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Original-Research: Diversified Energy PLC (von ...
Original-Research: Diversified Energy PLC (von ....
About this update from Diversified Energy Company
[{"type":"text","content":"\n Original-Research: Diversified Energy PLC - von First Berlin Equity Research GmbH\nEinstufung von First Berlin Equity Research GmbH zu Diversified Energy PLC\nUnternehmen: Diversified Energy PLCISIN: GB00BYX7JT74\nAnlass der Studie: UpdateEmpfehlung: Buyseit: 20.02.2023Kursziel: GBp180Kursziel auf Sicht von: 12 monthsLetzte Ratingänderung: 25.05.2022 (previously: Add)\nAnalyst: Simon Scholes\nFirst Berlin Equity Research has published a research update on Diversified\nEnergy PLC (ISIN: GB00BYX7JT74). Analyst Simon Scholes reiterated his BUY\nrating and maintained his GBp 180.00 price target.\n \nAbstract:DEC reported a hedged adjusted EBITDA margin of 50% for 2022 (2021: 50%) -\nthe fifth year in a row in which this figure has been at or above the 50%\nmark. Including the recent acquisition of assets from Tanos Energy\nHoldings, we calculate that 83% of DEC's 2023 natural gas production (gas\naccounts for 88% of output) is hedged at USD3.42/MMbtu - USD0.26/MMBtu\nabove the average level of the futures strip. Last year 90% of production\nwas hedged at USD3.24/MMBtu - USD3.40/MMBtu below the futures strip.\nOperating costs should fall in 2023 due to below average base lease\noperating expenses at the acquisition, synergies between the acquisition\nand nearby DEC assets, and because both production taxes and 3rd party\ngathering and transportation costs are linked to the commodity price. We\nexpect a positive swing in the realised hedging result as well as lower\noperating costs to push adjusted EBITDA above the 2022 level and the margin\nagain to reach 50%. Meanwhile, for good measure the stock is currently\nyielding 14.0%. We maintain our Buy recommendation at an unchanged price\ntarget of GBp180.\n \nFirst Berlin Equity Research hat ein Research Update zu Diversified Energy\nPLC (ISIN: GB00BYX7JT74) veröffentlicht. Analyst Simon Scholes bestätigt\nseine BUY-Empfehlung und bestätigt sein Kursziel von GBp 180,00.\n \nZusammenfassung:DEC meldete für 2022 eine abgesicherte bereinigte EBITDA-Marge von 50%\n(2021: 50%) - das fünfte Jahr in Folge, in dem dieser Wert bei oder über\nder 50%-Marke lag. Unter Berücksichtigung des kürzlich erfolgten Erwerbs\nvon Assets von Tanos Energy Holdings haben wir berechnet, dass 83% der\nErdgasproduktion von DEC im Jahr 2023 (88% der Produktion entfallen auf\nGas) zu USD3,42/MMBtu abgesichert sin...