In today’s briefing:
- Origin Energy: ACCC’s Concerns And Brookfield’s Quid Pro Quo
- Viva Energy Placement – News Leak Helps but It’s Still a Big One to Digest
- EQD | S&P/ASX200 Index Looking Bearish: Resistance Levels Reset
- Comms Group Limited – Further Valuation Support from CNW Bid
- Empire Energy Group Ltd – More Flow-Rate Data Equals More Confidence
Origin Energy: ACCC’s Concerns And Brookfield’s Quid Pro Quo
- After Origin Energy (ORG AU) entered into a Scheme Implementation Deed with Brookfield Asset Management/MidOcean Energy in late March, the ACCC approval process has played out in the public eye.
- And it hasn’t been all beer and Skittles for the Offerors. Not just on competition issues. But also the perceived/apparent public benefit from Brookfield’s future commitment to renewable generation.
- All the while, the ACCC recently blocked ANZ (ANZ AU)’s acquisition of Suncorp Bank, and Telstra Corp (TLS AU)/TPG Telecom (TPG AU)‘s mobile network sharing deal.
Viva Energy Placement – News Leak Helps but It’s Still a Big One to Digest
- Viva Energy Group (VEA AU)‘s parent, Vitol, aims to raise around US$460m via selling 15% of the company
- The news of a possible selldown was leaked overnight in the local press and hence, the stock has corrected going into the placement.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
EQD | S&P/ASX200 Index Looking Bearish: Resistance Levels Reset
- The S&P/ASX 200 (AS51 INDEX) closed down last week (CC=-1), this week is rising again, we analyze the new, reset resistance levels to see how far it can go.
- Our previous, recent insight discussed the fact that the index has been locked in a range for 2 years, an uptrend may be unfolding but it must breach 7600.
- The current trend pattern is bearish, the index won’t rise more than 2-3 weeks, and it would probably go not very far: 7300-7400 should be the limit
Comms Group Limited – Further Valuation Support from CNW Bid
- Comms Group Ltd (ASX:CCG) has received further valuation support in the form of the recent bid from Atturra Ltd (ASX:ATA) for Cirrus Networks (ASX:CNW).
- We view CNW as the closest ASX peer to CCG in terms of business mix and market cap.
- The ATA Scheme Implemented Deed values CNW at 7.4x post-AASB 16 FY23 EV/EBITDA and 8.8x pre-AASB 16.
Empire Energy Group Ltd – More Flow-Rate Data Equals More Confidence
- Empire Energy Group Limited (ASX:EEG) is an oil and gas producer/developer, with onshore Northern Territory (NT) and US oil/gas production assets.
- EEG has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin.
- The investment case is built around de-risking the development model as more evaluation data comes to hand and the latest data from Carpentaria-3H continues to build and shore up support for the economic case.
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