Our Research

Within we provide our final valuation framework for RGSI. We also opine on what RGSI’s trading ranges and implied valuation mean for other storage assets – primarily those located in the Gulf Coast and major…

Within is our latest analysis examining hypothetical accretion/dilution impacts for twelve potential ‘Power buying Midstream’ M&A combinations. Our intent here is not to make a distinct call that these deals should (or will) happen, but…

Summarizing key chatter and high-level discussions… Within we focus on: Topical stock discussions and key macro/ industry themes. Interested in your thoughts. Timm To answer the title question – should Power buy Midstream? No one…

This weekend, we rebuilt our Texas drilling and completion analytics from the ground up – delivering sharper basin-by-basin breakdowns and forward-looking insights to help you spot emerging trends. What’s new: Complete basin-by-basin analysis covering the…

For the news, we include a brief summary description for each headline. We only include links to news sources that do NOT require you to have a subscription to the respective site, or if they do, they are free of charge. However,…

We received 46 completed responses on our Fermi (FRMI) post-IPO survey – solid engagement for a single-name exercise (but short of the 50 we were looking for). We had to clean up some of the…

…could turn into a ‘meme stock.’ We have 44 responses so far – not bad for a single stock. I would really like to get over 50, which is how many we got on WaterBridge…

Within is our initial take on the Rockpoint Gas Storage (RGSI; TSX) IPO, set for pricing next week. We break down: 1) capitalization at the proposed range; 2) initial EV/EBITDA and yield estimates; and 3)…

OXY shares are down ~7% today as investors are once again voting with their feet, reacting to the ~$9.7bn OxyChem sale to Warren Buffett. The frustration with OXY is becoming palpable in our conversations –…

Investor sentiment took some interesting turns across ~200 names in our universe this past month as we head into Q4. Leveraging real-time ‘shares-on-loan’ (SOL) utilization from our prime broker – our preferred, forward-looking channel check…

I don’t know how I can be any clearer with this IPO: You are buying A CALL OPTION on the successful delivery of one of the (in our opinion) higher – volatility infrastructure stories in…

It’s like drinking from a firehose in energy lately… Link to Bloomberg article: Permian Explorer Civitas Said to Explore Potential Sale. No idea – but it’s in the public domain. Wouldn’t it be nice to…

Following our note from last night (Fermi (FRMI) IPO: Shares Are Worth Anywhere from ~$7 to ~$105), we spent the evening wide-awake (as one does) pondering a truly actionable valuation framework for this event-driven, milestone-dependent…

and thank you for stopping by. We will be back next Tuesday. Just kidding – but we could not help to chuckle at that headline. Forget the initial banker range of $18 to $22 –…

RGSI launched today with a pricing range of C$19 – $C22 per share. Our analysis around valuation is mostly complete. Details from the IPO Roadshow (available on Bloomberg) below: source: Company Filings Within, we provide…