a |
Seplat Energy has 1 bond outstanding with $650M face value. The agencies rate it B+; its bonds trade like BB-. Weighted yield 6.83%, a spread of 224 bp over government bonds.