A thread on $VLE Valeura Energy. Top 3 position this end & have been adding. An attempt to explain the net cash position as the market seems vexed. As ever DYOR. I think the playbook is exactly like RockRose - Here goes! 1 The $243m they received from Mubadala on deal closure is for a working capital adjustment and almost all the tax owed in May & September 2023. 2

I think this is #WNWD -floated to much fanfare & “fomo” on circa 4/4.5* forward ARR. I thought punchy multiple on punchy f/c’s. Today I think is the inverse - f/c’s look much more realistic with a sensible plan to quicker free cash flow. I think H1 ‘24. ARR bridge looks beatable

https://twitter.com/reb40/status/1644623573896642560

Market having a tantrum as growth (on paper - now and then) is less than IPO but the valuation is circa .8* ARR…..where’s the puck going? It feels hard to see how sentiment can be worse! On management, business model, growth & cash burn. I think the “play” is

I like buying stocks where the valuation is a huge outlier to the sector, sentiment is rock bottom, management have skin in the game (have bought recently) and where the 1st derivative changes (normally less bad) - it’s not full proof and I can be wrong but if you get it correct then you get multiple expansion and upgrades. #GFRD at 70p was a case in point: I have added to #GETB. First tranche 33p, doubled up 66/67p. Why? It’s on 2* ARR for 12% ARR growth with scope (I think for beats) - it’s a clear standout valuation outlier given all SaaS, management

Expect massive churn at #MCLS given size of raise but board bought, market looks backwards & I think it’s a buy. Now got capital to accelerate facia rollout - IF next 100 stores show same lfl uplift as first 65 (3 year payback) then mkt will rerate in anticipation of same cash per store uplift from targeted 800 off 1150 in estate. @research_tree carries good notes. My maths (dyor) is eps 11p to give pe 1.7 - lots like #GMS (I am long too) but on execution of day rates it’s still levered (very) has refinancing risk & is

#CSS AU suspect the rolling panic in Aussie (see bbc.co.uk/news/world-aus… - definition of madness?) hinders share price progress. Story is asset turns improve via more distribution channels & mix (>frozen <fresh) I think it’s an opportunity. Adding - particularly post m&a in space

https://twitter.com/here_there/status/1346370971255627776

Biggest beef farmer in Brazil acquires salmon farm is all about a move away from carbon, methane, deforestation into sustainable aquaculture abc.net.au/news/2021-08-0… Skate to where the puck will be. Buy