Frontierby eninvs

Language: EN / RU

← Region

Harbour Energy (HBR) USD

At a glance: strengths & risks
✓Revenue growing (+23% y/y, H1 2026)✓Low leverage (0.7x EBITDA)✗Loss-making last FY

Sector: Oil & gas

COMM_HBR

Price chart

2.708 GBPDay 2.97%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
267.4 GBP · 1.67%
Market cap
6.2 bn USD

Growth

Δ revenue y/y
23.4%
Δ EBITDA y/y
20.8%

Multiples

P/E (LTM)
—
P/B (FY)
1.0x
P/E (ann.)
7.9x
EV/EBITDA (LTM)
1.6x
EV/EBITDA (ann.)
1.3x

Cash return

Dividend yield
4.4%
FCF yield (LTM)
23.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+245.5%
↓ details

Liquidity

Daily turnover (listing)
5.2 mln GBP

Shares: connector/market_inputs

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30H1 2026 (6M)PARTIAL6.4
y/y 23.4%
2.8
y/y 36.6%
1.5
y/y 0.2%
4.3
y/y 20.8%
0.4
y/y —
2.8—32.2
y/y —
6.6
y/y 3.2%
12.1%5.2Report (PDF)
2025-12-31H2 2025 (6M)OK4.9
y/y —
2.1
y/y —
1.4
y/y —
3.5
y/y —
-0.2
y/y —
0.9-1.929.1
y/y -3.9%
6.2
y/y -0.7%
-2.9%4.4Yahoo Finance
2025-06-30H1 2025 (6M)PARTIAL5.2
y/y —
2.0
y/y —
1.5
y/y —
3.6
y/y —
—
y/y —
2.4——
y/y —
6.4
y/y —
—≈ 4.6Report (PDF)
2024-12-31FY 2024 (12M)OK6.2
y/y 65.8%
2.3
y/y 89.0%
1.7
y/y 20.4%
4.1
y/y 51.8%
-0.1
y/y -306.7%
1.6-1.330.3
y/y 205.3%
6.3
y/y 302.5%
-2.4%4.6Yahoo Finance
2023-12-31FY 2023 (12M)OK3.7
y/y —
1.2
y/y —
1.4
y/y —
2.7
y/y —
0.0
y/y —
2.1-0.89.9
y/y —
1.6
y/y —
—0.2Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)995
Long-term debt (incl. LT leases)5 818
− Cash & equivalents1 643
Net debt5 170

Net debt / LTM EBITDA: 0.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0002023 FY2024 FY2025 H12025 H22026 H1

Year-over-year change

0%20%40%60%2023 FY2024 FY2025 H12025 H22026 H1

Cash flow

FCF ($ mln)

-1 00001 0002 0002023 FY2024 FY2025 H12025 H22026 H1

Net debt / cash ($ mln)

02 0004 0006 0002023 FY2024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 47.78x of reported net profit; after capex, 30.02x. Loss years (2024, 2025) are left out of the ratio.
year2022202320242025
cash flow / profit—47.78x——
accruals, % of assets-24.8%-21.2%-5.6%-12.3%
net debt / EBITDA 0.7x · capex 0.6x of depreciation · dividends 18% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Operating cost
USD $/boe		Realized price
USD $/boe
H1 2026-06509 000
+4.3%		13.30
+7.3%		84
+18.3%
H1 2025-06488 00012.4071

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.harbourenergy.com/media/a11hxbdn/harbour-energy-annual-report-accounts-2025_web.pdf; https://www.harbourenergy.com/media/cvrk0sd0/harbour-energy-plc-half-year-results-2026-presentation.pdf; https://www.harbourenergy.com/media/ppzaeeqo/harbour-energy-2025-full-year-results.pdf; https://www.harbourenergy.com/media/xhka5ldn/harbour-energy-half-year-results-2026-2.pdf

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
1 121 mln boe (2P)
2025

Proved reserves

YearReserves, mln boe (2P)
20251 121
20241 249

Company reports: https://www.harbourenergy.com/media/a11hxbdn/harbour-energy-annual-report-accounts-2025_web.pdf; https://www.harbourenergy.com/media/cvrk0sd0/harbour-energy-plc-half-year-results-2026-presentation.pdf; https://www.harbourenergy.com/media/ppzaeeqo/harbour-energy-2025-full-year-results.pdf; https://www.harbourenergy.com/media/xhka5ldn/harbour-energy-half-year-results-2026-2.pdf

