Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Canacol's ESG as "Adequate", in line with its "Adequate" Environmental score. The company's Social and Governance pillars are "Strong". Controversies are "Immaterial" and Disclosure is "Strong".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Canacol's ESG as "Adequate", in line with its "Adequate" Environmental score. The company's Social and Governance pillars are "Strong". Controversies are "Immaterial" and Disclosure is "Strong". 

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Canacol's ESG as "Adequate", in line with its "Adequate" Environmental and Governance scores. The company has a "Strong" score for the Social pillar. Controversies are "Immaterial" and Disclosure is "Strong".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Canacol's ESG as "Adequate", in line with its "Adequate" Environmental and Governance scores. The company has a "Strong" score for the Social pillar. Controversies are "Immaterial" and Disclosure is "Strong".  

Global Cross-Asset Energy Analyst, VAC Investments

Aaditya Chintalapati, CFA

Global Cross-Asset Energy Analyst

VAC Investments

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/25655" target="_blank" data-smartkarma-citation="entities:25655:1">Frontera Energy (FEC CN)</a>'s Acorazado exploration well (Llanos 25, Colombia) discovered significant oil &amp; gas pay, albeit achieving lower than expected flow rates and uncertain commerciality. A successful well was expected to help address investor concern around Frontera's resource upside and production growth potential. However, given the mixed results at the well, we believe management will now need to focus on building a robust hopper of exploration prospects for 2019, via licensing rounds and acquisitions. Crucially, with the company generating c.US$300m of FCF per year, we believe Frontera is well placed for accretive resource acquisitions in the region. We see c.50% upside to our C$27/share price target, which is based on our Base Case NAV.

Frontera Energy (FEC CN)'s Acorazado exploration well (Llanos 25, Colombia) discovered significant oil &amp; gas pay, albeit achieving lower than expected flow rates and uncertain commerciality. A successful well was expected to help address investor concern around Frontera's resource upside and production growth potential. However, given the mixed results at the well, we believe management will now need to focus on building a robust hopper of exploration prospects for 2019, via licensing rounds and acquisitions. Crucially, with the company generating c.US$300m of FCF per year, we believe Frontera is well placed for accretive resource acquisitions in the region. We see c.50% upside to our C$27/share price target, which is based on our Base Case NAV.

Frontera Energy (FEC CN): Mixed Results at Acorazado Reiterate Investor Concerns

Canada

Canacol Energy Limited is an international junior energy company with production and exploration operations located in South America. The Company's operations are focused in Colombia, with operations also in Ecuador.

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Canacol Energy (CNE CN)

Canacol - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Canacol's ESG as...

Lucror Analytics

Canacol - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Canacol's ESG as...

Lucror Analytics

Frontera Energy (FEC CN): Mixed Results at Acorazado Reiterate Investor Concerns

Frontera Energy (FEC CN)'s Acorazado exploration well (Llanos 25, Colombia) discovered significant oil & gas pay, albeit achieving lower than...

Aaditya Chintalapati, CFA

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