ALV reported impressive FY’22 results last week, with EBITDA of US$51mm (+104% y/y). FY’22 production increased by 8% y/y to 2,557boe/d following the gas plant expansion in July’22. ALV increased its quarterly dividend once again for Q1’23 by 17% to US$0.14/share (>10% yield) and has instigated a buyback for 2023 (of up to 8% of shares outstanding) given its ample net cash position of ~US$20mm. ALV reported 2P reserve replacement of 132%. In 2023, we forecast production growth of 17% driven by M ....
