Great analysis Portsea7 and Lanscapertrader.Also no one-off...

Great analysis Portsea7 and Lanscapertrader.

Also no one-off corporate overhead (308K) that was made in previous quartile.

Last payment of 400k (estimate taken from landscapetrader Post#65147127.)

But half this as there is always a delay in payment so make it 200K.

Last month revenue without delay or corporate overhead would have been 1.053+308K+200K=1.56million.

• Brent oil mean price Jun-Sept qtr mean price was 101.0
• Brent oil mean price Oct-Dec guess of 91.0
• Mean oil price is guess is now (90.4% (91/101) of Sept-qtr) oil price.
• SHE gross margin is 91%
• Oil flow will have slowed a little say 4% to 96% of previous qtr.
• Ratio is 90.4% * 91% * 96% = 78.9%
• 1.56 million (Sept-qtr) *78.9%=1.2 million.

She does this 4 times a year means revenue is 1.2million * 4 quartiles -308K corporate overhead =4.6 million annual revenue.

Of course oil price could go up due to further sanctions of Russian oil delivered via sea coming into force December and of all Russian oil based products soon after.

Annual revenue of 4.6 million *(.89 Gross margin)=4 million.

Take of tax at 25% =leaves annual net profit after tax of 3 million.

SHE is going to continue to generate revenue for the next 6 years. So 6*3 million =18 million.

Add in their current liquid assets around 11.2 million means cash can accumulate to around 29 million

No discounted taken into account though and Gross margin will probably fall slightly

No account of the current existing long term wells that will continue delivery after 6 years.

SHE is still significantly undervalued.
even if they repatriate profits in years in 6 years it will be huge as a percentage of current market cap.