Energy & Materials Sector

• Greatland Gold is transitioning from a developer to a producer with the acquisition of Telfer and Haveron assets from Newmont.
• In just 27 days of operation, they produced 29.9 thousand ounces of gold and 1.2 thousand tonnes of copper, exceeding expectations.
• The company has a healthy balance sheet with 145 million in cash, no debt, and plans for mine life extensions at Telfer, including stage seven and eight cutbacks.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• ExxonMobil’s Q4 revenue is expected to rise 2.5% YoY while its EPS is anticipated to fall 36.3%. Annual revenue and EPS are expected to fall by 1.9% YoY and 18.1%.
• Exxon expects Q4 2024 upstream earnings to drop USD 500–900 million QoQ due to lower crude prices, with refining margins further reducing earnings by USD 300–700 million.
• ExxonMobil plans to invest up to USD 30 billion in low-emission projects by 2030, with its Low Carbon Solutions business expected to contribute an additional USD 2 billion in earnings.

• For the week ending 17/Jan, U.S. crude inventories fell by 1m barrels, missing expectations of a 2.1m barrel decrease. Gasoline stockpiles rose less than expected.
• U.S. natural gas inventories fell by 223 Bcf for the week ending 17/Jan, missing analyst expectations of a 270 Bcf drawdown. Inventories are 0.7% above the 5-year seasonal average.
• J.P. Morgan, HSBC, TD Cowen, Barclays, and Citigroup raised their 12-month PTs on SLB post its Q4 earnings. Halliburton reported a YoY decline in Q4 revenue and EPS.

• With an unlevered balance sheet, Infinity Natural Resources is set to for both organic and M&A growth post-IPO.
• The company is coming public at a discount to peers Diversified Energy, Gulfport Energy and Magnolia Oil & Gas.
• Early channel check of this offering revealed that the deal is oversubscribed with a high-quality schedule across different regions. 

• Transaction valued at around US$701 million in cash proceeds
• Goodyear to hold ground in Europe until the end of 2025
• Goodyear joins Dutch research body TNO for crash mitigation

• Venture Global priced 70 million shares at $25 and the stock closed 4% below issue in its opening session.
• The underwriting lineup grossly mispriced the IPO from the start and needed to drastically reduce the price range of the transaction.
• The impact to the greater IPO market will be felt on the next large transaction.

• In today’s edition: • Signify | FY25 adjusted EBITA-margin guidance below expectations / to start EUR 350-450m share repurchase program / CEO Eric Rondolat to step down after the AGM 2025 • Just Eat TakeAway.com | UK delivery apps urged for tansparency on pay and hiring process • SBM Offshore | BW Offshore wins pre-FEED contract for Equinor’s Bay du Nord FPSO

• The LatAm Corporate Index tightened by 3 basis points (bps) to 319 bps in the week ending on Friday, January 24, 2025.
• U.S. Treasuries saw modest increases, with the 10-year yield up 2 bps to 4.64% and the 5-year yield also up 2 bps to 4.45%.
• Cemex – Mexico Construction Key Indicators, YPF/Vista – Shale Boom Drives Argentina’s Energy Trade Surplus.

• Based on prices and turnover from 22 January, there could be one deletion from the index in January. Plus there will be capping and float changes.
• There are four stocks that meet the inclusion criteria, but all are non-pure play companies, and the index is already at the limit of 15 non-pure play companies.
• Estimated one-way turnover is 6.8% resulting in a round-trip trade of US$506m. There are many stocks with multiple days of ADV to trade.

• The MV Junior Gold Miners Index represents the performance of small-cap gold and silver mining companies listed around the world.
• This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.
• Below we take a look at the latest lists of potential ADDs and DELs for the Index Rebal Event in March 2025. 

• CSI All Share Semiconductors & Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in June 2025.
• We expect up to six ADDs and seven DELs for the CSI All Share Semiconductors index during this index review event based on the latest available data.

