Zenith Energy (“Zenith” or “the Company”) is built on three independent value drivers: a rapidly scaling 188.5 MWp Italian solar development pipeline, strategically positioned uranium projects in Lombardy, and a portfolio of arbitration claims against the Republic of Tunisia, complemented by profitable gas-to-electricity operations and a growing US oil production platform. This reflects a track record of well-timed acquisitions, demonstrated by the entry into Tunisian oil assets during the COVID-19 period and the subsequent shift toward Italian power generation. The Company’s most significant potential value catalyst remains the ongoing ICSID arbitration under the UK–Tunisia investment treaty, where the final hearing was held in April 2026 on a claim of USD 573m in damages. Analysis of comparable treaty arbitration outcomes supports a favorable probability of success. Analyst Group estimates that a probability-weighted cash injection of USD 148m, combined with a sum-of-the-parts valuation of Zenith’s core operations, including uranium projects, at USD 152m, supports a potential value of NOK 4.2 per share in a Base scenario.
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This is a press release from Analyst Group regarding the publication of an equity research report on Zenith Energy. Readers may assume that Analyst Group has received compensation for making the equity research report. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation, or anything else that could be considered a subjective assessment.