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The Italian refiner reported weaker-than-expected results due to the refining environment in the quarter, rising prices for heavier and sour crude grades, and maintenance-related issues. The adjusted EBITDA was 50% below the consensus while the premium over the benchmark margin was $3.7/bbl, considerably below the company’s guidance of $5-6/bbl. Despite the weak results, Saras maintained its margin guidance for the FY23 average as the margins in the Q3 are holding up well.
Companies: Saras (SRS:BIT)SARAS S.p.A. - Raffinerie Sarde (SRS:MIL)
AlphaValue
The solid beat for the consensus (+14%) was unsurprisingly driven by strong margins across the sector. Yet margins have substantially softened in Q2, denting the quarterly profits. H2 looks better as gasoline demand is robust and crack spreads are now above diesel margins. Saras is also expanding the renewable business with €750m allocated for capex and a target to reach 1 GW in installed capacity.
Unprecedented as it was, FY22 enjoyed substantial revenues and operating income thanks to elevated margins. The outlook suggests that margins are unlikely to repeat their FY22 levels but will still remain strong in FY23. The unexpected news of CEO Matteo Codazzi’s resignation (having taken office in only November 2022) and the appointment of Massimo Moratti has, however, raised governance concern about this family-run business.
The news that, in the aftermath of the Q3 release, the Saras Board of Directors has parted ways with CEO Dario Scaffardi by mutual agreement and appointed Matteo Codazzi was unexpected. The change in CEO should not overshadow the positive outlook as the strategy is not expected to change given the company’s governance structure. The results were lower than in the Q2 2022, but further improvements could be seen in the Q4.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Saras. We currently have 4 research reports from 1 professional analysts.
Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August
Companies: Jubilee Metals Group PLC
WHIreland
Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren
Companies: Trinity Exploration & Production Plc
Cavendish
Companies: BILN ELCO NXQ CUSN ATG
• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a
Companies: Valeura Energy Inc.
Auctus Advisors
NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat
Companies: NextSource Materials Inc
Capital Access Group
I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward
Companies: i3 Energy Plc
Zeus Capital
Companies: 88E RNO TRIN KRM EXR BOOM
DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.
Companies: Diversified Energy Company PLC
Dowgate Capital
Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which
Companies: HHR TXP LBE CHAR
Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.
Companies: Union Jack Oil Plc
Companies: PLL TLG HZM SAV KAV KP2 SVML
SP Angel
Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,
Companies: Pharos Energy PLC
Progressive Equity Research
Shore Capital
Hunting has released its Q1 trading statement, reporting a strong period for OCTG and Subsea, steady growth in Advanced Manufacturing, and a softening in Perforating Systems.
Companies: Hunting PLC
Union Jack announced an operational update on its onshore UK Wressle field and confirmed plans to announce the payment of a cash dividend to shareholders along with the FY23 results in May. Wressle continues to deliver material revenues to the Company, generating positive cash flow and providing it with sufficient cash resources to fund shareholder returns and invest in new development projects.
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