Business
Progressive publish initiation note
Progressive publish initiation note.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n\n\n\n\n\n\nInitiating coverage: Back to growth\nLike the rest of the industry, Pharos Energy was impacted by the Covid-induced collapse in the oil price, at a time when the company was heavily investing in Egypt. Net debt rose to US$57.5m at end-FY21. However, management has farmed out 55% of its Egyptian assets and put through significant cost-cutting measures, reducing debt to a more modest level of c.US$16m at the end of June 2023. Pharos is now in a position to restart returning cash to shareholders (via a dividend and buyback) and we believe it is set to increase investment, including commitment exploration, which should be a significant driver of shareholder value.\n \n\n\n\n\n\nClick here for full analysis\n \nSubscribe to Progressive's research, which is freely available to every type of investor, and be kept informed about our regular programme of investor engagement. \nAbout Progressive:\n \nProgressive is an equity research and investor engagement company. FCA authorised and regulated, the firm has a 15-strong team of highly experienced analysts. We provide Institutional grade research and connect companies with investors across every sector of the market.\n \nwww.progressive-research.com\n \n\n\n\n\nBroad coverage\n \n\n\nAnalyst calibre\n \n\n\n\n\nacross 12 sectors\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\nBusiness Services\n\n\nOil & Gas\n\n\n15 analysts\n\n\nwith average\n\n\n20 years\n\n\n\n\nFinancials\n\n\nProperty\n\n\nexperience of\n\n\n\n\nHealthcare\n\n\nRetail\n\n\n \n\n\n\n\nIndustrials\n\n\nTechnology\n\n\n30+\n\n\n \n\n\ntechMARK\n\n\n\n\nInvestment Trusts\n\n\nTelecoms\n\n\nindustry based\n\n\nExtel\n\n\n\n\nMining\n\n\nUtilities\n\n\nawards\n\n\nStarMine\n\n\n\n\n \nFor further information please contact:\n +44 (0) 20 7781 5300\[email protected]\n\n","length":8891,"tagName":"div"}]