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”that Labour have communicated they would increase the EPL to 38% and BACKDATE IT TO JANUARY 2022.”
Would this be possible to do in UK if Labour get Power in 2025?? In Sweden the goverment can not do such backdated tax! Can anyone with connections check this out?? Thank you! :)
Hi! Thank you for the numbers! Great work!
Just a question on Malaysia. In H1 pres they said that Malaysia reached above 18Kbpd (total) in July and two more great wells on the way in H2. Your numbers look quite low on Malaysia?? =)
I think you are quite alone in your way of calculating EV om ENQ anyway…
https://m.marketscreener.com/quote/stock/ENQUEST-PLC-6098532/financials/
You are simply wrong. Both if you look at ENQs own net debt calc and if you ever look at how PE firms calculate EV/debt in an aqusition..
Future lease, rent etc are future OPEX/fin cost to run the business and not deducted from purchase price vs EV…
I’m not in front of the calcs now but I see You miss the depletion part for ex. It Will be around $350-400M for 2022 I belive (inc Malaysia). Have a closer look att the P&L and you Will see how wrong you are ;)
Very strange estimate there on $300M tax! We know the tax is Max 35% of profits in UK. We know FCF is always higher than prof in ENQ. We know the deductions from CAPEX will be quite big. We know Malaysia is not under EPL. How do you get this to $300M??
I think $150M is a fair estimate! Take this from our ~$600M FCF and You still have FCF at ~80% of MCAP. Must still be one of the cheapest companys WW??
It’s not serious to put FCF at $300M for 2022 when we have made like $450-500M as of end Q3! What oil prices do they have for Q4?? $5/b??
FCF of $200M for 2023 is also highly unlikely with our current setup and low cost production! I can’t really care about their numbers at all…
L3
I hope You keep on posting. Maybe a bit negative sometimes but you have great insights to share! This board (and I) tend to be a bit skewed to the upside, you help the balance. Pls come back after the assumed update in November =)
Well the interest on the new Bond is not even close to the FCF in september so it’s not that significant. In one year the debt will not even be on the agenda anymore. If we could get a ”normal” low EV of say 5X FCF WW will have a nice +400% rise here! It’s enough for me =)