Key-commodity price — Brent

Current 100spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +245.5% ▲ +2.4 pp 1d

Main driver: Brent +30% vs LTM; revenue ×1.52 vs costs ×1.04; EBITDA 7 039→10 073; at 2.6× EV/EBITDA → +245%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+50%99.6976.5880.82+30%+6%
Nat. gas in Europe (Dutch TTF) (rev)+40%871.69453.85476.90+92%+5%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue11 302
LTM EBITDA7 039
LTM cash costs (revenue − EBITDA)4 263
2 · Revenue projection
Revenue multiplier — spot×1.519 (+52%)
= Spot revenue17 170
Revenue multiplier — 3y price×1.048 (+5%)
= 3-year-price revenue11 844
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs4 434
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs4 434
4 · EBITDA projection (revenue − costs)
= Spot EBITDA12 736
= 3-year-price EBITDA7 410
Conservative EBITDA = min(spot, avg)10 073
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)2.6x
Target EV = EV/EBITDA × conservative EBITDA26 392
Net debt5 170
Target market cap = EV − net debt21 222
Current market cap6 143

Upside = target market cap ÷ current − 1 = +245.5%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY3 7153 483+6.7%2 3242 005+15.9%
2024 FY6 1583 421+80.0%3 3081 974+67.5%
2025 FY10 0915 929+70.2%6 2972 965+112.4%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +64% vs +66% the year before — a -1.9 pp move. 3-year CAGR +23%.
revenue growth by year: 2023 -31% · 2024 +66% · 2025 +64%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.0x · target 75th pct (3y) 2.7x · LTM avg 2.6x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal22.22.8x2.8x
LukoilRussia44.72.2x4.6x
Occidental Petroleumglobal54.55.1x5.1x
GazpromRussia32.42.8x5.8x
ConocoPhillipsglobal156.76.4x6.4x
RosneftRussia51.43.1x6.6x
Chevronglobal378.97.9x7.9x
SantosAustralia19.08.9x8.4x
TatneftRussia20.84.1x8.5x
Gazprom NeftRussia37.04.1x8.6x
Exxon Mobilglobal680.19.6x9.6x
NovatekRussia44.57.8x16.5x
Group median4.6x7.2x
Group average5.4x7.6x
This companyglobal6.11.6x1.6x

Group median 4.6x as traded, 7.2x adjusted; this company 1.6x — a 78% discount.

Group average 5.4x as traded, 7.6x adjusted; against the average this company is at a 79% discount.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-135.9388 GBPEx-dividend: 5.9388 GBP per sharePaidYahoo Finance (ex-div)
2026-04-095.9798 GBPEx-dividend: 5.9798 GBP per sharePaidYahoo Finance (ex-div)
2025-08-149.7314 GBPEx-dividend: 9.7314 GBP per sharePaidYahoo Finance (ex-div)
2025-04-1010.0787 GBPEx-dividend: 10.0787 GBP per sharePaidYahoo Finance (ex-div)
2024-08-1510.0791 GBPEx-dividend: 10.0791 GBP per sharePaidYahoo Finance (ex-div)
2024-04-1110.4434 GBPEx-dividend: 10.4434 GBP per sharePaidYahoo Finance (ex-div)
2023-09-079.6208 GBPEx-dividend: 9.6208 GBP per sharePaidYahoo Finance (ex-div)
2023-04-139.6579 GBPEx-dividend: 9.6579 GBP per sharePaidYahoo Finance (ex-div)
2022-09-089.4999 GBPEx-dividend: 9.4999 GBP per sharePaidYahoo Finance (ex-div)
2022-04-078.4505 GBPEx-dividend: 8.4505 GBP per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Harbour Energy (HBR) — from primary filings.

Frequently asked questions

What is Harbour Energy (HBR)'s EV/EBITDA?
Harbour Energy (HBR) trades at 1.6x EV/EBITDA.
What is Harbour Energy (HBR)'s P/B ratio?
Harbour Energy (HBR) trades at a P/B of 1.0x.
What is Harbour Energy (HBR)'s dividend yield?
Harbour Energy (HBR)'s trailing 12-month dividend yield is 4.4%.
What is Harbour Energy (HBR)'s return on equity (ROE)?
Harbour Energy (HBR)'s ROE is 12.1%.
What is Harbour Energy (HBR)'s market capitalization?
Harbour Energy (HBR)'s market cap is 6.2 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map