In 20 financials there is going concern limitation due to inability to pay RCF due in October 21 which might have caused sp down, however, once deal ( which probably will be done) is announced then I believe SP will fly at this brent price.
Hi- AB earned a lot of money very quickly ( circa $1 billion within 10 years ) from PFC since the set up of Enquest he has been spoiling his money and unfortunately, others inncoent ppl as well by gamling on big projects ( Kraken, Alma, etc) and on oil prices (not hedging at the right price ), this is my conclusion on this stock...1st he stablize the company by talking to vendor, bankers etc , raise equity then he destabilise by gambing on oil price, lol, this happened last 2 times , it seems to me the same thing may happen third time as nature cant change and he has a lot of money ( $900m is still there to burn, hehe). In March 21 result, they hedged only 30% this means they will continue with their past hedging startegy, they are still dreaming and live in the fantasy that oil will reach $90 or $100 and didn't learn from past mistakes.
An other impairment of $280m( earlier 119) by BAB so total is 400m , a couple of years back PFC also recognized the huge impairment re its FPF1 vessel leased by PFC to Ithaca Energy but now they are doing well. PFC had to do significant work on design change but ultimately its resolved. Hopefully this will also resolved sooner or later.
It was expected, I live in Dubai and economic situation in Gulf ( mainly in SA & Dubai ) is bad and they desperately need higher oil for their economy, specifically Dubai as they are going to host EXPO 2020 next year so they are taking a lot of measures and trying their best for their economy and oil is their main source of revenue.
whether we like it or not but Barclay rating matters, its good they raised and who know after 2 or 3 loads with 15 days interval and moderate rise in POO Barclay raise this from 17 to above 40p like they have done last year from 25p to 58p. As it's Kraken which is keeping sp down otherwise rest of things ( FCF etc) look fine.
E121- Nice analysis for FCF, pls refer to cash flow ( financing activities section) as well in 30/6/18 interim reports as this may help for more accurate numbers.There leasing payments are 77m for 6 months also review interest payments.
Fernan- you review E121's working and advise the corrections( if any) as per your understanding.
L3- opex for magnus is low 30 not 25 which caused the higher operating exp 600m for 2019. pls share the numbers based on 65k and oil price $63 rather simply saying like Ferman that FCF is not enough. do u know revenue based on above ?
Re FCFI am fairly sure that some thing wrong with yr numbers so ,can you pls share the following numbers which u have in yr calculation, - revenue and any other inflow - out flow like leasing payment,interest & others above 5m.(ignore capex 275m,operating 600m)