Daily Brief Energy/Materials: Barito Renewables, Criterium Energy, Pan American Silver and more

• Barito Renewables (2306028D IJ) raised around US$200m in its Indonesian IPO, after pricing at the top end of its IPO range at IDR780/share.
• Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.
• In our previous notes, we covered the company’s performance, had undertaken a peer comparison and shared our thoughts on valuation. In this note, we will talk about the trading dynamics.

• Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.
• 3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.
• Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.

Pan American Silver (PAAS) announced the temporary suspension of all operating activities at its La Colorada mine in Mexico due to security concerns at the mine site following the concentrate robbery. The company has not yet provided any indication of the potential restart of mining activities. We currently maintain our estimates and valuation, awaiting more clarity on the timing of the restart.