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Equity Bottom-Up

Jericho Energy Ventures  / Equity Bottom-Up

<ul>
<li>JEV announced plans to separate its Hydrogen Platform into a separate public company (SpinCo), potentially via a spin-off . The parent will retain the oil &amp; gas business.</li>
<li>The spin-off makes sense given the lack of synergy between the businesses. The transaction provides each business with access to equity and debt capital markets to fund their growth strategies.</li>
<li>We anticipate the spin-off to be  value accretive for shareholders. We expect re-rating as the green energy business will receive higher multiple compared to the hydrocarbon assets.</li>
</ul>


JEV announced plans to separate its Hydrogen Platform into a separate public company (SpinCo), potentially via a spin-off . The parent will retain the oil &amp; gas business.
The spin-off makes sense given the lack of synergy between the businesses. The transaction provides each business with access to equity and debt capital markets to fund their growth strategies.
We anticipate the spin-off to be  value accretive for shareholders. We expect re-rating as the green energy business will receive higher multiple compared to the hydrocarbon assets.


Spin-Off Analysis - Jericho Energy Ventures Inc. (TSXV: JEV; OTC Pink: JROOF)

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

<ul><li>What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio.</li><li>We view this as a strong positive for shareholders.</li><li> • Over the past month, JEV also closed a $2.2M private placement and amended the terms on its debentures, setting up the Company for this transaction.</li></ul>

What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio.We view this as a strong positive for shareholders. • Over the past month, JEV also closed a $2.2M private placement and amended the terms on its debentures, setting up the Company for this transaction.

JEV: Exploring Spin-off for Hydrogen Assets

<ul>
<li>JEV reported Q3 financial results that were in line with our expectations.</li>
<li>Its O&amp;G JV was EBITDA positive again this quarter, reminding us that JEV can effectively redeploy cashflow from the low multiple O&amp;G business to the high multiple hydrogen business.</li>
<li>Production from its O&amp;G JVs was consistent with last quarter, posting positive EBITDA due to the higher commodity prices.</li>
</ul>


JEV reported Q3 financial results that were in line with our expectations.
Its O&amp;G JV was EBITDA positive again this quarter, reminding us that JEV can effectively redeploy cashflow from the low multiple O&amp;G business to the high multiple hydrogen business.
Production from its O&amp;G JVs was consistent with last quarter, posting positive EBITDA due to the higher commodity prices.


JEV: Q3 Financials in Line with Expectations

<ul>
<li>Jericho announced that two of its associated Hydrogen Hubs were selected to receive up to $1B each in funding from the U.S. DOE’s H2Hubs program.</li>
<li>We expect this announcement to translate into sales orders for the DCC boiler over the coming quarters.</li>
<li>JEV also announced that it has signed a manufacturing MOU with leading firm, Superior Boiler for the manufacturing of the DCC boiler.</li>
</ul>


Jericho announced that two of its associated Hydrogen Hubs were selected to receive up to $1B each in funding from the U.S. DOE’s H2Hubs program.
We expect this announcement to translate into sales orders for the DCC boiler over the coming quarters.
JEV also announced that it has signed a manufacturing MOU with leading firm, Superior Boiler for the manufacturing of the DCC boiler.


Jericho Energy Ventures - DOE Funding & Manufacturing Agreement

<ul>
<li>Portfolio company, H2U announced strong results from durability tests on a new iridium-free catalyst which demonstrated a lifetime of over 25,000 hours (vs. 1,000-1,500 for current iridium-free catalysts).</li>
<li>JEV’s EU partner, Exogen signed an MOU with leading green hydrogen supplier, Lhyfe SA which will supply hydrogen to Exogen’s hydrogen steam plant (which includes the DCC boiler).</li>
<li>HT obtained a new patent for the DCC boiler in the U.S</li>
</ul>


Portfolio company, H2U announced strong results from durability tests on a new iridium-free catalyst which demonstrated a lifetime of over 25,000 hours (vs. 1,000-1,500 for current iridium-free catalysts).
JEV’s EU partner, Exogen signed an MOU with leading green hydrogen supplier, Lhyfe SA which will supply hydrogen to Exogen’s hydrogen steam plant (which includes the DCC boiler).
HT obtained a new patent for the DCC boiler in the U.S


JEV: Reiterating Target Price on Recent Developments

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Brookside Energy Limited operates as an energy company that is involved in oil and gas exploration, development and production in the United States. The Company uses a real estate development approach to building value by acquiring and developing assets in the Anadarko Basin, Oklahoma.

