Carlos M @Carlos_MoraM Twitter profile | Pikagi

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Carlos M

@Carlos_MoraM

8,745

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403

Following

357

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Portfolio Management & Analysis of companies | Imperial College MBA | Small Caps | Macro

Barcelona, Spain

https://t.co/EIlh1m2plQ

Joined March 2010

Don't wanna be here? Send us removal request.

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@Carlos_MoraM

Carlos M

1 year

⛵️It has been more than 3 years since we started Moram During this time, we have published: 🧐46 investment theses ✅>20 macro articles 🎯Multitude of analysis of quarterly results and events 💎We have evolved from being a one-person project to a team & have been working hand in

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@Carlos_MoraM

Carlos M

2 years

⛵️Updated analysis of Kistos, the main position of our portfolio #KIST 📈Huge beneficiary of natural gas environment ✅ Best deal-maker team in the North Sea 🧐Valuation, taxes, Assets in detail, Corporate movements 💎Our best investment thesis so far

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@Carlos_MoraM

Carlos M

4 years

Al final todo llega...esto empezó hace 12 años: una ingenieria sup,+5 años en consultoría,Gmat y master.. miles de horas por el camino.. Siempre en paralelo con la pasión por analizar empresas y la gestión de carteras Mañana es el día,mñn todo converge,empiezo en un Hedge Fund😊

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@Carlos_MoraM

Carlos M

2 years

⛵️Analysis of Vermilion Energy,a perfectly diversified O&G company with presence in 🇨🇦🇺🇸🇪🇺🇦🇺 💰Printing cash,buying back shares and doing M&A ✅Direct exposure to European gas prices (TTF,NBP) 💎Investment thesis with Valuation & model $VET $VET.TO #COM

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@Carlos_MoraM

Carlos M

1 year

🧐Analysis of Good Times Restaurants $GTIM 🇺🇸Microcap: $32MM market cap & $10MM net cash + positive FCF ✅Board has 25% ownership 🥳Buying back shares and growing 💎Our latest acquisition Detailed thesis, history, business model, valuation...👇🏽

Good Times Restaurants - $GTIM - MORAM

Investment thesis of Good Times Restaurants $GTIM. A micro-cap in the US restaurant industry with net cash, buybacks and unit growth

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@Carlos_MoraM

Carlos M

2 years

💼 Portfolio update - 3Q22 ⛵️ 🟢Compras: Vermilion & IOG 🔴Ventas:🔪Vertex, Elecnor 🌵Ampliación: Kistos y Jadestone 🏅Reducción: TISG 🔹Sigue: Golar LNG, Serica, Adriatic 💪🏽 YTD: +40.34% 🔸Comentario situación actual, análisis de las compañias,BTC..👇🏽

MORAM - Portfolio update 3Q22 - MORAM

Analysis of companies

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@Carlos_MoraM

Carlos M

4 years

A la gente que está empezando en el mundo de la inversión: No hace falta tener 20 empresas en cartera, eso no es diversificar, es jugar a la lotería. Es preferible tener 4-6 bien analizadas y estudiadas y el resto en fondos gestionados, ETFs... Disminuyes el riesgo

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@Carlos_MoraM

Carlos M

1 year

💼 Portfolio update - 4Q22⛵️ 🟢Compras: OneWater Marine 🔴Ventas: Serica 🌵Ampliación: Golar,Jadestone e IOG 🏅Reducción: Adriatic 🔹Siguen: Vermilion, The Italian Sea Group 🤌🏽YTD: +32.4% 🔸Comentario situación actual, análisis de las compañias,BTC..👇🏽

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MORAM 4Q22 Portfolio update - MORAM

MORAM 4Q22 Portfolio update. We analyse the performance of our portfolio in 4Q22, commenting the current situation of each of our holdings

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@Carlos_MoraM

Carlos M

9 months

🇮🇹Analysis of Tamburi Investment Partners $TIP.MI 🍹 • Investment company with an impressive track record (19% CAGR share price) in the last 10 years • Holdings on quality listed companies like: Moncler $MONC.MI, Amplifon $AMPF.MI, Sesa $SES.MI • Huge potential to unlock

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@Carlos_MoraM

Carlos M

6 months

🇮🇹Analysis of Emma Villas $EAV.MI ,an unknown Italian small cap that is the latest European IPO in the luxury holidays market🏡 • Exclusive management of >550 Villas in Italy (very fragmented market). • Recently launched a new division for international expansion (160

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@Carlos_MoraM

Carlos M

3 years

Análisis de $KIST,small cap de <1 año q inverte en la transición energética 🔸Su CEO viene de hacer un x42 en 4 años dirigiendo su última empresa 🔸Compraron fields de gas en Holanda y en 6 meses,el gas vale 5 veces + 🍐Buque insignia d Momentum Finance

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Kistos Holdings (LON:KIST) Investment Thesis

MORAM's investment thesis on Kistos Holdings (LON:KIST), a small cap company operating natural gas and led by Andrew Austin of RockRose fame.