• Evo Group cash flow was around 165 million
• Paladin had a 12-day shutdown in November, impacting production
• Water challenges and stockpile grade affecting Paladin’s guidance and operations

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• A double dose of stubs this week! T’Way Air (091810 KS)‘s second-largest shareholder is seeking to spill the board. T’way Air and T’Way Holdings (004870 KS) are up big time.
• Preceding my comments on the T’way Group are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Schlumberger’s Q4 revenue grew 3.3% YoY and beat estimates by 1.1%, while its net profit fell by 1.6% YoY but its EPS exceeded estimates by 2.5%.
• In fiscal 2024, SLB’s revenue rose 9.5% YoY, with net profit up 6.1%. Full-year revenue and EPS exceeded estimates by 0.2% and 0.1%, respectively.
• SLB reported USD 850 million in 2024 revenue from non-oil and gas operations and expects growth from these segments to outpace core business growth in 2025.

• Continuum Green Energy Ltd (1580973D IN)  is looking to raise about US$430m in its upcoming India IPO.
• Continuum Green Energy (CGE) is an independent power producer (IPP) with over 14 years of experience in identifying, developing, constructing and operating renewable energy projects in India.
• In this note, we look at the firm’s past performance.

• Zacks Small-Cap Research Note for EzFill Holdings (EZFL)

• FY24 production was 5,801 boe/d including, 1,440 bbl/d in Egypt and 4,361 boe/d in Vietnam.
• This is in line with expectations.
• The FY25 production guidance has been set at 5.0-6.2 mboe/d, including 3.6-4.6 mboe/d in Vietnam and 1.4-1.6 mboe/d.

• Arq, Inc. (ARQ) is an environmental technology company producing activated carbon (AC) products that reduce or reverse environmental liabilities.
• Among many applications, AC products remove per- and polyfluoroalkyl substances (PFAS) or “forever chemicals” from drinking water, remediate contaminated soil and ground water, and remove impurities from renewable natural gas (RNG).
• ARQ is well capitalized, expanding, and aims to be the safest, lowest-cost, and sustainably most profitable company in the AC industry.

• Shandong Xinjufeng Technology Packaging (301296 CH)‘s (XJF) Offer for Greatview Aseptic Packaging (468 HK) (GAPack) turning unconditional was well telegraphed ahead of yesterday’s first close in light of CCASS movements.  
• My bet is China Mengniu Dairy Co (2319 HK), after surprisingly selling below 5%, also tendered.
• With 73.51% now in the bag and the Offer extended to the 4th February, what happens now? What are Jeff Bi and/or Gong Hong’s options?

• The proxy battle at the EGM for the control of Korea Zinc (010130 KS) is scheduled for 23 January.
• One day prior to the EGM, Korea Zinc’s Chairman Choi is trying to capitalize on the “cross-shareholding limitation system” in order to retain control of the company.
• In our view, it appears that the legal case regarding the cross shareholding limitation system is in favor of MBK/Young Poong alliance.

• The company reduced the range from $40-$46 to $23-$27 and increased the amount of shares offered by the company from 50.0mm shares –> 70.0mm shares.
• It is highly unusual that the underwriting lineup, company and buy-side was so misaligned on valuation leading to this massive slashing of the deal.
• The deal is considered “oversubscribed” with several significant anchor orders placed following the reworking of terms.

• Trump has signaled his intention to stop oil imports from Venezuela.
• While these imports are relatively insignificant to the U.S., they are hugely significant to Venezuela.
• Growing demand in China might help offset the impact, but if not, Venezuela could be facing more years of political turbulence.

• Occidental Petroleum gained USD 0.43 last week, closing at USD 51.97 on 17/Jan (Fri). However, the stock began this week on a weak note, falling by 2.7% on 21/Jan (Tue).
• JPMorgan raised Occidental’s price target to USD 59 from USD 58 with a Neutral rating, while Mizuho lowered its target to USD 68 from USD 70, maintaining a Neutral stance.
• Occidental became the third-largest U.S. onshore oil and gas producer in 2024, up from fifth in 2023, with production reaching 1.22 million boepd, 58% of which was oil.

• Malaysia’s rubber imports clock 103,650 tons in Nov
• SMR 20 secures lion’s share in rubber exports at 60.4%
• Signs MoU with Thailand for sustainable rubber production  

• During the fourth quarter of 2024, the Massif Capital Real Assets Strategy was up 0.04% net of fees, with gross of fee gains from the long book of 0.18% and short book returns of 0.03%.
• In 2024, the strategy was up 12.1% net of fees, with gross of fees gains from the long book of 12.1% and short book of 1.0%.
• Through the 21st of January 2025, the portfolio is up 6.6%.

