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kapirey
kapirey
Community Contributor
Member since 2023
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Financial investor - International financial analyst - Family Office

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€34.58
65.7% undervalued intrinsic discount
kapirey's Fair Value
Revenue
3% p.a.
Profit Margin
5%
Future PE
14x
Price in 2030
€46.61
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Karoon Energy

Karoon Energy will target efficiency and cost reduction with Brazilian FPSO acquisition

Karoon Energy Ltd – Fundamental Analysis Company Overview Karoon Energy Ltd is an ASX-listed international oil and gas exploration and production company with assets in: Brazil : Baúna Project (100% interest) USA : Who Dat, Dome Patrol, Abilene (various interests) Australia : Exploration assets Financial Performance 2024 Full-Year Highlights Revenue : US$776.5 million (+14% YoY) Underlying NPAT : US$214.0 million (+3% YoY) Statutory NPAT : US$127.5 million (↓39% YoY due to non-cash tax adjustments and exploration write-offs) Operating Cash Flow : US$434.6 million Free Cash Flow : US$176.6 million Net Debt : US$8.8 million (↓from US$103.7 million in 2023) Capital Returns : US$85.7 million (dividends + buybacks) Q2 2025 Performance Production (NRI) : 2.94 MMboe (↑25% QoQ) Sales Revenue : US$159.7 million (↑7% QoQ) Capex : US$102.9 million (includes Baúna FPSO acquisition) Net Debt : US$237.9 million (↑due to FPSO acquisition and buybacks) ⚙️ Operational Performance Baúna Project (Brazil) 2024 Production : 7.5 MMbbl FPSO Efficiency : 84.5% in 2024; targeted 88–92% in 2025 FPSO Acquisition : Completed April 2025; expected to reduce opex by US$4–6/bbl from 2026 SPS-92 ESP Issue : Temporary production drop; intervention planned for Q2 2026 Who Dat (USA) 2024 Production : 2.9 MMboe (NRI) 2025 Guidance : 2.3–2.8 MMboe Development : Sidetrack drilling and tieback studies underway; FID for East/South expected by early 2026 ️ Reserves & Resources 2P Reserves (2024) : 67.9 MMboe (↓from 77.5 MMboe due to production) 2C Contingent Resources : 121.4 MMboe (↑17% YoY) Includes Neon (Brazil) and Who Dat East/South (USA) Sustainability & ESG Carbon Neutral (Scope 1 & 2) : Achieved since FY21 Net Zero Target : By 2050 or sooner Social Projects : 21 planned for 2025; aligned with UN SDGs 2025 Guidance (as of August 2025) MetricGuidance Total Production9.7–10.5 MMboeUnit Production Cost (NWI)US$12.5–17.5/boeCapexUS$99–117 millionFinance CostsUS$50–60 millionPetrobras PaymentUS$88 million Investment Considerations ✅ Strengths Diversified production base (Brazil + USA) Strong cash generation and liquidity Strategic FPSO acquisition to improve efficiency Mature development pipeline (Neon, Who Dat East/South) Active capital return policy (dividends + buybacks) ⚠️ Risks Operational reliability issues (e.g., ESP failure at Baúna) High capex and net debt increase in 2025 Commodity price volatility Regulatory and environmental risks in Brazil and USA Conclusion Karoon Energy is fundamentally strong with solid financials, a diversified asset base, and a clear strategy for growth and shareholder returns. However, operational execution and commodity price stability will be key to sustaining performance.Read more

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AU$1.51
4.0% undervalued intrinsic discount
kapirey's Fair Value
Revenue
8% p.a.
Profit Margin
15%
Future PE
6x
Price in 2028
AU$1.79
HK$813.65
23.2% undervalued intrinsic discount
kapirey's Fair Value
Revenue
15% p.a.
Profit Margin
31%
Future PE
25x
Price in 2028
HK$1.05k
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MERLIN Properties SOCIMI

The future of Merlin lies in the management of data centers.

Merlin Propiertis is a Spanish REIT with 4 lines of business: 1. Bureaux 2.Read more

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€19.38
33.8% undervalued intrinsic discount
kapirey's Fair Value
Revenue
15% p.a.
Profit Margin
90%
Future PE
20x
Price in 2030
€24.73
€51.25
31.7% overvalued intrinsic discount
kapirey's Fair Value
Revenue
4% p.a.
Profit Margin
18%
Future PE
24x
Price in 2030
€78.86
US$1.39k
22.8% undervalued intrinsic discount
kapirey's Fair Value
Revenue
10% p.a.
Profit Margin
45%
Future PE
25x
Price in 2030
US$2.03k
DKK 93.14
1.7% overvalued intrinsic discount
kapirey's Fair Value
Revenue
-7.41% p.a.
Profit Margin
12%
Future PE
11x
Price in 2030
DKK 127.34
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Base

Goals for 2025 Profit attributable to owners of parent 11.5%

How does Base make money? Base offers software implementation and generation services, they are specialized in SAP.Read more

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JP¥3.78k
13.7% undervalued intrinsic discount
kapirey's Fair Value
Revenue
12% p.a.
Profit Margin
19.14%
Future PE
14.74x
Price in 2028
JP¥4.56k