AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts. The high impact Anchois East well is expected to spud in August. A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot). Our overall unrisked NAV for Anchois, including Anchois East Footwall and Anchois East North Flank, is £0.42 p...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: COLONIAL, REPSOL. Europa en rojo después de la Fed Resaca fuerte en Europa con una atmósfera enturbiada por la política europea, las posibles represalias de china a los aranceles del VE y la reunión de la Fed. Se registraron así pérdidas superiores al -2,0% en la mayoría de los índices y algo más contenidas en el Ibex, que perdió en cualquier caso los 11.100 puntos. En el STOXX 600 a excepción de Hogar (Distribución) todos los sectores presentaron ...
NEWS SUMMARY: COLONIAL, REPSOL. Europe in the red after the Fed meeting Europe saw a strong hangover, marked by the European Parliament elections, China’s possible retaliations to EV tariffs and the Fed meeting. Most indices dropped by more than -2.0%, the Ibex to a lesser extent but in any case below the 11,100-point level. In the STOXX 600, with the exception of Household, all sectors saw corrections, led by Automobiles and Banks. On the macro side, in the euro zone, April’s industrial outp...
Legislative elections are the most difficult to predict because they combine a multiplicity of parameters (alliances, turnout, local factors, vote transfers). The difficulty is increased in a snap election. However, the polls give the National Rally a good chance of being called upon to form the next government. What would it do then? Its economic programme does not add up from the financial standpoint. Any attempt to implement it would imply an increase in public deficits of several ...
Les élections législatives sont les plus difficiles à prévoir car elles mêlent une multiplicité de paramètres (alliances, participation, facteurs locaux, reports de voix). La difficulté est accrue dans une élection-surprise. Toutefois, les sondages donnent au Rassemblement national de bonnes chances d’être appelé à former le prochain gouvernement. Que ferait-il alors? Son programme économique n’est pas bouclé au plan financier. Toute tentative pour le réaliser impliquerait une hausse ...
>Set for demand slowdown and plateau in 2029 - IEA has just published its report with projections out to 2030. Demand growth for 2024 was revised downwards by 100 kb/d to +1 Mb/d. In the longer term, it is expected to grow by 3.2 Mb/d out to 2030 to reach 105.4 Mb/d, with a decline from 2029. Demand is continuing its decline of 2.9 Mb/d in the OECD zone to fall to 42.7 Mb/d, thus returning to its 1991 level. In contrast, it continues its growth of 6.1 Mb/d in RoW, ...
>Vers un ralentissement de la demande et un plateau en 2029 - L’AIE vient de publier son rapport avec des projections jusqu’en 2030. La croissance de la demande pour 2024 a été revue en baisse de 100 kb/j à +1 Mb/j. A plus long terme, elle devrait croitre de 3.2 Mb/j d’ici 2030 pour atteindre 105.4 Mb/j, en amorçant un déclin dès 2029. Cette demande poursuit son déclin de 2.9 Mb/j en zone OCDE pour baisser à 42.7 Mb/j, retrouvant ainsi son niveau de 1991. Par contr...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, IAG, INFORME ANUAL DE MERCADO. EUROPA: ENI, PROSUS, SECTOR AUTOMOCIÓN. Cautela antes de la Fed Toma de beneficios a ambos lados del Atlántico antes de inflación estadounidense y la reunión de la Fed pero con Europa todavía sufriendo los coletazos de las elecciones europeas. En el STOXX 600 todos los sectores terminaron en rojo, siendo los mejores Químicas y Hogar mientras que Bancos y R. Básicos sufrieron las mayores correcciones. Por el ...
10th June 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
• The FY23 financials were in line with our forecasts. • The high impact Anchois East well continues to be expected to spud in August. A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot). Our overall unrisked NAV for Anchois, including Anchois East Footwall and Anchois East North Flank, is £0.42 per share. This represents 4.5 times the current share price. • Testing of the Dartois discovery onshore Morocco is expected to take place in 3Q24. Subject to the...
HEADLINES: • Erste Bank: strong capital position, strong returns (stays BUY) • NLB Group: presentation of offer to Addiko shareholders – takeaways NEUTRAL • Wirtualna Polska: concludes conditional agreement to acquire Romanian travel e-commerce business POSITIVE • ADNOC Drilling JV increases its stake in Gordon Technologies POSITIVE • Richter: Mithra declares bankruptcy, Richter talks continue NEUTRAL • OMV: starts up co-processing biofuels plant at Schwechat refinery NEUTRAL • LPP: 1Q24E result...
HEADLINES: • Europe macro: European parliamentary elections – broadly as expected • Greece macro: 1Q GDP flash estimate shows improvement • Inter Cars: May sales up by a mere 2% yoy NEGATIVE • OMV: New Zealand to lift ban on oil exploration, which may benefit the company POSITIVE • OMV Petrom: to acquire PV projects with 130 MW capacity, with partner Renovatio NEUTRAL • Short News (BHW, HUG)
This week, BW Energy and Panoro Energy confirmed the oil discovery announced on 20 May in the northern flank of the Hibiscus field is 8–12mmboe (gross) and set to increase Dussafu reserves by ~15%. Also, Equinor divested a 19.5% interest in two licences in the Gina Krog area to PGNiG Norway, of which one includes the Eirin field. Following the divestment, Equinor holds a 58.7% interest in the field. In other news, Equinor announced a new offtake agreement for Empire Wind 1 at a USD155/MWh strike...
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
Nobody knows when Eiffage will choose to cross the Rubicon, but investors are not fooled. In the absence of a transformative deal and through collecting small transactions, Eiffage is taking time to change status and is becoming slowly but surely a “value trap”. Courageous solutions exist, but the equation of the takeover of Getlink remains complex. We are lifting our rating on Getlink to Outperform and lower our rating on Eiffage to Neutral. - ...
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