• What you need to know: • Tocvan announced surface exploration results for 188 rock chip samples and nine infill soil samples at the Gran Pilar Project.
• • Today’s results confirm four new target zones spanning 1.8km by 1.0km and early sampling in another area indicate a large-scale system.
• • Four drill holes totalling 408m have been completed with assays pending.

• • 4Q24 WI production and sales were respectively 24.7-25.2 mboe/d and 23.6-24.1 mboe/d; which is in the middle of the guidance range of 23.8-26.7 mboe/d for production and 22.9-25.3 mboe/d for sales.
• • 2025 should be an important year for value creation with potential reserves additions in Gabon and the FPSO upgrade in Cote d’Ivoire.
• • The detailed 2025 programme will be disclosed by March.

• • 4Q24 production was 31,489 boe/d.
• Excluding Argentina (as the acquisition has not completed yet), this is ~1.4 mboe/d below our forecasts.
• The shortfall is primarily due to CPO-5, which experienced more blockades than anticipated, resulting in actual production of 6.4 mbbl/d compared to our expectation of 7.5 mbbl/d.

• On 21 January, there was an important legal court decision to disallow the appointment of directors using the cumulative voting system at the Korea Zinc’s EGM on 23 January.
• This legal decision is likely to favor MBK/Young Poong alliance in the control of Korea Zinc. The market increasingly favors the likelihood of MBK/Young Poong alliance winning this proxy battle.
• Therefore, the chance of a further M&A battle has been reduced which is likely to further decline in the share price of Korea Zinc. 

• Rumors of a potential merger between Glencore and Rio Tinto, which would be the largest mining M&A deal ever
• Talks were reported to have occurred in the second half of last year but are not currently active
• Both companies have London listings and did not comment on the rumors, indicating a potential window of no talking due to UK takeover rules

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Halliburton will report its Q4 earnings on 22/Jan, with revenue and EPS projected to fall sequentially and annually. For fiscal 2024, revenue and net profit are expected to drop.
• Halliburton’s OI PCR at 1.21, signalling bearish sentiment, with a 67% IV percentile indicating moderately high volatility.
• For the 24/Jan expiry, Halliburton’s OI shows calls concentrated at strikes 28.5, 29, and 30. Puts dominate at 26, 27, and 27.5. Put OI is higher at key levels.

• For the week ending 17/Jan, U.S. natural gas prices declined 1% amid volatility driven by shifting weather forecasts, increasing LNG exports, and falling inventories.
• Henry Hub Put/Call volume ratio fell to 1.18 from 1.29 (10/Jan) the previous week as call volumes dropped by 5.1% WoW, while put volumes declined by 13.5%. 
• Henry Hub OI PCR stayed put at 0.92 from last week. Call OI inched up by 6.9% WoW, while put OI increased by 7.4%.

• Sanil Electric (062040 KS) listed in Korea on 29th July 2024 after raising US$193m. Its six-month lockup will expire on 29th Jan 2025.
• Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.
• In this note, we will talk about the lock-up dynamics and updates since our last note.

• WTI futures rose 1.7% for the week ending 17/Jan, driven by healthy U.S. economic data, falling crude inventories, and supply concerns.
• WTI options Put/Call volume ratio surged to 1.28 from 0.83 (10/Jan) last week, as call volume fell by 70.7% WoW while put volume decreased by 54.7%.  
• WTI OI PCR rose to 1.00 from 0.94 last week. Call OI fell by 11.7% WoW, while put OI declined by 6.4%.

• FY24 production of 34.6 mboe/d had been reported previously.
• The GE-05 well (Serica WI: 100%) has been brought into production at a stable rate of 6 mbbl/d after having flowed 9 mbbl/d on test.
• This exceeds our estimate of 3 mbbl/d.

• Deep Yellow Limited(DYLLF) Company Sponsored Research Report

• Oil & Natural Gas company focusing on the Appalachian Basin sets terms for its IPO
• The company is offering 13.25mm shares at a range of $18.00-$21.00 and will debut on Friday, January 31
• Total oil, natural gas and NGL net revenues for the nine months ended September 30, 2024 increased by $100.6 million, or 114%

• Santacruz is a multi-asset Canadian mining company focused on silver with assets in Latin America.
• In April, the Company refinanced its debt with Glencore, reducing net debt from $176M in Q4/23 to $46M in Q3/24.
• SCZ is now printing cash, generating $30M in OCF in Q3 and is on pace to generate $79M in 2024E.

