Davy Research

Resources & environment

Resources & environment

Updating our valuation and forecasts

Our updated valuation for Tullow Oil is 255p per share (previously 337p). This adjusts for an underwritten $750m rights issue, the Uganda farm-down and guidance provided at the time...

Mar 20 2017 | Caren Crowley , Job Langbroek | Company Report | 4 pages

Site visit shows that Moma is finally settling down

Prior to its 2016 recapitalisation, we identified three important elements in how the market viewed Kenmare: a stressed balance sheet, poor product markets and several operational...

Feb 16 2017 | Caren Crowley , Job Langbroek | Company Report | 7 pages

Dawn breaking: looking ahead to 2017

Mindful that the list of dawn analogies can also contain the word ‘false’, the recent OPEC/non-OPEC producer meetings look to have achieved a decent result. These deals should provide...

Dec 16 2016 | Job Langbroek , Caren Crowley | Sector Report | 8 pages

A fresh look at valuations: low-cost environment creates exceptional opportunity

After an eventful year, we think that a sensible, risk weighted net present value/share valuation for Providence is 35p with core assets (discovered oil and cash) making up 20p of...

Dec 12 2016 | Job Langbroek | Company Report | 8 pages

UK E&P positioning ahead of 2017

OPEC’S agreement to cut production has whittled down the discount to our valuations at which EnQuest, Cairn Energy, Ophir Energy, Premier Oil and Tullow Oil are trading. Nonetheless, we...

Dec 5 2016 | Caren Crowley , Job Langbroek | Sector Report | 31 pages

Seeds of next phase of growth

The Jubilee discovery along the West African Transform Margin nearly a decade ago provided a major impetus to Tullow’s valuation. Since then, investor interest in exploration activity...

Oct 12 2016 | Job Langbroek , Caren Crowley | Company Report | 10 pages

Free cash flow on the horizon without the need for magical thinking

In a report issued on March 3rd (“Valuation and forecasts update for new commodity prices; momentum improving although still fragile”), we wrote: “A rising oil price will lift all boats...

Oct 11 2016 | Caren Crowley , Job Langbroek | Sector Report | 9 pages

Cornerstone investment and gas sales provide platform for growth

Cash from the recent funding and the start-up of gas sales from Kiliwani signal a major shift in the financial status of Aminex and also provide a core for valuation and cash flow. This...

Aug 5 2016 | Job Langbroek | Company Report | 9 pages

De-risked balance sheet

Our revised valuation of 306p per share is updated for the share consolidation and capital restructuring the group has undergone. Kenmare is now in a much stronger financial position...

Aug 3 2016 | Caren Crowley | Company Report | 4 pages

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