Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...

Institutional Comment: Daily comment

Flash note: Client bond placement underwrites our valuation

Green Dragon Gas (GDG) recently issued an $88m corporate bond, funding 50 wells of a 150-well LiFaBric drilling campaign at its GSS licence in China, due to be executed by Greka Drilling (GDL) out to 2105. This is a material announcement for GDL as GDG represents 72% of GDL’s total estimated drilling activity for 2015. Our 45p valuation for GDL assumes 100 GDG wells are drilled in 2015. If we assume just 50 wells are drilled (the level underwritten by GDG’s debt issuance), we still arrive at...

Update: Drilling efficiencies improve backlog value

Greka Drilling (GDL) has experienced a well-documented weak level of drilling activity so far in 2014, reporting a fall in H1 revenue of 38% vs H113. However, from this relatively low base we expect performance to improve through Q414 and into 2015 as activity levels increase and the group reaps the benefits of improved drilling efficiency on an enlarged order backlog. Having invested in a sizeable, well-maintained rig-fleet and reduced fixed-cost overheads, GDL is now better positioned to capit...