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@Carlos_MoraM

Carlos M

1 year

⛵️ Sanlorenzo $SL.MI - Investment thesis 🇮🇹 🎯Manufacturer of custom-made luxury yacht 📊Increasing backlog & EBITDA margin ✅CEO > 60% shares 🔸The publicly traded peer of our $TISG.MI Pretty detailed thesis: business model, segments, valuation…👇🏽

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Sanlorenzo - $SL.MI - MORAM

Investment thesis SanLorenzo $SL.MI , an Italian company dedicated to the designing and manufacturing of custom-made luxury yacht

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@Carlos_MoraM

Carlos M

2 years

💼 Portfolio update - 1Q22 💼 🔴Ventas: ROCC y VWE 🟢Compras: Global Ship Lease, Jadestone y VWE 🌵Ampliación: Kistos y Power Reit 💥Reducción: Golar LNG 🔹Siguen: Greenalia y Adriatic Metals 💼ATH: +49.9% en Q1 🔸Crypto: $BTC y demás en 👇🏽

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1Q22 Comments - MORAM

MORAM 1Q22 portfolio update and comments about the performance of the companies in our portfolio & what we can expect

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@Carlos_MoraM

Carlos M

2 years

⛵️Dejo la entrevista que hice ayer con @LocosWallStreet sobre la situación del gas natural en Europa 🎯Hablamos de macroeconomía, opciones de la 🇪🇺, el €uro, Serica, Kistos, Golar y mucho más Creo que quedó muy interesante👌🏽

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@Carlos_MoraM

Carlos M

9 months

🇮🇹Exceptional results for Newlat in 1H23 $NWL.MI with strong recovery in margins • Revenues €413.3MM (+23.2%), •EBITDA €38.5 MM (+52.9%), margin up by 120 bps • Net profit €10.7MM (+391%) • Net debt €69.2MM (down from €109.8 MM – IFRS16 🎯Some notes: • All business

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@Carlos_MoraM

Carlos M

9 months

🇮🇹Newlat Food - Updated Investment thesis $NWL.MI • Italian small cap in the agri-food sector growing across Europe 🇮🇹🇩🇪🇬🇧🇫🇷 • Strong track record in M&A and significant opportunities in the pipeline • Trading ~5x EV/EBITDA23 (Including IFRS16) • CEO >60% ownership • Strong

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@Carlos_MoraM

Carlos M

7 months

🇬🇧Renold Plc - Investment thesis $RNO.L • Probably, the first thesis ever published about this small cap with full potential ⛓️Second largest industrial chain manufacturer worldwide ✅FY23 record revenues, order book, and a great start to FY24 🎯Clear acquisition strategy in

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@Carlos_MoraM

Carlos M

2 years

🧐Analysis of Orcadian Energy #ORCA 🛢️ 💎Microcap with 1 of best oil assets in the North Sea ✅Direct benefit from historic capex relief➡️M&A 🥇Polymer flooding & renew energy to min emissions 👏🏽>60% insider ownership First collaboration writing in Moram

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Orcadian Energy LSE:ORCA - When the market loses the patience

Investment thesis Orcadian Energy LON:ORCA. North Sea focused oil and gas development company. The Company’s key asset is the Pilot oilfield

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@Carlos_MoraM

Carlos M

9 months

⛵️ Exceptional 1H23 results of The Italian Sea Group, once again! $TISG.MI • Revenues €165.9MM (+24%) • EBITDA €27.2MM (+37%) —> margin up 160bps • Net Income €13.6MM (+78%) • The backlog continues to increase, reaching €1241.9MM (gross) and €664.4MM (net) • Huge

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@Carlos_MoraM

Carlos M

3 years

Muy buenos resultados de Golar $GLNG en 1Q21 💪🏽 ✅Revenue de $125.8MM vs 108 exp ✅EBITDA $77.6MM y EPS +$0.23 vs $0.05 exp 🛳 TCE medio de $61.7k y $~50.5k para el 2Q21 📈Recompradas 1.2MM acciones por $13.7MM 💰$299MM en caja 💸Reducción anticipada $60MM de deuda en julio

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@Carlos_MoraM

Carlos M

5 months

🥳To bid farewell to 2023, the year in which our project has taken a tremendous leap and become a reality, we want to give you a gift! 🎯We have brought in one of the best Shipping analysts in the world, @ClimentMolins the Head of Shipping at @Shipping_VIE - to explain us the

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@Carlos_MoraM

Carlos M

1 year

🧐Analysis of Adriatic Metals, the real jewel of the Adriatic ⚒️Precious & base metals explorer in Bosnia ✅Commencing Operations in 3Q23 (fully financed & permitted) 💎Owner of the world-class Vares silver project ( IRR >100%) $ADT.AX $ADT.L $ADT #ADT

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Adriatic Metals ADT.AX - The jewel of the Adriatic - MORAM

Explore MORAM's expert investment thesis of Adriatic Metals, a mining company with potential in the Balkans. Uncover opportunities and risks

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@Carlos_MoraM

Carlos M

2 years

🧐Analysis of Vertex Energy $VTNR ✅Just acquired a refinery at a bargain price in the middle of a major gasoline & diesel crisis in the world 💸Refinery margins at all-time highs 🏆Acquisition will be paid only in a Q Financing,TP, political risks..👇🏽

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Vertex Energy - $VTNR - MORAM

Analysis of Vertex Energy, US refining company which has just acquired the Mobile refinery (75kboepd) from Shell at a bargain price