Byron Energy Ltd is engaged in the identification, analysis and leasing of oil and natural gas prospects exclusively in the shallow waters of the Gulf of Mexico in the USA.

ADX Energy Ltd. explores for oil and natural gas.  The Company operates onshore and offshore in Tunisia, offshore in Italy, and onshore in Australia.

Chinese People Holdings Co Limited, through its subsidiaries, supplies natural gas and provides gas pipeline connection service.  The Company also manufactures and sells glass products, and invests in properties.

Taeyang Corp produces a variety of home and outdoor convenience products.  The Company's products include butane fuel cartridges, lighter gas refills, and butane fuel for outdoor and gas ranges.

Triangle Energy (Global) Limited is an oil and gas exploration and production company. The Company owns and operates assets in Indonesia and Australia.

Central Petroleum Ltd. explores for and produces oil and natural gas, and operates pipelines.  The Company operates throughout Australia.

Hyterra Ltd is an oil and gas exploration company. The Company's primary focus will be investing in the oil and gas sector through direct project acquisition, joint ventures, farm in arrangements, and new project generation.

Jericho Energy Ventures Inc. is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture, and new energy systems. Jericho Energy Ventures operates worldwide.

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Jericho Energy Ventures (JEV CN)

Spin-Off Analysis - Jericho Energy Ventures Inc. (TSXV: JEV; OTC Pink: JROOF)

JEV to separate Hydrogen Platform business into a separate publicly listed company (SpinCo), potentially via a spin-off. Anticipated to be value...

GSBR Research

JEV: Exploring Spin-off for Hydrogen Assets

What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio. We view this...

Atrium Research

JEV: Q3 Financials in Line with Expectations

Its O&G JV was EBITDA positive again this quarter, reminding us that JEV can effectively redeploy cashflow from the low multiple O&G business to...

Atrium Research

Jericho Energy Ventures - DOE Funding & Manufacturing Agreement

Jericho announced that two of its associated Hydrogen Hubs were selected to receive up to $1B each in funding from the U.S. DOE’s H2Hubs...

Atrium Research

JEV: Reiterating Target Price on Recent Developments

JEV’s EU partner, Exogen signed an MOU with leading green hydrogen supplier, Lhyfe SA which will supply hydrogen to Exogen’s hydrogen steam plant...

Atrium Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Spin-Off Analysis - Jericho Energy Ventures Inc. (TSXV: JEV; OTC Pink: JROOF)

​JEV to separate Hydrogen Platform business into a separate publicly listed company (SpinCo), potentially via a spin-off. Anticipated to be value...

GSBR Research

JEV: Exploring Spin-off for Hydrogen Assets

What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio. We view this...

Atrium Research

JEV: Q3 Financials in Line with Expectations

Its O&G JV was EBITDA positive again this quarter, reminding us that JEV can effectively redeploy cashflow from the low multiple O&G business to...

Atrium Research

Jericho Energy Ventures - DOE Funding & Manufacturing Agreement

Jericho announced that two of its associated Hydrogen Hubs were selected to receive up to $1B each in funding from the U.S. DOE’s H2Hubs...

Atrium Research

JEV: Reiterating Target Price on Recent Developments

JEV’s EU partner, Exogen signed an MOU with leading green hydrogen supplier, Lhyfe SA which will supply hydrogen to Exogen’s hydrogen steam plant...

Atrium Research

JEV to separate Hydrogen Platform business into a separate publicly listed company (SpinCo), potentially via a spin-off. Anticipated to be value...