Davy Research

Resources & environment

Resources & environment

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

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

Showing 1 - 10 of 13 stories