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@Carlos_MoraM

Carlos M

2 years

⛵️Updated analysis of Golar LNG, our best investment ever $GLNG 📈Huge beneficiary of natural gas environment ✅Direct exposure to TTF and Brent 💼Imminent catalysts - new FLNG projects 💰Net cash position after finishing its simplification process

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@Carlos_MoraM

Carlos M

1 year

$GLNG becomes the first 💼 position again 🔸The analysis’ll be updated soon. All the movements in the last 4 months ➡️positive: 💎TTF exposure hedged for FY23&24 at >$50/MMBtu 💸Sold part of $NFE at >$55 & part of Coolco ✅Cancelled $140MM debt (7% int)

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@Carlos_MoraM

Carlos M

1 year

🟢Golar LNG FY22 results summary, comments from the conference call and our thoughts about the future of $GLNG ⛵️After so many years of waiting for it, it seems that a Moss LNG carrier is about to change the Golar's destiny

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Golar LNG FY22 Results $GLNG - MORAM

Analysis of Golar LNG FY22 results, Comments about the conference call and our thoughts about the Mark II FLNG project

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@Carlos_MoraM

Carlos M

7 months

⛵️Guide to the Recreational Boat, Yacht, and Superyacht Industries: • Explains, from an investor's perspective, the main players and segments of the industry, along with details/differences to consider for analyzing each one • Analysis of the current situation of each company

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@Carlos_MoraM

Carlos M

7 months

🍫Mars to acquire Hotel Chocolat $HOTC.L for £534 MM 🇬🇧 · 170% Premium to yesterday’s close · 375p all-cash offer 🙂Fantastic home run from this turnaround idea We are publishing this Sunday, the next turnaround 😜 (this time from the 🇺🇸)

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@Carlos_MoraM

Carlos M

1 year

🍫Hotel Chocolat - Interesting turnaround idea in the punished consumer discretionary sector in 🇬🇧 🎯Debt-free, premium chocolate producer growing during COVID ✅Management owns >50% 📉Penalised by huge inflation in 🇬🇧 & international fiasco🇯🇵 $HOTC.L

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@Carlos_MoraM

Carlos M

1 year

🇳🇴Kistos deal finally arrives and it looks like a really good one taking advantage of a stressed situation (Mime Petroleum) 🥳 🛢️+2000 boe/d prod--> 15000 in 2025 (when FPSO online) 24MMboe 2P+ 30MMboe 2C 💰6 MM warrants #KIST sh at 385p + $111MM (net debt) Capex $130MM in 2023

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@Carlos_MoraM

Carlos M

1 year

#KIST plummeted to 52 weeks lows today due to: ⛔️Negative sentiment around nat gas industry (WFT and warmer-than-usual winter) 🔮Lack of deals ⚠️Operational issues ✅We revisited our thesis and share thoughts about current situation & foreseeable future

Kistos Holdings - Share Price Plummets to 52-Week Lows - MORAM

Kistos share price plummet to 52 week lows amid natural gas industry turmoil. We analyse the causes and potential catalysts

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@Carlos_MoraM

Carlos M

2 years

Uncertainty is killing #KIST due to the 🇬🇧political turmoil & news that🇳🇱is considering imposing a retroactive tax on 2022 profits But don't lose sight of the road Even knowing the tax issue,they spent last weeks repurchasing the €90MM bond and working on capital reduction to..

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@Carlos_MoraM

Carlos M

9 months

⛵️Summary of the 1H23 earnings season for 🇮🇹🇫🇷 yacht and mega-yacht manufacturers The industry is experiencing its golden era, and their backlog & limited available capacity indicate that it will last for several years. Although situation varies significantly among peers 🧐

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@Carlos_MoraM

Carlos M

3 years

🥳 Hoy hace un año que lancé la web de Moram 🎊 Haciendo balance: 🔸21 compañias estudiadas en la web 🔸12 artículos de macroeconomía 🔸4 de Asset Allocation 🔸6 comentarios de Conference Calls 🔸>100 suscriptores Lo mejor, sin duda, el camino 😊

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@Carlos_MoraM

Carlos M

1 year

🥳Closing a record year at in terms of number of visits and subscriptions 🏆 Thank you all for your support! 💎 I leave you the 4 most viewed theses of the year 🎅🏼 Merry Christmas to all!

Kistos #KIST

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Golar LNG $GLNG

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Adriatic Metals $ADT.AX

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Vermilion Energy $VET

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@Carlos_MoraM

Carlos M

7 months

⛵️Fantastic 9M23 results of The Italian Sea Group $TISG.MI (As expected) • Revenues €262.3MM (+25%) - Shipbuilding €226.7MM - Refit €32.9MM) • EBITDA €43.2MM (+37%) —> margin up 80bps YoY • The gross backlog reaches €1306MM (+ 64MM QoQ – Net Backlog down

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@Carlos_MoraM

Carlos M

2 years

#Kistos completes GLA acquisition from Total 🥳 🔸6000 additional boepd (NBP price) 🔸Effective date 1 January 2022 🔸6.2 MMboe (2P reserves)

