reports
- Lenny Zephirin
Rapid Nutrition PLC (ALRPD.PA): Growth momentum – €1…!
>Trading Call. We are maintaining our BUY HIGH RISK recommendation on Rapid Nutrition PLC (ALRPD.PA) with a price objective of €1.00 per share. We continue to recommend accumulating the shares on any weakness. >Growth Momentum. Azurene and the SystemLS brand’s growth momentum in APAC aligns with rising demand for alternative wellness products. The brands have gained strong market traction and are poised for significant sales growth with robust margins by 2025. Continued product expansion and de...
- Lenny Zephirin
ALRPD.PA: Rebalance upward – €1…!
>Trading Call. We are maintaining our BUY on Rapid Nutrition PLC (ALRPD.PA), however, we are adjusting our risk rating to HIGH from SPECULATIVE. Our price objective of €1.00 per share is unchanged. Month-to-date, the shares are up by 68%, outperforming the peer group that is down by 2% and the Euronext 100 that is up by 1.9%, respectively. We recommend accumulate the shares on weakness. >Rebalance Upward. Following the termination of the second tranche of the Atlas convertible loan, the compa...
- Lenny Zephirin
ALRPD.PA: Brand value enhance - €1...!
Maintaining Investment Rating. We are reiterating our BUY SPECULATIVE RISK on Rapid Nutrition PLC (ALRPD.PA) and our price objective of €1.00 per share. Plant Based. 2024 is off to a good start as we are seeing the benefits of the acquisition the company did 2 years ago. The Plant-Based Bundle acquisition, which was acquired 2 years ago for approximately $500.0k, is a win-win for the company. The segment generated $976.8k in total revenue in 2023, equating to approximately 59.0% of total reve...
- Lenny Zephirin
JDE Peet’s N.V. (JDEP.AS) Momentum pick – BUY…!
Rating Changed. With this brief note, we are adjusting our investment rating to BUY MEDIUM RISK from SELL HIGH RISK on JDE Peet’s N.V. (JDEP.AS), and we are adjusting our price objective to €25 from €22/shr. YTD, the shares are down by approximately 22.0%, and we believe that the shares are attractive at their current level; thus, we recommend accumulating the shares despite the low float of 22.9%. Growing Consumption Rate. Worldwide, JDE Peet’s coffee is consumed at a rate of 4,100-4,500 cup...
- Lenny Zephirin
Rapid Nutrition PLC (ALRPD.PA): Recovery is underway…!
Investment Rating and Price Objective. Our investment thesis on Rapid Nutrition PLC (ALRPD.PA – BUY SPECULATIVE), remains unchanged. We continue to believe ALRPD.PA is among the best positioned within our coverage universe given the aggressive re-opening of global markets post-COVID and Generation Z's embrace of wellness and the vegan market, as well as via livestreaming. Inflection Point. 2023 should represent an inflection point as we continue to see a gradual improvement in ongoing strengt...
- Lenny Zephirin
Rapid Nutrition PLC (ALRPD.PA):It’s all about September. - PO €1.00/sh...
Investment Rating and Price Objective. Our investment thesis on Rapid Nutrition PLC (ALRPD.PA – BUY SPECULATIVE; PO €1.00/shr.), remains unchanged. We believe the latter part of 2022 will again show strong market movement, with ALRPD.PA as a key beneficiary of a better-than-expected herbal supplemental products recovery. September Bloodbath. The CAC 40 Index has fallen by an average of 1.7% in September since 1991, the worst performance of any month according to our analysis. Nevertheless Apr...
- Lenny Zephirin
Rapid Nutrition PLC (ALRPD.PA): The right path – €1.00…!
>Investment Rating and Price Objective. We are reiterating our investment rating BUY SPECULATIVE RISK and our price objective of €1.00 per share. >The Right Path. The company recently announced the intent to acquire a European plant-based brand with operations in the U.S. that should incrementally add to 2H revenues. This acquisition will prove to expand the company’s portfolio of products that align with consumer trends and increase focus on Rapid Nutrition PLC’ brand marketing. Further, this ...
- Lenny Zephirin
Rapid Nutrition PLC (ALRPD.PA): Emerging Growth - Initiate BUY SPECULA...
Investment Rating and Price Objective. We predict that Rapid Nutrition PLC (ALRPD) should garner strong investor attention as a result of a strong management team which has developed a solid brand recognition in the estimated $1.8 trillion global herbal supplemental market, which is expected to grow by a CAGR of 5.7% by 2025. We are Initiating Coverage of the shares BUY SPECULATIVE RISK with a €1.00 price objective. Accelerating Growth. The company recently extended the SystemLS product line ...
- Lenny Zephirin
Offshore Drillers: North Sea Rate is Low…!
Leading Edge Dayrate. According to Exhibit 1, leading edge day rate is currently at $100k/day and trending lower. We now expect leading edge rates to be marginally lower in the range of $100-90k/day in the coming months. We expect low dayrate growth and a challenging market.
- Lenny Zephirin
ESV: Now We Wait For 2020...!
Wait Till 2020. Management message is very clear. All UDW regions are facing oversupply pressure and a reduction of UDW supplies are needed for utilization (current worldwide UDW is 64%) to reach 75%. This is a level of where pricing power can return. In our opinion, given that the offshore drillers are accepting low rate in the range of $105-185k/day for 2-years, we expect pricing power to return not until late 2020.
- Lenny Zephirin
- Lenny Zephirin
- Lenny Zephirin
- Lenny Zephirin
RIG: Noisy Q3, Driven by Impairment Charge...!
Noisy Q3-2017. Transocean Ltd. (RIG – HOLD) announced that it will book an impairment charge of $1.4 billion from the retirement (scrap) of six offshore drilling rigs during the Q3 2017 earnings release. In our opinion, the announced impairment charge reflects continued weakened demand outlook for UDW/DP rigs in 2018.
- Lenny Zephirin
- Lenny Zephirin
RIG: Still Challenging Market!
Backlog. Transocean Ltd. (RIG) has a large backlog of $13.9 billion (+Songa Off.), which is approximately 56.8% of the universe backlog of $24.4 billion. We believe whatever happened to RIG, should impact the rest of the offshore drillers, either negatively or positively. Currently, RIG backlog to enterprise value (B/EV) is approximately 137.6%.
- Lenny Zephirin
Oil & Gas: OPEC Down, Take Profit...!
Seasonal Declined. Based on data provided in OPEC’s Monthly Oil Market Report (MOMR), August crude oil production declined by 79kb/d from revised July crude oil production of 32.83mb/d to 32.76mb/d. Last Aug-2016, OPEC crude production declined by 90kb/d from July-2016; then subsequently increased by 550kb/d for the next 2-months. We expect the same occurrence for the next incoming months.
- Lenny Zephirin
ESV: ENSCO 68 New Contract...!
New Contract. Otto Energy Ltd. (ASX: OEL) recently signed a contract with ENSCO PLC (ESV – SELL) for the ENSCO 68 (400 ft.) for 60 days at an estimated day rate range of approximately $52-58k/d. The total estimated potential revenues for 60 days is approximately $3.1-3.5 million. Number of pages 6.
- Lenny Zephirin
Oil & Gas: OPEC, Market is Wrong...!
Hiccup. While OPEC members have gone through several hiccups the past 43-years, however, total oil production is up by 10.3% from 1974. Ex-Iraq, oil production is up only by 2% from 1974. OPEC market share currently stands at an estimated 36% in July vs. 43% in 2016 and 51% in 1974. OPEC historical low market share was 27.6% in 1985.
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