Davy Research

Resources & environment

Resources & environment

Taking stock

The build-up of expectations regarding the Druid/Drombeg programme was such that post-well disappointment is acute. However, dry holes are part and parcel of the exploration business;...

Oct 4 2017 | Job Langbroek , Caren Crowley | Company Report | 11 pages

Market valuation lags recovery

We are upgrading our forecasts and valuation for Kenmare Resources principally for higher product prices. Earnings at the group are recovering, aided by a stronger market but also...

Sep 19 2017 | Caren Crowley , Job Langbroek | Company Report | 8 pages

Mid-year review of E&P names

The value and risk in exploration and production (E&P) shares depends largely on your view of the oil price. This year’s wobbling oil price has so far meant that capital markets are...

Aug 25 2017 | Job Langbroek , Caren Crowley | Sector Report | 29 pages

Report watching

Recent news from its near-30% held Australian operations indicates that the subsurface risk has been much reduced and a viable unconventional gas project is emerging. However,...

May 30 2017 | Job Langbroek | Company Report | 9 pages

A good company trading at a substantial discount = a good buy

We have analysed Cairn Energy’s capital allocation since late 2011, an important juncture for the company, and conclude that over the last five years the group’s capital allocation has...

May 19 2017 | Caren Crowley | Company Report | 14 pages

Updating forecasts and valuation; underappreciation presents investment opportunity

We are revising our forecasts and valuation primarily for an improved ilmenite price, softer-than-estimated realised zircon price and production guidance. We think the current share...

Apr 13 2017 | Caren Crowley , Job Langbroek | Company Report | 4 pages

Ntorya-2: very good result, but market has priced in what we know so far

We think the Ntorya-2 well was a significant success and that price gains so far are justified. However, we would caution that although the result is likely to be a breakthrough well...

Apr 13 2017 | Job Langbroek | Company Report | 6 pages

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