Seplat Energy

SEPL.L

Oil & Gas Exploration & Production · Energy

Price

655.00 GBp

+10.00 (+1.55%)

Market Cap

£3.93B

Exchange

London Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+1.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 584.4M (2021) → 593.2M (2025)

Winston Score History

The full picture

Seplat Energy is a Nigerian oil and gas company that finds, produces, and sells crude oil and natural gas. Its main products are crude oil exported to international buyers and natural gas sold to power plants and industrial customers inside Nigeria. It is one of the largest independent energy producers listed on both the Nigerian Exchange and the London Stock Exchange.

Seplat earns money by selling the oil and gas it pumps from onshore fields and shallow offshore areas in the Niger Delta region of Nigeria. The company operates almost entirely in Nigeria, making it heavily exposed to one country's political and infrastructure risks, including pipeline vandalism and oil theft. Its pending acquisition of ExxonMobil's Nigerian onshore subsidiary, if completed, would roughly double its production scale and represents the key growth driver — though regulatory approval has faced delays and remains a significant uncertainty.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

43.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$829M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Seplat Energy is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

41.8%

Healthy — 41.8% gross margin

Profit after running costs

Operating Margin

38.0%

Excellent — 38.0% operating margin

Return on the money invested

ROCE

32.6%

Exceptional — 32.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+28.8%

Fast-growing sales (+28.8% YoY)

Profit growth

EPS YoY

+122.1%

Earnings growing fast (+122.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

444%

Turns 444% of profit into real cash

Spare cash per sale

FCF Margin

32.3%

Converts sales into free cash efficiently (32.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.45

Conservative — low debt load (0.45)

Covers its interest

Interest Cover

6.06x

Adequate interest coverage (6.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.1x

Attractive valuation — P/E 13.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-2.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.71%

Moderate income — 3.71% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+75.8%

Dividend growing fast (75.8% YoY)

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