Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MITRA ENERGY INC. We currently have 17 research reports from 1 professional analysts.
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MITRA ENERGY INC
MITRA ENERGY INC
GMP FirstEnergy ― UK Energy morning research package
15 Nov 16
President Energy (PPC LN) (not covered): fund raising and loan restructuring | Canacol Energy (CNE CN) (not covered): Nelson 6 gas discovery tested at 23 mmcf/d | Reliance Industries (not covered) serves arbitration notice to Delhi | Mitra Energy (MTE CN)1; Speculative Buy, C$1.60: Stag Oilfield acquisition closed | Ithaca Energy (IAE LN/CN)6; BUY, £1.30: 150% production growth in 2017 | Royal Dutch Shell (RDSA/B LN) (not covered): looking to sell Norwegian asset | Petsec Energy (not covered) acquiring 25% interest in Block 7 in Yemen | Africa Oil (AOI CN/SS); BUY, C$3.00: 3Q16 results | Wentworth Resources (WRL LN/NO)1,6: Buy; £0.50, 3Q16 results
US$68 mm new funding through private placement and convertible debt facility
04 Nov 16
Mitra will proceed with a private placement of 132.5 mm shares at C$0.40/sh for gross proceeds of C$53 mm (c. US$40 mm). This will be used to fund the previously announced purchase of the Stag Oilfield in Australia (US$10 mm), a letter of credit (US$10 mm) for a key contractor to Stag for obligations under a long term contract, further appraisal and infill drilling and working capital. C$0.40/sh represents a c. 22% discount to Wednesday’s closing price of C$0.51/sh. Mitra has also entered into a US$28 mm convertible debt facility (C$0.50/sh conversion price) with a 7.5% pa interest and three year maturity. The company intends to use the funds drawn down for M&A (other than Stag) and capex for producing assets.
M&A coming to a company near you?
16 Mar 17
Markets have retained their relative strength over the last fortnight. We have seen a mixed reaction to the Budget last week, the passing of the Brexit Bill earlier in the week and the first interest rate hike by the Federal Reserve in the US yesterday. Against this backdrop, we have seen some notable M&A activity across a range of sectors which may move down the market capitalisation scale. We now face an extended period of heightened speculation but “no running commentary” regarding Brexit in the UK after Article 50 is triggered at the end of the month.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
The Momentum Continues - 2017 to be a Good Year
16 Mar 17
Welcome to IIR’s second “Blue Book” for Junior Resource Companies. This publication covers over 60 resource companies that were present at the 121 Group’s 2017 Cape Town Conference, held at Welgemeende in the Gardens district on February 6-7, 2016. The summaries in the book have been prepared with the assistance of the 121 Group based in London/ Hong Kong and Gavin Wendt from Minelife in Sydney, with the introduction being prepared by Mark Gordon and Gavin Wendt. The company information is accurate as at the time of the conference – and further information on the companies can be provided upon request.
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.