Riverstone Energy Share Price (RSE)

RSE also is mentioned here where post period there's a 22p per RSE share uplift based on listed valuations

https://theoakbloke.substack.com/i/151343268/rse-riverstone-energy

Here’s a link to a useful Oak Bloke overview on Substack from mid October. He’s suggesting there’s hidden value here. atb

https://open.substack.com/pub/theoakbloke/p/riverstone-energy-rse?r=203503&utm_medium=ios

Every day they are buying 30K shares. Most cannibal stock in K and price still falling...

Wondering if its time to get in?

Most of the NAV decline in this quarter is for the listed holdings but there are modest declines in the unlisted holdings too. Most of the portfolio value is in the conventional oil and gas holdings and a majority of the investments by value are listed.

Overall 65% of NAV is investments in conventional oil and gas companies, 16% of NAV is decarbonisation investments and 20% of NAV is net cash. 51% of NAV is listed

holdings. The 30/6/24 NAV is 3.3% below our £ terms NAVe of 1354pps. After updating

for the 30/6/24 NAV and the latest share buybacks we reduce our live NAV by 11.7% from $19.24ps to $16.99ps in $ terms and from 1,503pps to 1,327pps in £ terms. Most of this

reduction reflects a change made due to a pricing feed error that has come in to the model since the start of August 2024 related to the listed decarbonisation holding in Tritium DCFC. At a current share price of 804pps (@09:00) the headline discount to our NAVe is 39.4% but allowing for the significant net cash balance sheet and taking out listed

holdings at NAV, the implied discount on the unlisted holdings is 136%. The remaining

portfolio is highly concentrated and NAV movements will be influenced by the share prices for the conventional oil and gas listed holdings. But RSE continues its share buybacks which are significantly accretive to NAV per share and the current price effectively assumes no value for the unlisted holdings including Onyx within the conventional oil and gas portfolio that appears to continue to be performing well. We remain Overweight.

I tendered all my holding for the buyback at £10.50, got scaled back to 54% which is better than the initial offer of around 36%. Pretty happy to get out with > half my holding at this price, having bought in under £5. Letting the others revalue towards £10 and then run this to see if the green energy recovery boosts the unlisted holdings over the next couple of years..