In today’s briefing:
- Viper Energy’s $1.5 Billion Bet On Sitio Royalties: Is This The Perfect Match Or A Costly Gamble?
- Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling
- Powerica Limited Pre-IPO Tearsheet
- Sealed Air: Dealing With Cost Management Challenges
- Serica Energy Plc (AIM: SQZ): High production at Triton. More to come
- FISH: Strong Q2 Financials; Poised for Takeout
- Hybridan Research: Coro Energy Plc: Power Surge
- CAPT: LOI Turns Definitive & $6.6M from Warrant Exercises
Viper Energy’s $1.5 Billion Bet On Sitio Royalties: Is This The Perfect Match Or A Costly Gamble?
- Viper Energy has recently completed the acquisition of Sitio Royalties, signaling a transformative moment in the royalty space.
- This all-equity transaction follows the approval by Sitio shareholders and adds meaningful scale and operational depth to Viper’s portfolio.
- The acquisition, which closed in mid-August 2025, is expected to immediately enhance cash available for distribution by 8%–10%, thanks to the incremental 43 days of Sitio contribution factored into Viper’s revised Q3 2025 production guidance.
Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling
- GPIL is transitioning from a cyclical, commodity-focused steel/pellet company into a value-added steel and battery energy storage manufacturer, supported by captive integration and conservative leverage.
- Capex of INR 1,600 Cr (CRM + BESS) is underway, with pellet expansion and mining approvals in FY26 strengthening the raw material base.
- FY26 will focus heavily on executing the pellet ramp-up and obtaining EC approvals; FY27–28 is expected to represent a significant change as CRM and BESS are commissioned
Powerica Limited Pre-IPO Tearsheet
- Powerica (PWRL IN) is looking to raise US$160m in its upcoming India IPO. The deal will be run by IIFL Capital, ICICI Securities and Nuvama.
- Powerica is a leading Indian power solutions company whose core business lies in assembling and supplying diesel generator (DG) sets powered by engines from global OEMs such as Cummins.
- Powerica also participates in other segments, including medium speed large generators with Hyundai. The company has further diversified into renewable energy, with a portfolio of wind projects in Gujarat.
Sealed Air: Dealing With Cost Management Challenges
- Sealed Air Corporation’s recent earnings presented a mixed picture for the second quarter of 2025.
- The company continues to navigate a complex landscape impacted by shifting global trade policies and evolving consumer behaviors.
- Positively, Sealed Air reported net sales of $1.34 billion, with adjusted EBITDA at $293 million which is a 3% increase on a constant currency basis.
Serica Energy Plc (AIM: SQZ): High production at Triton. More to come
- • Net production at Triton has averaged 20 mboe/d over the past two weeks.
- This reflects the progressive restart of all the fields, with further upside expected as additional wells are brought online.
- These include (1) productive wells from Bittern and Gannet E, and (2) newly drilled wells at Guillemot North West and Evelyn, which have yet to commence production.
FISH: Strong Q2 Financials; Poised for Takeout
- What you need to know: • Sailfish Royalty reported Q2 financial results, including revenue of $0.7M (vs. our estimate of $0.8M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M).
- • Spring Valley continues to advance towards production, receiving BLM approval for construction and operations last month.
- We remind readers that Spring Valley makes up a majority of our valuation for FISH.
Hybridan Research: Coro Energy Plc: Power Surge
- The financial components of the regenerative funding are completed, raising a combined £1.68m via a Placing and an open WRAP Retail offer at 0.5p.
- The funding, representing 41.1% of the issued share capital, will accelerate the roll-out of the rooftop solar energy in Vietnam aiming to provide high margin, sustainable, long term cashflows from credit worthy Commercial and Industrial (C&I) customers.
- Vietnam has a clean energy agenda as it transitions away from coal and fossil fuels to produce 28-36% of its 560.4bn KW per annum power usage in renewables by 2030.
CAPT: LOI Turns Definitive & $6.6M from Warrant Exercises
- What you need to know: • Capitan Silver announced it has executed a definitive agreement to acquire the strategic land package at its Cruz de Plata project, part of the LOI that was announced on June 9th.
- • The US$4M acquisition expands its land package by ~85% and extends the silver-gold trend by 1.2km to 3.7km.
- • The transaction was supported by $6.6M in warrant proceeds, leaving CAPT fully funded for 2025 and well into 2026.
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