Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

<ul><li>BP’s investment profile reflects a valuation re-rating opportunity justified by its integrated model and reset strategy, with the stock trading at a discount to its integrated oil peers following its 2025 strategy reset.</li><li>The company remains focused on capital discipline, upstream growth and portfolio high- grading, operating costs optimization and strong competitive positioning.</li><li>Recent performance highlights resilient fundamentals, with disciplined cash generation and improving returns supported by BP’s integrated energy value chain. </li></ul>

BP’s investment profile reflects a valuation re-rating opportunity justified by its integrated model and reset strategy, with the stock trading at a discount to its integrated oil peers following its 2025 strategy reset.The company remains focused on capital discipline, upstream growth and portfolio high- grading, operating costs optimization and strong competitive positioning.Recent performance highlights resilient fundamentals, with disciplined cash generation and improving returns supported by BP’s integrated energy value chain. 

BP PLC: Investment Thesis - Valuation Summary - August 25, 2026

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration acreage in Italy – ADX has submitted a third exploration permit application in the Sicily Channel, further expanding its position within the Terravecchia biogenic gas play.</li><li>The new 517 km² d 370 C.R-.AU application is located adjacent to ADX’s existing C.R 150.AU Exploration Permit and the two additional permit applications announced in August.</li><li>Together, ADX’s existing permit and three new application areas cover approximately 1,650 km² in the Sicily Channel.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration acreage in Italy – ADX has submitted a third exploration permit application in the Sicily Channel, further expanding its position within the Terravecchia biogenic gas play.The new 517 km² d 370 C.R-.AU application is located adjacent to ADX’s existing C.R 150.AU Exploration Permit and the two additional permit applications announced in August.Together, ADX’s existing permit and three new application areas cover approximately 1,650 km² in the Sicily Channel.

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>bp reported Q425 underlying replacement cost (RC) profit of $1.5bn (Q325: $2.2bn), broadly in line with expectations. Operating cash flow was $7.6bn, including a working capital release of $0.9bn. Net debt fell to $22.2bn from $26.1bn, driven by divestment proceeds of $3.6bn. The dividend was maintained at 8.32c/share. Attributable profit was a loss of $3.4bn, including previously announced post-tax impairments of $4bn, primarily in transition businesses. bp has suspended its buyback to prioritise strengthening its balance sheet, with the target for net debt remaining $14–18bn by end 2027.</p>

bp reported Q425 underlying replacement cost (RC) profit of $1.5bn (Q325: $2.2bn), broadly in line with expectations. Operating cash flow was $7.6bn, including a working capital release of $0.9bn. Net debt fell to $22.2bn from $26.1bn, driven by divestment proceeds of $3.6bn. The dividend was maintained at 8.32c/share. Attributable profit was a loss of $3.4bn, including previously announced post-tax impairments of $4bn, primarily in transition businesses. bp has suspended its buyback to prioritise strengthening its balance sheet, with the target for net debt remaining $14–18bn by end 2027.

bp — Q425 results: In line, balance sheet strengthening

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production in Austria was 197 boe/d.</li><li>Current production is 270 boe/d.</li><li> Arrow Exploration (AXL LN/CN)C; Target price of £0.55 per share: Reserves addition in Gacheta reservoir at Icaco.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production in Austria was 197 boe/d.Current production is 270 boe/d. Arrow Exploration (AXL LN/CN)C; Target price of £0.55 per share: Reserves addition in Gacheta reservoir at Icaco.

<p>bp reported Q325 underlying replacement cost (RC) profit of $2.2bn (Q225: $2.4bn), with stronger operating performance partly offset by a higher tax rate (due to regional profit mix changes). Operating cash flow rose to $7.8bn from $6.3bn, supported by a working capital release of around $0.9bn compared to a $1.4bn build last quarter. Net debt remained stable at $26.1bn, despite redeeming $1.2bn in hybrid bonds. The dividend was maintained at 8.32c per share, and bp announced a further $0.75bn share buyback to be completed before the Q4 results. Capital expenditure of $3.4bn was consistent with FY25 guidance of around $14.5bn.</p>

bp reported Q325 underlying replacement cost (RC) profit of $2.2bn (Q225: $2.4bn), with stronger operating performance partly offset by a higher tax rate (due to regional profit mix changes). Operating cash flow rose to $7.8bn from $6.3bn, supported by a working capital release of around $0.9bn compared to a $1.4bn build last quarter. Net debt remained stable at $26.1bn, despite redeeming $1.2bn in hybrid bonds. The dividend was maintained at 8.32c per share, and bp announced a further $0.75bn share buyback to be completed before the Q4 results. Capital expenditure of $3.4bn was consistent with FY25 guidance of around $14.5bn.

bp — Solid Q325 results, portfolio progress

United Kingdom

BP is a British multinational energy company engaged in the exploration, production, refining, transportation, and marketing of oil and natural gas. It also invests in low-carbon energy solutions such as wind, solar, and hydrogen, and offers products like fuels, lubricants, and petrochemicals. The company is headquartered in London, England, and was founded in 1909.

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BP (BP/ LN)

BP PLC: Investment Thesis - Valuation Summary - August 25, 2026

The company remains focused on capital discipline, upstream growth and portfolio high- grading, operating costs optimization and strong competitive...

VRS (Valuation & Research Specialists)

AUCTUS ON FRIDAY - 04.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration...

Auctus Advisors

bp — Q425 results: In line, balance sheet strengthening

bp reported Q425 underlying replacement cost (RC) profit of $1.5bn (Q325: $2.2bn), broadly in line with expectations. Operating cash flow was...

Edison Investment Research

AUCTUS ON FRIDAY - 07.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production...

Auctus Advisors

bp — Solid Q325 results, portfolio progress

bp reported Q325 underlying replacement cost (RC) profit of $2.2bn (Q225: $2.4bn), with stronger operating performance partly offset by a higher...

Edison Investment Research

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