In today’s briefing:
- Gridwiz IPO Preview
- Championx Corp (CHX) – Friday, Feb 2, 2024
- ECVT: Cash Balance Growing While Waiting
- Eni S.p.A.: Increased Biorefining Throughput & 5 Key Factors Impacting Their Performance! – Financial Forecasts
- Vale S.A.: Why It Lacks A Competitive Edge? – Major Drivers
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Gridwiz IPO Preview
- Gridwiz is getting ready to complete its IPO on KOSDAQ in June. Gridwiz focuses on the power demand resource management (DR) business, involving utilities, energy storage system, and solar power.
- The IPO price range is from 34,000 won to 40,000 won. The IPO offering amount ranges from 47.6 billion won to 56 billion won.
- According to the bankers’ valuation, the market capitalization post listing is expected to reach 285 billion won to 335 billion won.
Championx Corp (CHX) – Friday, Feb 2, 2024
- ChampionX (CHX) is an underappreciated business in the oilfield services sector, offering a 10% 2025 FCF yield and potential for annual FCFPS growth of over 10%
- CHX was formed from the merger of two industrial companies’ O&G businesses, making it a higher quality, lower volatile oilfield services company with strong management
- With over 75% of EBITDA tied to production, CHX operates more like a specialty chemicals company and has consistently outperformed peers on key metrics such as ROIC, margins, and FCF conversion
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.
ECVT: Cash Balance Growing While Waiting
- ECVT reported first quarter results exhibiting the ability to generate free cash flow during a seasonally slow period of the year. ECVT grew its cash balance by approximately $14.7 million.
- ECVT’s management has yet to change its tune regarding the outlook for the year with expectations there would be pockets of softness
- ECVT reported adjusted EBITDA of $45.5 million compared to our forecast of $46 million. ECVT is expected to show sequential improvement from first quarter levels
Eni S.p.A.: Increased Biorefining Throughput & 5 Key Factors Impacting Their Performance! – Financial Forecasts
- Eni’s first-quarter 2024 earnings showed impressive results with the company reporting pro forma EBIT of EUR 4.1 billion and cash flow from operation of EUR 3.9 billion.
- With a production growth in upstream of 5%, and substantial contributions from Enilive and Plenitude, the company has demonstrated substantial resilience against the broader market downturn.
- The strong cash conversion and disciplined capex have kept capital gearing within Eni’s target range even after the completion of Neptune deal and the share buyback program of 2023.
Vale S.A.: Why It Lacks A Competitive Edge? – Major Drivers
- Vale S.A. posted solid results for the first quarter of 2024, echoing a promising start with a range of laudable accomplishments amid some challenges.
- The Brazilian multinational showed serious commitment to safety and delivered encouraging results with a 77% reduction in accidents for some critical activities through technological advancements and innovative strategies.
- The de risking strategy furthered with the key Peneirinha dam receiving safety certification.