Daily Brief Energy/Materials: Ferrexpo Plc, Glatfelter, Hellenic Petroleum Sa, Kinetik Holdings and more

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2024 index rebal event.
• Based on the current numbers, we see two F100 expected ADDs/DELs and three other F250 expected ADDs/DELs. The final changes will be decided based 4th June 2024 closing prices.
• There are several names just outside the border requiring small price changes to trigger more index changes. An intra-review change is also possible.

• Glatfelter faced solvency issues after overpaying for Jacob Holm in late 2021
• Turnaround CEO Thomas Fahnemann appointed in July 2022 to address liquidity issues
• Reverse Morris Trust transaction with Berry Packaging leads to 60% increase in stock price, creating NewCo for potential successful turnaround.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

HELLENiQ ENERGY delivered solid Q124 results, with group sales of €3,278m up 5.3% y-o-y, IFRS EBITDA of €350m up 25.4% y-o-y and adjusted EBITDA (mainly stripping out inventory effects) of €338m down 16% compared with Q123. The decrease in adjusted EBITDA was primarily due to the y-o-y decline in refining margins. Net income was up 16% y-o-y to €179m, while adjusted net income fell 35% y o y to €164m, for the same reason. HELLENIQ’s refining business had a good quarter, with volumes increasing 8.1% to 3.987m tonnes and sales increasing 5.5% to €2,963m. The company made progress on its debt restructuring, refinancing €1bn of facilities at a notable margin reduction, extending the average maturity profile by one year.

• Kinetic is a Permian midstream business formed from the merger of Altus Midstream and Blackstone’s Raptor I and Raptor II G&P businesses
• The company is the only large, pure-play Permian midstream business, with two business units focused on Midstream Logistics and Pipeline Transportation
• Kinetic, still 50% owned by Blackstone, is expected to generate reasonable profits in the foreseeable future and presents a stable investment option in the current market environment

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.