• Familiar theme across a lot of names with prices either back to the lows of range over the last 2 months or having given back all of the stimulus gains.
• Call volumes back to normal levels making up 57% of all single-stock trading. High volumes for Tencent did not repeat this weak as Tencent trading settled back to normal levels. 
• Materials were the strongest sector with the median stock rising just under 6%.

• US natural gas market experiencing significant weather-related demand in January, with colder than 10-year normal temperatures
• Europe facing tight gas market balances and lower storage levels, requiring increased LNG imports to reach storage targets
• Uncertainty around Russian pipeline gas increases to Europe and potential impact of US sanctions on Russian energy sectors present bearish risk factors for gas prices

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• The U.S. oil and gas rig count dropped for the second consecutive week, as it fell by 4 to 580 for the week ending 17/Jan.
• For the week ending 10/Jan, U.S. oil production moderately fell to 13.48 m bpd from 13.56m bpd the week prior.
• The number of active U.S. oil rigs fell by 2 to 480 and gas rigs dropped by 2 to 98, U.S. producers cut four rigs in North Dakota.

• The Investmentcase for Gold Some time has passed since I wrote the last time about gold.
• Currently, a situation is developing that could become interesting for investors in the shiny metal.
• While till this day many market experts have the opinion that the gold price is highly correlated to the US-Dollar as well as the relative trajectory of where yields are headed, I think that gold is primarily driven by liquidity conditions.

• Exports go up in Oct but slips in Nov over dismal tire show
• EDB focuses on auto component exports strengthening
• Exporters, manufacturers visit Thailand for updates and avenues

• 4Q24 production was 957 bbld (880 bbl/d in 3Q24).
• January’s production so far is 1,020 bbl/d.
• This excludes the impact of the last four workovers of the 2024 programme.

• Montero Mining (TSX-V: MON) recently signed a $27 million settlement agreement with Tanzania over the expropriation of its Wigu Hill rare earth project.
• As someone who’s been an early investor in Montero along with similar cases like Indiana Resources and Winshear Gold (the “Tanzania Triple Play”), I’ve seen firsthand how these situations can play out, and Montero’s setup looks particularly interesting right now.
• Idea Hive and Jeremy Raper have done a great breakdown of this on their various channels, and I agree with their take—this stock has a lot going for it with minimal downside risk at the moment given the 31 cent trading price and could present an attractive IRR (but not a huge absolute return).

• Mongolian Mining (975 HK) reported its production update, which is in line with our estimates for 7.9 million tons of washed coal sold for FY24. 
• The company commenced buybacks, purchasing 0.26% of its outstanding shares at 6.65 HKD/share. We believe the company will also announce a dividend in its upcoming results. 
• After the massive correction in share price owing to a weaker coking coal price, the stock trades at 4.2x PE, 1.9x EV-EBITDA, and a 7-10% dividend yield (30-50% payout ratio). 

• Copper prices finished up over 9000 USD/ton again this week after hovering around 3-5% of that level for close to a month. 
• The COMEX spread has reached a 10-week high, while the Yangshan premium shows signs of investor bullishness as it closes in on the 80 USD/ton. 
• With better TSF numbers from China and a slightly more optimistic picture of demand, we head into 2025 feeling better about copper pricing. 

• Iron ore bounced back 7.7% last week to finish at 104 USD/ton. The short-term bullishness was due to temporary port closures for Hedland and Dampier due to cyclone warnings. 
• China TSF exceeded expectations for December, coming in at 2.85 trillion RMB, up 47% year over year (compared to street expectations of 2.15 trillion RMB). 
• We like the small-cap Fenix Resources (FEX AU). Read our research Fenix Resources (FEX AU): Deep Value, >35% of Mkt Cap in Cash, 2.5x PE/0.3 EV-EBITDA on Ramp Up. 

• Company is a manufacturer and supplier of heavy building materials and services operating primarily on the Eastern Seaboard of the United States
• They have experienced 50% revenue growth, 150% net income growth and 65% Adjusted EBITDA growth from fiscal 2019 to fiscal 2023.
• New York Stock Exchange to list the US unit of Brussels-based Titan Cement International SA

• Greatview Aseptic Packaging (468 HK)’s offer from Shandong Xinjufeng Technology Packaging (301296 CH) is HK$2.65 with a 50% minimum acceptance condition. The first closing date is 21 January.  
• The Board has recommended that shareholders not accept. However, based on CCASS data, including acceptances, Shandong Xinjufeng’s shareholding was 46.41% of outstanding shares as of 17 January.
• Absent an unlikely competing offer, the offer is on the cusp of being declared unconditional. At the last close and 4 February payment, the gross/annualized spread is 3.1%/128%.

