IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a> has disclosed a “final” non-binding proposal from the XRG consortium at US$5.76 (A$8.89), a 27.7% premium to the undisturbed price of A$6.96 (13 June).</li>
<li>The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling critical domestic infrastructure assets.</li>
<li>The offer is attractive compared to peer multiples and historical trading ranges. Retail has a mixed view on the offer, which should not be an issue for the vote.  </li>
</ul>



Santos Ltd (STO AU) has disclosed a “final” non-binding proposal from the XRG consortium at US$5.76 (A$8.89), a 27.7% premium to the undisturbed price of A$6.96 (13 June).
The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling critical domestic infrastructure assets.
The offer is attractive compared to peer multiples and historical trading ranges. Retail has a mixed view on the offer, which should not be an issue for the vote.  


Santos (STO AU): XRG’s Non-Binding Offer Faces an FIRB Challenge

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 30/May, U.S. crude inventories fell by 4.3m barrels (vs. expectations of a 2.9m barrel decline). Meanwhile, gasoline and distillate stockpiles rose more than expected.</li>
<li>The EIA reported a 122 Bcf storage build, while analysts forecasted a 111 Bcf increase. Storage levels are 4.7% above the five-year average but 10% below year-ago levels.</li>
<li>JPMorgan sees Reliance earnings rebounding on better margins; Saudi Aramco cuts Asia crude prices after OPEC+ supply hike.</li>
</ul>


For the week ending 30/May, U.S. crude inventories fell by 4.3m barrels (vs. expectations of a 2.9m barrel decline). Meanwhile, gasoline and distillate stockpiles rose more than expected.
The EIA reported a 122 Bcf storage build, while analysts forecasted a 111 Bcf increase. Storage levels are 4.7% above the five-year average but 10% below year-ago levels.
JPMorgan sees Reliance earnings rebounding on better margins; Saudi Aramco cuts Asia crude prices after OPEC+ supply hike.


[ETP 2025/23] WTI Rises on Supply Disruptions, Henry Hub Gains on Summer Demand Outlook

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Eni, the Italian energy conglomerate, recently presented its financial results for the first half of 2024 during its earnings call.</li><li>The results showcased a robust performance with several strategic achievements and challenges that give a nuanced outlook on the company’s present and future standing in the energy sector.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Eni, the Italian energy conglomerate, recently presented its financial results for the first half of 2024 during its earnings call.The results showcased a robust performance with several strategic achievements and challenges that give a nuanced outlook on the company’s present and future standing in the energy sector.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Eni S.p.A.: Enhanced Infrastructure Integration & Strategic Asset Dispositions & Key Developments! - Financial Forecasts

<ul><li>Eni's first-quarter 2024 earnings showed impressive results with the company reporting pro forma EBIT of EUR 4.1 billion and cash flow from operation of EUR 3.9 billion.</li><li>With a production growth in upstream of 5%, and substantial contributions from Enilive and Plenitude, the company has demonstrated substantial resilience against the broader market downturn.</li><li>The strong cash conversion and disciplined capex have kept capital gearing within Eni's target range even after the completion of Neptune deal and the share buyback program of 2023.</li></ul>

Eni's first-quarter 2024 earnings showed impressive results with the company reporting pro forma EBIT of EUR 4.1 billion and cash flow from operation of EUR 3.9 billion.With a production growth in upstream of 5%, and substantial contributions from Enilive and Plenitude, the company has demonstrated substantial resilience against the broader market downturn.The strong cash conversion and disciplined capex have kept capital gearing within Eni's target range even after the completion of Neptune deal and the share buyback program of 2023.

Eni S.p.A.: Increased Biorefining Throughput & 5 Key Factors Impacting Their Performance! - Financial Forecasts

<ul><li>Eni's results were disappointing as it failed to meet analyst's revenue and earnings expectations.</li><li>Eni's proactive portfolio management included selling the Nigerian onshore production company and the ongoing acquisition of Neptune, aligning with the strategic shift towards a gas-focused upstream portfolio.</li><li>Eni's commitment to environmental responsibility was evident in the progress of its CCUS initiatives, securing licenses and agreements for projects in the UK.</li></ul>

Eni's results were disappointing as it failed to meet analyst's revenue and earnings expectations.Eni's proactive portfolio management included selling the Nigerian onshore production company and the ongoing acquisition of Neptune, aligning with the strategic shift towards a gas-focused upstream portfolio.Eni's commitment to environmental responsibility was evident in the progress of its CCUS initiatives, securing licenses and agreements for projects in the UK.

Eni S.p.A.: Strategic Portfolio Shifts – Towards a Gas-Focused Future! - Major Drivers

Italy

Eni SpA explores for and produces hydrocarbons in Italy, Africa, the North Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces natural gas and imports it for sale in Italy and elsewhere in Europe. Eni transports natural gas in pipelines. The Company generates and trades electricity, refines oil, and operates gasoline service stations.

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Eni SpA (E US)

Santos (STO AU): XRG’s Non-Binding Offer Faces an FIRB Challenge

The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling...

Arun George

[ETP 2025/23] WTI Rises on Supply Disruptions, Henry Hub Gains on Summer Demand Outlook

US crude inventories fell more than expected, while gasoline and distillate stockpiles rose. EIA reports storage build slightly above forecast....

Mint Finance

Eni S.p.A.: Enhanced Infrastructure Integration & Strategic Asset Dispositions & Key Developments! - Financial Forecasts

Eni, the Italian energy conglomerate, recently presented its financial results for the first half of 2024 during its earnings call. The results...

Baptista Research

Eni S.p.A.: Increased Biorefining Throughput & 5 Key Factors Impacting Their Performance! - Financial Forecasts

Eni's first-quarter 2024 earnings showed impressive results with the company reporting pro forma EBIT of EUR 4.1 billion and cash flow from...

Baptista Research

Eni S.p.A.: Strategic Portfolio Shifts – Towards a Gas-Focused Future! - Major Drivers

Eni's results were disappointing as it failed to meet analyst's revenue and earnings expectations. Eni's proactive portfolio management included...

Baptista Research

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Santos (STO AU): XRG’s Non-Binding Offer Faces an FIRB Challenge

The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling...

Arun George

[ETP 2025/23] WTI Rises on Supply Disruptions, Henry Hub Gains on Summer Demand Outlook

​US crude inventories fell more than expected, while gasoline and distillate stockpiles rose. EIA reports storage build slightly above forecast....

Mint Finance

Eni S.p.A.: Enhanced Infrastructure Integration & Strategic Asset Dispositions & Key Developments! - Financial Forecasts

Eni, the Italian energy conglomerate, recently presented its financial results for the first half of 2024 during its earnings call. The results...

Baptista Research

Eni S.p.A.: Increased Biorefining Throughput & 5 Key Factors Impacting Their Performance! - Financial Forecasts

Eni's first-quarter 2024 earnings showed impressive results with the company reporting pro forma EBIT of EUR 4.1 billion and cash flow from...

Baptista Research

Eni S.p.A.: Strategic Portfolio Shifts – Towards a Gas-Focused Future! - Major Drivers

Eni's results were disappointing as it failed to meet analyst's revenue and earnings expectations. Eni's proactive portfolio management included...

Baptista Research

US crude inventories fell more than expected, while gasoline and distillate stockpiles rose. EIA reports storage build slightly above forecast....