• $ONEW OneWater Marine MORAM
    Results of companies

    OneWater Marine – 4Q22 Results

    Introduction to OneWater Marine $ONEW OneWater Marine $ONEW is one of the fastest-growing recreational boat dealers in the US. They have doubled their number of stores in the last 5 years. Its market cap is less than $500MM, and it is publicly traded since its IPO in 2020. The company was originally founded in 1987 under the name of Singleton…

  • Vermilion $VET Moram
    Results of companies

    Vermilion Energy 3Q22 Results

    Introduction to Vermilion Energy – $VET Vermillion Energy is an oil and natural gas producer with assets in North America, Australia and Europe. Currently, it produces 84500 boepd (47% natural gas, 37% Light & Medium oil and 15% NGL condensates). Canada represents more than half of its production. However, it is key to highlight that although its exposition to European…

  • Moram Analysis The Italian Sea Group
    Results of companies

    The Italian Sea Group – 3Q22 results $TISG.MI

    Introduction to The Italian Sea Group The Italian Sea Group is the leader in the luxury yacht-building industry. It made its IPO in the summer of 2021. It trades as $TISG in the Milano Stock Market. $TISG has a market cap of around €260MM. Its revenues and EBITDA have trebled in the last 2 years. The Italian Sea Group has…

  • Serica Energy Moram
    Results of companies

    Serica 1H22 results – LSE:SQZ

    Serica Energy reported record results in the 1H22. It achieved revenue of £353.5MM, operating cash flow of £312MM and £116.7MM of net income (43 pence EPS). Its production was 26600 boe/d (85% natural gas) and its cash on 23rd September was £480MM. From our point of view, the record results were already priced in as natural gas prices (specifically NBP)…

  • Results of companies

    Jadestone 1H22 Results – LON:JSE

    Jadestone reported its best 1H results ever. It achieved $225MM revenue, $138MM EBITDAX and $0.11 EPS. The production was 15008 boepd and it finished the quarter with a net cash position of$161MM (plus an underlift equivalent to $20-25MM net). Nevertheless, the problems detected in Montara in August (its main asset) that caused the production to stop, have overshadowed the figures.…

  • The Italian Sea group analysis TIGS Moram
    Results of companies

    Italian Sea Group 1H22 Results TISG.MI

    The Italian Sea group presented its 1H22 results this week (although it had already shared the main figures at the beginning of August). Revenue and EBITDA have grown considerably (+65% and +94%). Net income was €7.6MM (+65%) The main driver for this has been the increase in the number of yachts under construction. The work to expand the shipyards as…

  • Kistos 1H22 results
    Results of companies

    Kistos PLC 1H22 Results – LON:KIST

    Highlights The production has been 12400 boepd which is bigger than the guideline (12000). It has been 6100 in the Netherlands and 6300 in GLA. Proforma revenue from gas sales €285MM and Adjusted proforma EBITDA of €261MM for the 1H22. It is expected to obtain better results in the 2H22 as a consequence of the current TTF prices. The Kistos…

  • Results of companies

    Greenalia 1H21 – Summary (Notes)

    Greenalia has obtained better than expected results in the first part of the year. The main reason has been the high power prices. Moreover, the number of wind farms in operation has increased. Nowadays, they have 5 wind farms working. Although Croa I, Croa II and Monte Tourado (28 out of 74.5MW of Wind) are in the testing phase, which…

  • Results of companies

    New Fortress Energy 4Q20 results

    New Fortress Energy – 4Q20 Results Conference Call These are the notes – and comments – from the New Fortress Conference Call regarding its 4Q20 results. Terminals NFE inked a contract to supply 250,000 gallons a day to CFE in Baja (Mexico). Both terminals in the construction phase (Mexico and Nicaragua) will be operative in May and June. It is…