• In a major strategic pivot, DuPont de Nemours has announced a streamlined separation strategy that could significantly impact its operational focus and market positioning.
• Initially planning a three-way split of its Water, Electronics, and Materials businesses, the company has revised its approach by deciding to retain the Water business while accelerating the spinoff of the Electronics division.
• This decision underscores DuPont’s intent to simplify its structure and enhance shareholder value in a more agile manner.

• RPM International delivered a robust performance in the fiscal year 2025 second quarter even amidst a macroeconomic landscape characterized by no to low growth.
• The company set new records in sales, adjusted EBIT margin, and adjusted EPS.
• This achievement is notable considering a significant $4.4 million earnings headwind due to a customer bankruptcy charge in the Consumer Group sector.

• Shell’s Q4 2024 revenue and EPS are expected to decline 21.9% YoY and 35.1%, respectively. For fiscal 2024, forecasts project a 4.8% revenue drop and a 7.4% EPS decline.
• Shell anticipates a USD 1.3 billion Q4 charge for emissions certificates and biofuel programs, alongside non-cash post-tax impairments ranging from USD 1.5 billion to USD 3 billion.
• Shell forecasts flat refining margins at USD 5.5/bbl but a 16% QoQ drop in chemical margins to USD 138/tonne.

• For the week ending 10/Jan, US crude inventories fell by 2m barrels, missing expectations of a 3.5m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
• US natural gas inventories fell by 258 Bcf for the week ending 10/Jan, slightly missing analyst expectations of a 260 Bcf drawdown. Inventories are 2.5% above the 5-year seasonal average.
• BP forecasts tepid Q4 earnings on low refining margins and upstream output, while TotalEnergies expects higher production and gas prices to offset lower oil prices.

• LPX is recommended to buy at $104 with a 5-year price target of $255
• The company has developed value-added Oriented Strand Board products and converted mills to produce higher-margin siding
• LPX is expected to deliver mid/high-teens total shareholder return and has opportunities for reinvestment at high returns, focused on wood-based products for construction.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Trigon announced that its two underground pumps failed at its Kombat Mine, halting operations.
• All personnel and mining equipment have been removed from the underground mine.
• The Company stated that despite the issues, Horizon still plans to proceed with its commitment to purchase TM’s interest in Kombat.

• RRII’s new clone RRII 417 to give yield of 2080 kg/ha a year
• INROAD project covers 1,25,272 hectares in four years in NE
• Northeast share of national production to go up to 32% 

• PetroTal expects to produce 21-23 mbbl/d in 2025, with the midpoint of this guidance exceeding our expectations of 21.2 mbbl/d.
• Although only four new wells are expected to come online in 2025 (including the 23H well but excluding the final well of the FY25 four-well drilling program), average production is expected to grow by ~4.2 mbbl/d from 2024 to 2025.
• In comparison, six new producers were brought online in 2024 (excluding the 23H well but including the 16H well), but production increased by only ~3.4 mbbl/d from 2023 to 2024.

• The Kapana 1-X well on PEL-90 did not encounter commercial hydrocarbons.
• The rig is likely to be demobilized, but the well’s results have increased confidence in the block.
• Chevron has indicated that it anticipates further exploration in Namibia.

• Halliburton’s revenue is projected to decline 1.7% YoY, with EPS down 18.6%, driven by subdued upstream activity induced by oil price volatility and weak global demand.
• Halliburton expects a 1%-3% QoQ revenue decline, and a 75-125 bps margin drop in its Completion and Production segment for Q4.
• In contrast, revenue from its Drilling and Evaluation (D&E) segment is forecasted to grow between 0% to 2%, with margins flat or improving by up to 50 bps.

