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Dow Jones – 17 Aug
The enlarged group, however, won’t pay any dividends in the foreseeable future, which Mike van Dulken, Head of Research at Accendo Markets, said means: “shareholders of the new group must bank on new oil finds and/or commercialization to help boost the new group’s share price.”
He added: “The new group should offer an improved risk-profile with combined operational and funding options and the potential for additional value to be extracted from the newly combined asset base.”
Accendo Markets doesn’t have a rating or target price on Petroceltic or Melrose.
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research