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@Carlos_MoraM

Carlos M

2 years

⛵️ 3Q22 results - Golar LNG $GLNG 🔸Analysis of the 3Q22 🔮Comments about the 3 FLNG opportunities (Customer, project..) 🏅Thoughts about the future of the company ✅Increasing position for the first time since April-2021

3Q22 Results - Golar LNG - MORAM

Comments about the 3Q22 results of Golar LNG. We also analyse in detail the potential FLNG projects that the company has in its pipeline

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@Carlos_MoraM

Carlos M

1 year

🇸🇪Maha Energy - Investment Thesis 🧐Small cap in the O&G industry 💎New mgmt since Nov-22 who achieved 650%return over 3 years in its last company ✅Focus growth+M&A 👤New Contributor @NameAlpha_ 🎯Very deep analysis of a completely unknown company👇🏽

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Maha Energy - Early-stage O&G player at a depressed valuation

Delve into MORAM's in-depth investment analysis of Maha Energy, a company with promising growth prospects in the oil and gas industry

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@Carlos_MoraM

Carlos M

2 years

🧐Analysis of Serica Energy, a natural gas producer in the🇬🇧 💰Printing cash due to high NBP prices & limited hedge position ✅Zero debt 📈Huge optionality (North Eigg) We talked with CEO Mitch Flegg and we share our thoughts after the Kistos offer #SQZ

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@Carlos_MoraM

Carlos M

1 year

#KIST presents its FY22 results 🟢EBITDA €380MM 🤬Effective tax rate 89.8% 🧐Net Income: €26MM (including Q11-B impairment) + €47MM* 💰Cash YE22 €212MM (~15NDebt 🇳🇴+Bonds) Glendronach FID expected in 2H23 Capex 23: €40-45MM +€130MM (Mime - 78% tax relief) Full analysis

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@Carlos_MoraM

Carlos M

2 years

#Jadestone trading at 52 weeks lows due to the recent pullback in🛢️price Mkt cap £300MM,>$100MM cash,$0 debt & >9000boepd production(Premiumto Brent) ✅Catalysts in the ST(weeks) 💎Montara reopening (+8000 boepd) 💵Stag infill results (+1.4kbopd) #JSE

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Jadestone - LON:JSE - MORAM

MORAM investment thesis on Jadestone Energy (LON:JSE), a prominent small cap in the Asia-Pacific oil and gas industry.

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@Carlos_MoraM

Carlos M

1 year

🧐Analysis of #Jadestone natural gas assets 🇮🇩Akatara: 7 years of >$80MM rev & $126MM tax pool, starting in 2024 🇻🇳Vietnam: Potential 17kboepd, FID 2H23 production in 2026… 🇹🇭Thailand: Recently acquired asset already producing 1600boepd + infill #JSE 👇🏽

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@Carlos_MoraM

Carlos M

8 months

🇵🇹Analysis of Ibersol 🍕🍔 ✈️ Franchisee of brands like KFC, Pret a Manger, Pans & Co*,… in Iberia (Including Barcelona, Madrid & Lisbon airports • Sold Burger King in 2022 for €260MM • Current market cap <€300MM • Management owns >50% shares • Buyback program 10% of

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@Carlos_MoraM

Carlos M

1 year

🥳Happy to announce the launch of our Investment Thesis Competition ⛵️Aiming to move this project into the next stage,we launch this competition to identify talent in the community 📊If you want to participate,check website for details (criteria, awards

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Investment Thesis Competition - MORAM

Moram organises an investment thesis competition aiming to find talent in the community to join its team. Participate!

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@Carlos_MoraM

Carlos M

8 months

🍔Analysis of the 🇺🇸 restaurant industry🍕 • We examined hundreds of 10Q/10K filings to complete the entire process and narrow down from +30 publicly listed companies to just a few of them • A step-by-step explanation of the process (covering financial metrics to

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@Carlos_MoraM

Carlos M

1 year

⛵️After reviewing all the theses and conducting some Q&A sessions with the preselected candidates,we are happy to present you the finalists of the investment thesis competition 📭The voting to select the winner will open this Sunday ✅All the theses are available on the website

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@Carlos_MoraM

Carlos M

1 year

🍔Arcos Dorados $ARCO - Investment thesis 💎Exclusivity for McDonald's franchisee in 20 Latin American countries (including 🇧🇷🇦🇷🇨🇴🇲🇽…) ✅Recovering margins post-Covid & inflation 🎯Significantly lower multiples compared to its peers 🌎Gaining market share in an unpenetrated

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@Carlos_MoraM

Carlos M

9 months

🇵🇹 #Ibersol – Operator of KFC, Pizza Hut, Taco Bell, Pret a Manger… franchises in Iberia - reports growth and margin recovery in 1H23 • Revenue €192.7 MM (29.7%) • EBITDA €30.2 MM (41.2%) + 130bps 🎯Some notes: • Strong growth across all segments especially

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@Carlos_MoraM

Carlos M

1 year

$GLNG unwound its TTF hedges for 2023 & 2024 We are not used to seeing trading movements in Golar,but this is brilliant They hedged at top TTF prices. Now secure gains & have spot exposition again,betting for a rise in TTF $GLNG secures $76MM EBITDA for 2023 & $49MM for 2024