• Largest Cash Raise for a company since July 2024 marking important event for Equity Capital Markets to start the calendar year
• Rising and volatile natural gas prices combined with rich valuation nearly prices company to perfection
• Deal color for potential price sensitive IPOs is crucial in determining near-term performance

• The LatAm Corporate Index widened by 4 bps to 317 bps in the week ended Wednesday, January 15, 2025. 
• YPF Priced $1.1bn Bond Due 2034 at 8.5% Yield. PEMEX Commits to Settling Supplier Debts by March
• Moody’s Upgrades Ratings of Argentine Non-Financial Companies Following Country Ceiling Adjustment

• Schlumberger will report its Q4 earnings on 17/Jan, with revenue and EPS projected to rise sequentially and annually. Analysts hold a bullish outlook despite macroeconomic challenges.
• Schlumberger’s OI PCR at 0.70, signalling neutral sentiment, with an 80% IV percentile indicating high volatility.
• For the 17/Jan expiry, SLB’s OI shows calls concentrated at strikes 45, 47.5, and 50, while puts dominate at 37.5, 40, and 42.5, with lower put OI at key levels.

• H1 FY2025/3 results review: In H1 FY2025/3, Stella Chemifa (hereafter, the Company) reported strong results, with net sales up 25.3% YoY to JPY 18,160 mn and operating profit up 94.3% YoY to JPY 2,180 mn.
• The boost in sales was driven by an increase in shipments in the semiconductor category, mainly for memory devices thanks to a recovery in market conditions, and an increase in shipments of enriched boron (energy category) for new nuclear facilities overseas.
• Operating profit rose substantially, as growth in shipments in the high purity chemicals business and an increase in volume in the transportation business offset the JPY 210 mn drag on profits stemming from the Company’s inability to fully reflect cost increases from higher anhydrous hydrofluoric acid prices, a key raw material, and the yen’s depreciation, onto its prices. 

• Report Below Includes Key Components from Prospectus Including Overview, Market Advantages, Competitors & Risks
• Venture Global (VG US) will still own 97.9% of the Voting Power
• Revenue -45% in the Last Nine Months in 2024 vs. 2023

• Before we begin, let’s discuss the Trump tariffs, as he increasingly sounds serious about them.
• His recent message on Truth Social suggests he is ready to roll out a series of initiatives next week, including those on trade, cryptocurrency, and a range of other topics.
• Every counterpart we speak to expects Trump to take action over the course of his presidency but also anticipates him backing down if the market pushes back against tariffs with a stronger USD, higher bond yields, and weaker risk sentiment.

• Amerigo has a stellar capital return policy, currently offering a 7.4% dividend yield.
• The Company has returned C$0.62/share in the form of dividends and buybacks to shareholders since 2021.
• ARG has a strategic contract with a world-class asset, Codelco’s El Teniente, and is highly leveraged to the copper price.

• The Jetstream #1 well has been deepened by 2,900 feet to 5,100 feet.
• This is significantly more than the expected ~1,650 feet as the company encountered consistent and regular helium shows while drilling that continued beyond the original expected depth.
• The mud log gas contained up to 7.2% helium.

• Incorporated in India, JSW Steel was established in 1994 and listed on the Indian stock exchange in 1995.
• The company is the largest steel producer in the country (only taking into account capacity in India) and seventh-largest in the world.
• It had 34.7 mtpa of capacity at FYE 2023-24, most of which was based in India (33.2 mtpa). 

• In Q1 FY08/25, the company reported revenue of JPY21.4bn, with a significant YoY increase of 20.3%.
• Operating profit decreased by 93.9% YoY to JPY14mn, impacted by rising costs and increased SG&A expenses.
• The Non-Ferrous Metals segment experienced an operating loss of JPY7mn, despite a 20.4% YoY revenue increase to JPY21.2bn.

• Investment firm bullish on Pactiv shares, forecasting fair value of $24 per share in next 12 months
• Pactiv has divested paper mill assets, now a leading sustainable plastic packaging manufacturer for food sectors
• Potential for margin improvement and EBITDA growth through volume expansion and operational optimization, undervalued compared to peers, promising free cash flow profile for debt reduction.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Harbour Energy (HBR) is a compelling investment opportunity in the European Independent E&P sector.
• Through strategic mergers and acquisitions, HBR has become one of the largest independent oil and gas producers globally, with a diversified asset base, robust financial profile and a steep discount to intrinsic value.
• The recent acquisition of Wintershall Dea’s non-Russian assets for $11.2 billion marks a pivotal moment for HBR.