Davy Research

Resources & environment

Resources & environment

Second-half price break

On the face of it, 2017 produced a rapid and welcome recovery in titanium markets with participants at all levels of the product chain reporting an improved outlook and better pricing....

February 15 2018 | Job Langbroek | Company Report | 8 pages

Could this be oil’s year?

The late 2016 OPEC deal pulled the oil price out of the doldrums in 2017. At the same time, economic recovery provided the demand to shift metal prices from their early 2016 funk. Since...

December 14 2017 | Job Langbroek | Sector Report | 13 pages

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;...

October 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...

September 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...

August 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

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