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@Carlos_MoraM

Carlos M

6 months

⛵️ The Italian Sea Group $TISG.MI escalated 3 positions to become the 5th largest yacht builder in the world (the 3rd in superyachts >50m) by total length of construction (You have all the details of the entire backlog $$/yacht on our website) Sanlorenzo $SL.MI - of which we

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@Carlos_MoraM

Carlos M

1 year

⛵️After closing the transaction for 50% of Hilli's T1 & T2 with $NFE, Golar is set to print cash from its main asset in the foreseeable future 💎Some numbers about Golar Hilli (EBITDA, FCFE,..) and thoughts about $GLNG 👇🏽

Golar Hilli - MORAM

Analysis of the Golar Hilli, $GLNG main asset. We comment on FCFE figures after the deal between Golar LNG and New Fortress Energy

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@Carlos_MoraM

Carlos M

2 years

💼 Portfolio update - 2Q22💼 🔴Ventas: Greenalia, Power Reit y GSL 🟢Compras: Vertex Energy,Serica, Italian Sea Group y Elecnor 🌵Ampliación: Kistos y Adriatic 🏅Reducción: Golar LNG 🔹Sigue: Jadestone 💼🤕: +25.1% en 1H22 🔸Crypto: $BTC y demás en 👇🏽

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MORAM - 2Q22 Portfolio Update - MORAM

Comments about the portfolio performance in the 2Q22, the outlook of the economy and the companies in the portfolio

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@Carlos_MoraM

Carlos M

2 years

🥳 Tremenda victoria en $GLNG después de muchos meses predicando en el desierto y sufriendo todo tipo de gafes. 🏆El momentum de la empresa y del sector son enormes, y parece que lo mejor va a llegar en los proximos meses. 👏🏽Enhorabuena a todos los compañeros de viaje

@justfactstruth

Frank

@justfactstruth

2 years

1/7 $GLNG Stifel report.. In meetings we hosted with management in London this week, the company outlined a number of potential catalysts that are likely to materialize through the end of the year, including at least one and maybe two new major project awards by mid-summer.

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@Carlos_MoraM

Carlos M

1 year

💧 Vysarn $VYS.AX - Investment thesis🇦🇺 💎 Microcap providing water services 🎯Expanding into more profitable segments ✅Multiyear contracts 🔮Led by a Chairman who grew 37x the value of a previous company 🧐Trading <4 EV/EBITDA23 & clear growth path

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Vysarn Ltd $VYS.AX - An opportunity under the Australian water

Explore MORAM investment thesis on Vysarn Ltd (ASX:VYS),a small cap company in the water services sector in Australia. Huge growth potential

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@Carlos_MoraM

Carlos M

1 year

🇮🇹Unidata $UD.MI - Investment thesis 🎯Top-line 18% CAGR since 2002 😌Competing in defensive but growing industries in Italy 🔮Recent acquisition that will double revenues ✅Led by management with over 60% of shares 💎Full Thesis, model included, in bio (web & sub)

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@Carlos_MoraM

Carlos M

2 years

Muy explicativo,de forma visual,lo pequeños q son los inventarios de Gas Nat en🇪🇺y lo necesario q es el suministro🇷🇺(q no llegará en 2023..) Mención aparte,el 1% de capacidad de🇬🇧q le obliga a pagar precios altísimos Spot en invierno para evitar apagones

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@Carlos_MoraM

Carlos M

6 months

🎯Kistos Holdings Analysis - #KIST 🧐What is going on with one of the most promising companies of 2022? • In-depth analysis of each of its assets • Explanation about how taxes work in its three jurisdictions • Capital structure in detail & Corporate • Detailed valuation

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@Carlos_MoraM

Carlos M

3 years

⛵️Resultados $GLNG 3Q21 ✅Revenue de $106.6MM +12% YoY ✅EBITDA $74.5MM +30% YoY ✅TCE medio d $49.5 (exp 48),4Q exp $53.5😏 📌Net loss x unrealised losses de NFE ($35.5 a 27.75) ✂️Sin recompras 🥳Deuda baja $86MM esteQ 💰$203MM en caja 🤠Negociación con BP para el FLNG de 5MTPA

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@Carlos_MoraM

Carlos M

22 days

⛵️Superyachts 1Q24 earnings 🇮🇹 • Results analysis, comments & industry outlook • Downloadable & updated valuation models (including backlog, EEFF…) • The Italian Sea Group $TISG.MI • Sanlorenzo $SL.MI • Ferretti $YACHT.MI 🎯Link on bio

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@Carlos_MoraM

Carlos M

1 year

🍫Hotel Chocolat - Interesting turnaround idea in the punished consumer discretionary sector in 🇬🇧 🎯Debt-free, premium chocolate producer growing during COVID ✅Management owns >50% 📉Penalised by huge inflation in 🇬🇧 & international fiasco🇯🇵 $HOTC.L

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Hotel Chocolat LON:HOTC - A turnaround idea in a punished sector

Hotel Chocolat LON:HOTC - A turnaround idea in the punished UK consumer discretionary sector. Small cap mini-investment thesis

