In today’s briefing:
- S&P/ASX 200 Index Adhoc Change: Light & Wonder (LNW) To Replace UMG
- Auctus on Friday – 13/10/2023
- Riley Exploration Permian, Inc. – Expect 2H23 Free Cash Flow Growth
S&P/ASX 200 Index Adhoc Change: Light & Wonder (LNW) To Replace UMG
- Shareholders have approved United Malt Group Ltd (UMG AU)‘s acquisition by Malteries Soufflet and UMG is expected to stop trading after the close on 17 October.
- United Malt Group Ltd (UMG AU) will be replaced by Light & Wonder (LNW AU) in the S&P/ASX 200 (AS51 INDEX) at the close on 17 October.
- This is a surprise and there is unlikely to be a lot of pre-positioning on Light & Wonder (LNW AU). Buy Light & Wonder (LNW US) during US hours.
Auctus on Friday – 13/10/2023
- Pulsar Helium (PLSR CN)C; target price of C$0.90 per share: Additional acreage should increase the size of the prize – Pulsar has signed a lease with a private mineral rights holder to expand the area of the company’s Topaz helium project.
- The additional mineral rights are within a 6.2 mile radius of the Topaz discovery and cover a total of 2,840 gross acres (1,049 net acres).
- OMV (OMV AG): 3Q23 update – 3Q23 production was 364 mboe/d.
Riley Exploration Permian, Inc. – Expect 2H23 Free Cash Flow Growth
We are updating our 3Q23 estimates to reflect actual reference prices of $82.26/bbl for oil and $2.66/MMBtu for natural gas.
Our FY23 adjusted EBITDA estimate is $257 million, based on average oil and gas reference prices of $79.29/bbl and $2.69/MMBtu.
Riley’s 2Q23 production averaged 21.2 MBOE/d (71% oil), representing 109% Y/Y and 62% Q/Q gains.
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