reports
- Ahmed Ben Salem
ODDO BHF Small & MIDCAP MORNING NEWS - 05/31/2024
Feintool is perfectly positioned to benefit from a brisker energy transition (75% of revenues in 2027 vs 40% in 2023) in both the automotive and industrial sectors. Growth appears to be limited over 2024, but the medium-term prospects look more attractive (2024-26 CAGR: +9%), buoyed by attractive operating leverage (EBIT margin: 6% by 2026 vs 3.5% in 2023) and growing cash generation (2026 FCF yield: 4%e. vs 2.5% in 2023). Based on our valuation methods, we obtained a target price of ...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
VAC PIERRE & VACANCES SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ENI ENI S.P.A.
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SHEL SHELL PLC
- Ahmed Ben Salem
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
ENI ENI S.P.A.
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SHEL SHELL PLC
- Ahmed Ben Salem
ODDO BHF Small & MIDCAP MORNING NEWS - 31/05/2024
Feintool est aujourd’hui parfaitement positionné pour bénéficier de l’accélération de la transition énergétique (75% du CA 2027 vs 40% en 2023) autant sur le marché automobile que sur le secteur industriel. Si la croissance semble limitée sur 2024, la trajectoire à moyen terme est plus attractive (TMVA 2024-26 de +9%) accompagnée par un levier opérationnel intéressant (marge d’EBIT de 6% d’ici 2026 vs 3.5% en 2023) et une génération de cash en croissance (FCF yield 2026 de 4%e vs 2.5%...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
VAC PIERRE & VACANCES SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ENI ENI S.P.A.
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SHEL SHELL PLC
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : OPEC+ meeting preview
>OPEC+ meeting: consensus is for a rollover of the cut but a surprise is not ruled out - OPEC+ is expected to meet this Sunday at 12.00 CET. The meeting was supposed to be held in person but has been changed to a virtual one given the state of health of the Saudi king and a rollover of the existing cuts is being discussed according to Reuters and some Saudi Arabia Newspapers. As a reminder, the existing cut of 3.66 mb/d plus the 2.2 mb/d voluntary cut representin...
- Ahmed Ben Salem
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
ENI ENI S.P.A.
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SHEL SHELL PLC
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : OPEC+ meeting preview
>OPEC+ meeting: consensus is for a rollover of the cut but a surprise is not ruled out - OPEC+ is expected to meet this Sunday at 12.00 CET. The meeting was supposed to be held in person but has been changed to a virtual one given the state of health of the Saudi king and a rollover of the existing cuts is being discussed according to Reuters and some Saudi Arabia Newspapers. As a reminder, the existing cut of 3.66 mb/d plus the 2.2 mb/d voluntary cut representin...
- Stephane Foucaud
AUCTUS ON FRIDAY - 31/05/2024
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24 production of 2,730 boe/d was close to our expectations. Arrow’s cash position of US$11.6 mm was also in line. The first water disposal well at RCE is being brought into production and the conversion of the CN-4 well is currently waiting regulatory approval. These two disposal wells are very importa...
AKRBP AKER BP ASA
MRO MARATHON OIL CORPORATION
GTE GRAN TIERRA ENERGY
EGY VAALCO ENERGY INC.
CHAR CHARIOT OIL & GAS
ENQ ENQUEST PLC
NOG NOSTRUM OIL & GAS PLC
VLE VALEURA ENERGY INC.
PHAR PHAROS ENERGY
MAHA A MAHA ENERGY
ZPHR ZEPHYR ENERGY
AXL. ARROW EXPLORATION LTD
SOUC SOUTHERN ENERGY CORP
LBE LONGBOAT ENERGY PLC
J4V VAR ENERGI ASA
LNGE LNG ENERGY GROUP CORP.
IAECN ITHACA ENERGY
- Stephane Foucaud
VAALCO Energy (NYSE: EGY): Very good operating update in Canada
• VAALCO has brought online four new long (2.75 mile) lateral wells in Canada. • Three wells delivered IP rates of 500 bbl/d while the fourth well flowed 350 bbl/d for a total production capacity addition of 1.85 mbbl/d. • This is a good result and compares with individual IP30 oil rates of 374-444 bbl/d achieved at the two wells drilled in 2023. • This also bodes well for the 2Q24 and 3Q24 production in Canada. 1Q24 production in Canada was only ~2.4 mboe/d. This could also have a positive impa...
- Stephane Foucaud
Southern Energy Corp. (SOUC LN/SOU CN): Increased premium to Henry Hub...
• 1Q24 production of 3,009 boe/d was in line with our forecasts. The net debt at the end of March was ~US$1 mm below our expectations. • We continue to assume that the 2nd DUC will not be completed before 4Q24 with the further DUCs being completed in 1Q25 and 2Q25. • We note however the strengthening of US gas prices with 3Q24 futures for Henry Hub now standing at ~US$2.8/mcf (we previously forecasted US$2.5/mcf). • In addition, Southern is seeing a realization basis premium to Henry Hub in th...
