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Probably end of March. Earlier on in March - inclusion in FTSE-250. Then Q4 and annual report. And then - dividends.
And Jeffries said this:
Jefferies initiated coverage of Ithaca Energy today with a buy rating and 245p price target helping send shares 3.25% higher.
The broker said this represents 38% upside for a company it believes to have the highest pro forma 2P reserves life among North Sea peers but which is now trading at almost a 20% dividend yield post-IPO on increased UK oil & gas taxation.
An “additional tax hit is an unavoidable impact to all UK producers but Ithaca's consistent, coherent strategy focused on growth and returns is a compelling proposition” it said.
Also - did anyone know when trading update will be due?
Thansk, Cheap
Interesting that Goldman rates this at 284p.
Obviously broker ratings are to be taken with a pinch of salt but at the same time Goldman's ratings are always important to the market.
https://www.morningstar.co.uk/uk/news/AN_1671528901097103800/london-broker-ratings-ubs-cuts-sage%3B-goldman-jefferies-like-ithaca.aspx
Is Q4 or final results likely to be end of February or later on in March?
Now down 32% since the IPO, and another 26p since the rampers were talking nonsense.
The production numbers simply don't compare well with Harbour or Enquest versus market cap.
https://www.energyvoice.com/oilandgas/north-sea/472597/ithaca-confirms-hydrocarbons-at-hotly-tipped-isabella-appraisal-well/
https://www.londonstockexchange.com/news-article/ITH/drilling-activity-update-isabella-and-k2/15780317
See, page 20 @ https://investors.ithacaenergy.com/sites/ithaca-ir/files/2022-11/20221124-ithaca-energy-3q-22-results-presentation-final-draft-30-nov-2022.pdf
Q1 floor is at 232p/therm.
i can see there were no takers from my yesterday post ,shame
Goldman starts Ithaca Energy with 'buy' - price target 284 pence
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Jefferies starts Ithaca Energy with 'buy' - price target 245 pence
Not a word in that report about what effect they think the windfall (which will probably become permanent) taxes on the company, unless I missed it?
https://www.energyvoice.com/oilandgas/north-sea/exploration-production/465217/north-sea-wells-to-watch/
Ithaca owns 50% of K2 and 10% of Isabella.
LMAO... $1.4B profit YTD, and you think it worths $800M? You mean. 50% annual divi yield?
BTW, November's production is 90Kboe/d. Read the report. DYODD
The maths are this is worth no more 70p !! The drip.down will be slow but guaranteed.
Still can't short this and that my friend says all you need to know .
Today, Captain field produces ~21Kbbl/d.
The EOR2 project is expected to increase field production to ~49Kbbl/d in 2025.
See ES @ https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1099544/Captain_EOR_Stage_2_Phase_II_ES_Redacted.pdf
The rig i work on has maintained the same rates for 5 years due to polymer injection the only way to increase production is to drill more wells , or sidetrack wells .Most wells unless using polymer will leave 30% of recoverable in the ground but polymer inj will help to get this to 90%.
EOR Polmer greatly improves production rates,
The EOR polymer inj project is not designed to increase production it sustains the the current oil flowing out of the wells .
Moody’s: "Ithaca Energy will benefit from recent changes to the windfall tax"
https://www.energyvoice.com/oilandgas/north-sea/462214/ithaca-enquest-neptune-windfall-tax/
LMAO... Do the math.
EBITDA of at least $2-2.5B.
EV/EBTIDA of 1.4.
Divi yield of 20%
Shareholder's equity already more than its market cap.
No way but up for this one, so yes indeed, let's see who's valuation is correct in 6 months.
OMG let's see who's valuation is correct in 6 months ??
Double the Mcap have you tottaly lost the plot !! Are we in mad season already I know mayor holders here need to dump as much as they can at this ridiculous inflated stock price.
And when they are finished this will tank to 80p in a heart beat maybe lower with Brent looking in a bear market.
One more thing: Ithaca's shareholder's equity, as of June 30: $2.508B.
More than its current market cap.
No brainer!
This was double checked today. Even after the EPL raise they intend to pay $820M in 2023+2024.
Such dividend yield is a no brainer.
Should be twice its current market cap.
DYODD
@itsaponzi, @tomo1985, @thehicksdter - You all seem to be pretty unfamiliar with the new Ithaca. It's simply not the same company you know.
First of all, after it bought Marubeni and Siccar Point - it now has $5.4 billion in deferred tax losses. so it's going to pay only EPL taxes for a while. Any comparison with competitors which pay RFCT should therefore take that into account.
Second, compare Ithaca's hedging position with that of HBR for example. No brainer.
Third, If Ithaca manages to develop Cambo, Rosebank, Marigold, Isabella, Tornado, Fotla - it's EPL liability would be very small.
Fourth, just look at its Captain EOR-2 project, that will in two years almost double its current production, adding ~40KBOED.
So a simple comparison between current levels of production across NS oilies - is naïve at best.
DYODD. I suggest you start with its H2 results presentation: https://investors.ithacaenergy.com/sites/ithaca-ir/files/2022-10/ithaca/reports-and-presentations/h1-2022-results-presentation.pdf - and then go on and read its prospectus: https://ithacaenergy-files.fra1.cdn.digitaloceanspaces.com/Documents/IPO-b2f4d6/Ithaca%20Energy%20plc%20-%20Final%20Prospectus.pdf
I studied it for hours. I can't see how it isn't worth at least twice its market cap right now.