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@Carlos_MoraM

Carlos M

3 years

💼 Portfolio update - 30 Nov 💼 🔴Ventas: Greenvolt e Italian Wine Brands 🟢Compras: - 🌵Ampliación: Kistos y Golar LNG 🔹Siguen: Power REIT, Greenalia, Adriatic Metals, ROCC, New Fortress y Tellurian (min) 🔸Crypto:+ $ETH,+ $BTC y + $MATIC Foco: Small caps, nat gas y crypto

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@Carlos_MoraM

Carlos M

1 year

⛵️Updated investment thesis - The Italian Sea Group $TISG.MI ✅Tremendous growth prospects 🔮Pioneers in an expanding industry 👌🏽Strong management alignment 🎯Cheap compared to peers... 🏆One of our best and most comprehensive theses to date 👇🏽

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@Carlos_MoraM

Carlos M

2 months

⛵️ $TISG.MI - Regarding the sale of the block by The Italian Sea Group’ CEO this week, I believe they have done it perfectly We had been commenting on it since the stock was at €5 since it was necessary to increase the Free Float to enter the STAR (market upgrade), they had two

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@Carlos_MoraM

Carlos M

11 months

Kistos succeeds in getting the licenses for M10 and M11 extended by 5 years in the 🇳🇱 (60% Operated WI) The 2C resources (M10/M11) net to Kistos, amount to 31.7 MMBOE Next step for Kistos is to apply for an appraisal well permit Great news for #KIST !

@Carlos_MoraM

Carlos M

1 year

#KIST presents its FY22 results 🟢EBITDA €380MM 🤬Effective tax rate 89.8% 🧐Net Income: €26MM (including Q11-B impairment) + €47MM* 💰Cash YE22 €212MM (~15NDebt 🇳🇴+Bonds) Glendronach FID expected in 2H23 Capex 23: €40-45MM +€130MM (Mime - 78% tax relief) Full analysis

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@Carlos_MoraM

Carlos M

29 days

📊We have made available for download (free) in a single file all the earnings call transcripts from 1Q24 in the US 🍔Restaurants and ⛵️Boat industries 🎯This is a pilot test extendable to the rest of the industries / adding historical data / companies upon request,… if we see

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@Carlos_MoraM

Carlos M

2 years

Un pequeño reto que me puse sin mucho tiempo ni necesidad, pero del que he aprendido mucho 👌🏽😊 #CFA

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@Carlos_MoraM

Carlos M

10 months

⛵️Terrific results from Sanlorenzo $SL.MI for 1H23: - Revenue of €388MM (+12.6% YoY), EBITDA up by 20.7% to €67.7MM,net income of €39MM (+20% YoY) - Raised FY23 EBITDA guidance to €160MM with a margin of 18.7% and a net profit of €87.5MM in FY23 Some notes: • Net Cash

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@Carlos_MoraM

Carlos M

9 months

#KIST reports its 1H23 results 🇬🇧🇳🇱🇳🇴 • Revenue €120MM • EBITDA €68.6MM 🎯Some notes: • Q10-A field produced 3,100 boepd • GLA production was 4,300 boepd (unscheduled downtime in March) • €37MM cost increment in Jotun FPSO • Net debt €42MM + up to €45MM (date

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@Carlos_MoraM

Carlos M

1 year

😏How difficult it is to change the market's perception of a company… $GLNG continues to be seen as an oil-dependent company despite oil contributing <10% of its EBITDA in 2024 🛢️It plummets >6% despite having >$300MM secured EBITDA and minimum debt

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@Carlos_MoraM

Carlos M

1 year

🇳🇴Detailed explanation of the latest Kistos acquisition: Mime Petroleum (assets, transaction details, contingent payments,..) ✅Economics of the new company (bonds payments, production profile, EBITDA model,…) 🧐Our analysis of the current situation and what to is to come in

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@Carlos_MoraM

Carlos M

3 years

Esto tiene una pinta preciosa 🙌🏽 🔹Derribado el muro de los $12 a cierre mensual 🔹El Brent a > $71 🔹Inventarios en Europa en minimos 🔹JKM por las nubes 🔹NFE tiene un proyecto espectacular 🙏🏽Troim firmando un FLNG pronto 😏 $GLNG

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@Carlos_MoraM

Carlos M

3 years

Muy buenos resultados de Golar $GLNG en 1Q21 💪🏽 ✅Revenue de $125.8MM vs 108 exp ✅EBITDA $77.6MM y EPS +$0.23 vs $0.05 exp 🛳 TCE medio de $61.7k y $~50.5k para el 2Q21 📈Recompradas 1.2MM acciones por $13.7MM 💰$299MM en caja 💸Reducción anticipada $60MM de deuda en julio

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@Carlos_MoraM

Carlos M

5 months

⛵️To celebrate the new all-time highs of what is likely our most well-known discovery, we have removed the paywall from the $TISG.MI thesis :) 💎Additionally, you also have another post available with the detailed step-by-step valuation and the breakdown of the net backlog for

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@Carlos_MoraM

Carlos M

7 months

⛵️ Sanlorenzo 3Q23 results $SL.MI • Revenues €626MM (+15.1%) - Yacht Division €387,5MM - Superyachts €171.6MM (+24%) - Bluegame €66.9MM (+28.3%) • EBITDA €113.8 (+22.7%) margin up 120 bps • Net Income €66.9MM, margin up 110bps 🎯Some notes • Huge

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@Carlos_MoraM

Carlos M

1 year

⛵️Masterclass about the Dry Bulk shipping segment by the COO &Partner Hizone Group (>20y exp in top shipping firms) 🎯Explanation of the industry,supply& demand economics,current market situation,ideas to play it 💎Honestly,a masterpiece 👤 @JoelGrauJG

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Dry Bulk shipping - Has the party just commenced?