VAALCO Energy, Inc. Announces Successful Drilling Campaign Results in ...
VAALCO Energy, Inc. Announces Successful Drilling Campaign Results in Canada HOUSTON, May 29, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today announced that it has drilled, completed and brought onto production four wells in Canada. Highlights: Safely and successfully drilled, completed and brought online four long lateral wells in Canada; All wells were 2.75 mile lateral development wells;Strong initial production rates of approximately 500 barrels of oil per day (“BOPD”) for three of the four wells, with production of approximately ...
- Stephane Foucaud
Valeura Energy (TSX: VLE): Drilling success likely to add further reso...
• Two wells recently drilled at Nong Yao are likely to add some reserves. • The 37H development well has been put on production from the primary reservoir at an initial flow rate of ~500 bbl/d net to Valeura’s WI. The well has also encountered 68 feet of net oil pay across eight separate appraisal target intervals. The volumes associated with these zones were not included in either the reserves or contingent resources categories and will now be further evaluated as targets for potential future ...
- Research Department
INFORME DIARIO 28 MAYO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, REPSOL, SECTOR ELÉCTRICO, TALGO, UNICAJA. Poco volumen en Europa Jornada de tímidos avances en las bolsas europeas con los mercados de EE.UU. y R. Unido cerrados (Memorial Day y Spring Bank Holiday respectivamente) y con el Ibex cerrando por encima de los 11.300 puntos. Así, en el STOXX 600 todos los sectores salvo Tecnología, Farma y Bancos cerraron con ganancias, lideradas por Utilities y Autos. Por el lado macro, en Alemania el IFO de mayo...
- Research Department
IBERIAN DAILY 28 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, ELECTRICITY SECTOR, REPSOL, TALGO, UNICAJA. Low volume in Europe It was a session of slight gains for European stock exchanges, with the US and UK markets closed for Memorial Day and Spring Bank Holiday, respectively, where the Ibex closed above 11,300 points. Thus, in the STOXX 600, all sectors with the exception of Technology, Pharma and Banks ended with gains, led by Utilities and Autos. On the macro side, in Germany May’s IFO remained at April’s levels, as opposed to exp...
DNO Completes USD 400 Million Bond Placement
DNO Completes USD 400 Million Bond Placement 24 May 2024 – DNO ASA, the Norwegian oil and gas operator, today completed the private placement of USD 400 million of new five-year senior unsecured bonds with a coupon rate of 9.25 percent. The bond placement launched on 21 May 2024 met strong investor demand across Nordic and international markets and was significantly oversubscribed. Settlement is expected on or about 4 June 2024, subject to customary conditions precedent, and an application will be made for listing of the new bonds on the Oslo Stock Exchange. Net proceeds from the new bon...
- Steffen Evjen
Weekly news, topics & discussion
This week, BW Energy and Panoro Energy have been in the news. An oil discovery on the northern flank of the Hibiscus field was announced, and according to the partners, it is substantial in size. Also, Panoro Energy and BW Energy reported Q1 figures, which were fairly in line with expectations.
- Stephane Foucaud
Pharos Energy Plc (LSE: PHAR): Net cash up by ~US$21.5 mm in four mont...
• Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt. This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt. • The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 & 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well co...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/24/2024
The underlying themes discussed at the Forum were the materialisation of the transition of business models, management of emerging ESG risks, adaptation of human capital and the challenges of CSR reporting. Among the 35 companies present, six stood out positively, four warrant caution and three are worth rediscovering from an “improvers” angle. - ...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/05/2024
En toile de fond des thèmes discutés au Forum, il y a la matérialisation de la transition des modèles d’affaires, la gestion de risques ESG émergents, l’adaptation du capital humain, et les enjeux du reporting RSE. Parmi les 35 sociétés présentes, 6 se sont démarquées positivement, 4 méritent la prudence, et 3 sont à redécouvrir sous un angle « improvers ». - ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 24/05/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Drilling at the second well onshore Morocco has commenced – Chariot has started to drill the Dartois prospect onshore Morocco. The well is targeting a different reservoir system and trapping style than the Gaufrette prospect. The main target at Dartois is estimated to hold 12 bcf of gross prospective resources. Success would de-risk a total of 20 bcf of gross prospective resources (+...
GALP GALP ENERGIA SGPS SA CLASS B
GPRK GEOPARK
CVX CHEVRON CORPORATION
SEY STERLING ENERGY PLC
CHAR CHARIOT OIL & GAS
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
INDI INDUS GAS
UJO UNION JACK OIL
UOG UNITED OIL & GAS
ENOG ENERGEAN PLC
BLOE BLOCK ENERGY
TETY TETHYS OIL AB
TRIN TRINITY CAPITAL INC
ORCA ORCADIAN ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
PLSR CN PULSAR HELIUM INC.
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