Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VERMILION ENERGY INC. We currently have 34 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
VERMILION ENERGY INC
VERMILION ENERGY INC
GMP FirstEnergy ― UK Energy morning research package
21 Dec 16
Amerisur Resources (AMER LN)6; HOLD, £0.35: consolidates acreage in the Putumayo Basin | Vermilion Energy (VET CN); BUY, C$65.00: Closes acquisition of assets in Germany | Serinus Energy (SEN CN); HOLD, C$0.70: Well in Tunisia temporarily shut-in | Jersey Oil & Gas (JOG LN): Discontinuing coverage | SacOil (SAC LN) (not covered): Discontinuing coverage | Weekly Crude Oil Cut
Reports Solid 2Q16 Results, Provides Preliminary Outlook Framing Strong Capital Efficiencies Leading to Stable Growth Profile
09 Aug 16
Vermilion’s second quarter results came in ahead of both our expectation and the consensus, with cash flow in the period ~29% ahead of our view and ~13% ahead of the consensus. Corrib volumes were strong, ramping up to full capacity in June on the back of strong well performance and minimal downtime. Cost reductions to date will see the addition of 14 gross wells in 2016e despite capital expenditure guidance only increasing by $5 mm. Preliminary guidance will see y/y production growth of 9% in both 2017e and 2018e. Based on our revised 2017e outlook we have increased our target price to $53.00 per share and reiterate our Outperform ranking.
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
06 Jul 16
We had the pleasure of hosting the Management team from Vermilion to run through the Company's latest corporate presentation. Vermilion remains resilient through this period of low commodity prices and is a name we continue to gravitate towards given its defensive nature with strong upside in terms of growth through its strong portfolio of opportunities in North America, Europe, and Australia.
ANNOUNCES ACQUISITION OF PRODUCING PROPERTIES IN GERMANY
28 Jun 16
Impact - slightly positive with the Company picking up its first operated producing properties in Germany and further expanding its presence in the country at attractive metrics, which should bode well for longer term growth initiatives here
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.