Article about the Dry Bulk shipping segment, explaining the economics of the industry and some interesting companies

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@Carlos_MoraM

Carlos M

10 months

🎯Just finished this amazing story about the clash of distressed debt hedge funds battling PE giants for their share of the iconic Caesars Palace conglomerate Interesting how illustrates the potential for creating value through corporate restructuring Highlight the

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@Carlos_MoraM

Carlos M

1 year

⛵️ $GLNG 1Q23 results 🎯EBITDA $84MM 🧐Net Loss $102MM (including $182MM non-cash mark-to-market derivatives loss) 💰Total Cash $1bn ✅New Buyback program up to $150MM ✅New dividend $0.25/sh quarterly 🇳🇬MOU signed with NNPC to develop multiple FLNG projects (5 years)

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@Carlos_MoraM

Carlos M

1 year

⛵️Ferretti Group: The upcoming yacht company IPO in Europe To complete the trilogy of 🇮🇹yacht companies, the analysis of Ferretti: Financials, growth strategy, IPO target,valuation… 🎯Peers analysis including TISG,SL, Catana, Beneteau, Fontaine Pajot…

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Ferretti - The next luxury yacht builder IPO in Europe - MORAM

Analysis of Ferretti Group,the next yacht company making an IPO in the Italian stock market.It includes a detailed comparison with main peers

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@Carlos_MoraM

Carlos M

2 years

💼 El resumen completo del 4Q21 lo subiré a la web este finde, pero x hacer un poco de balance.. 🍾En cuanto a rentabilidad, 2021 ha sido el mejor hasta la fecha, con un YTD de 3 dígitos 🎯Allocation 100% guiada x análisis macro,con el QE/inflación, los problemas de suministro,

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@Carlos_MoraM

Carlos M

3 years

Pocas veces he estado tan optimista a 6 meses vista: Greenalia Golar Ethereum 60% de la cartera.

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@Carlos_MoraM

Carlos M

10 months

🧐Golar 2Q23 results $GLNG AEBITDA $87MM, $7MM Net Income ( $76MM unrealised loss derivatives) 💼Corporate • $884MM cash ($113MM restricted) • 1.4MM shares bought back at $21.06/sh • Dividend $0.25/quarter • $16MM unsec bonds repurchased ($139MM A/O) ⛵️FLNGs • Hilli

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@Carlos_MoraM

Carlos M

1 year

⛵️Golar announced today a summons to a written resolution regarding an amendment of its unsecured bonds, supported by bondholders with the majority of the bond outstanding $155MM 💸Golar will be able to distribute (dividends & buybacks) up to $189MM (51% cash value of its LNG

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@Carlos_MoraM

Carlos M

6 months

⛵️Educational: How to perform a DCF valuation • Step-by-step process of building DCF models applied to The Italian Sea Group and Sanlorenzo, two companies we are very familiar with and whose free theses you can find on our website 💎 • Recent publication of the estimation

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@Carlos_MoraM

Carlos M

2 years

🧐Analysis of #Jadestone , small-cap in the energy sector. ✅It takes advantage of majors selling assets at huge discounts (ESG reasons) in Southern Asia & Oceania 💸Significant Brent Premiums 🏄🏽‍♂️No hedges in place 💰Zero Debt 💎<1 EV/EBITDA22

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Jadestone - LON:JSE - MORAM

MORAM investment thesis on Jadestone Energy (LON:JSE), a prominent small cap in the Asia-Pacific oil and gas industry.

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@Carlos_MoraM

Carlos M

2 years

⛵️ After announcing in the 2Q22 CC a wave of FLNG's FIDs coming imminently + 💸 Unhedged TTF exposure in 4Q22 & 50% of 2023… $GLNG is coming home…🥳

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@Carlos_MoraM

Carlos M

2 years

🧐So… are high natural gas prices over in Europe? #TTF 🌞Warm weather in Europe along with the increment in #LNG imports have diminished the natural gas prices in Europe ⛵️70% of US LNG exports went to Europe in 3Q22 compared to 30% in 3Q21

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@Carlos_MoraM

Carlos M

1 year

⛵️Fantastic FY22 results of $TISG.MI increasing EBITDA (+70%) & EPS (+50%) 🧐Noteworthy that only 18 people attended the CC, and only us asked questions... 🎯Whenever the market realises about this company, it’s gonna be amazing ✅We’ll update the investment thesis this Sunday

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@Carlos_MoraM

Carlos M

3 years

Golar $GLNG firma los mejores resultados de su historia en 2Q21 x la venta de Hygo ✅Revenue de $104MM vs 102 exp ✅EBITDA $67MM ✅ Net Income $472MM 😒 TCE medio de $45.1 y $48 exp 3Q21 🤯Firmado un charter a $60k/d x 5 años 📈Recompradas 2.4MM acc en 2021 💰$338.5MM en caja

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@Carlos_MoraM

Carlos M

2 years

💼 Portfolio update - 31 Dec 💼 🔴Ventas: NFE y Tellurian 🟢Compras: - 🌵Ampliación: Kistos y Golar LNG 🔹Siguen: Power REIT, Greenalia, Adriatic Metals y ROCC 🔸Crypto: $ETH, $BTC, $MATIC y $ONE 💼ATH y Comentario a cierre de Q4 en la web

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MORAM - 4Q21 Portfolio update - MORAM

Portfolio update and comments about the performance in the 4Q21and how we see our companies an the macroeconomic environment

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@Carlos_MoraM

Carlos M

10 months

💧 Vysarn $VYS.AX - Updated Investment thesis🇦🇺 🎯Microcap providing water services & expanding into more profitable segments 🔮Led by a Chairman who grew 37x the value of a previous company 🧐Trading around 5 EV/EBITDA24 & clear growth path 💎Also includes our interview with

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@Carlos_MoraM

Carlos M

2 years

🧐Analysis of Epsilon Energy, a small cap natural gas producer in the🇺🇸 💰Printing cash due to high HH prices & limited hedge position ✅Zero debt 💎Ownership of a midstream asset We talked with its new CEO about his vision for the company $EPSN

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@Carlos_MoraM

Carlos M

4 years

Resultados de Golar $GLNG ✅Revenue mejor de lo esperado $95.2MM vs $88MM exp 🛳 Vendido Golar Viking ($47MM a recibir en enero) 💵Nueva credit facility de $100MM + 125 en progreso 💰Liquidez de $239MM (77+162) Hago resumen esta noche con los comentarios de la conference call

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@Carlos_MoraM

Carlos M

3 years

⚠️Aumentan los problemas de abastecimiento de gas en Europa 📈Los precios ya en máx históricos afrontan un invierno sin precedentes ‼️No da tiempo a llenar inventarios y la sit es de salvese quien pueda Muy bullish en shipping y exposición al TTF $GLNG

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Gazprom cancels Aug condensate exports after Urengoy fire, sources say

condensate plant fire

www.reuters.com

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@Carlos_MoraM

Carlos M

1 year

💎Today's article is about how 🇪🇺 is trying to preserve its energy security after cutting 🇷🇺 ties 🧐We also analyse industries hugely beneficiated & how this situation is forecasted to evolve ✅With collaboration of macroeconomic analyst @aleix_amoros

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The great shift: from a piped to a shipped supply of natural gas - Moram

Lessons and challenges for the European Union in the short and mid term

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@Carlos_MoraM

Carlos M

2 years

🧐Analysis of OneWater Marine $ONEW, one of the fastest-growing recreational boat dealers in the 🇺🇸 🔑 Fragmented industry with huge succession issues 📈Revenue CAGR >34% for the last 5 years 🙌🏽Doubled EBITDA margin (in 5 years) ✅>25% internal ownership

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@Carlos_MoraM

Carlos M

1 year

⛵️Yesterday, Ferretti conducted its IPO on the Milan Stock Exchange. #Ferretti was the third luxury yacht company we analysed, completing our Italian trilogy 🇮🇹Taking advantage of this opportunity, we have made our thesis available to anyone interested in the company ✅Full

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@Carlos_MoraM

Carlos M

1 year

$GLNG to acquire $NFE ownership in FLNG Hilli 💰$100MM in cash + remaining 4.1MM $NFE shares Golar owned ✅This movement allows Golar to own 95% of Hilli’s T1 & T2, but no change in TTF or Brent bonus 💵Golar also takes the $323MM debt obligations of NFE linked to #Hilli

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@Carlos_MoraM

Carlos M

2 years

⛵️3Q22 $GLNG results 🥇 ✅AEBITDA $85.2MM ✅Net Income $141MM(unrealised earnings) 💰$9.3MM buybacks ⛴️$16MM EBITDA x 12m Tundra 🚢 Ordered long-lead items for 3.5MTPA FLNG(2025) 🔮Sold $NFE & Coolco sh to finance FLNGs 📝We expect 3 in the coming months (Integrated & Toiling)

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@Carlos_MoraM

Carlos M

9 months

⛵️We have just published our monthly update on both the macroeconomic situation and the events & thoughts on the companies we analysed in the last 12 months 🌎Macro: We focus on Europe and the US, the Oil & Gas industry and the market situation 🧐Companies: we cover 18

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@Carlos_MoraM

Carlos M

2 years

⛵️Resultados $GLNG 1Q22 ✅EBITDA $93.4MM (Idem 4Q pero solo con Hilli, Tundra y Artic 🤯) ✅Net Income $345MM (Contando unrealised) 🚨Hilli-T3 linked to TTF en spot en 4Q 💰$1.3Bn Cash y $1.2 de deuda (Apr-22) 🚢 Tienen el Cash para 2 nuevos FLNGs 😕Aún sin ejercer T3 para 2023

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@Carlos_MoraM

Carlos M

1 year

⛵️Sanlorenzo $SL.MI published today record FY22 numbers ✅Revenues exceeded guidance:€740.6MM 💥AdjustedEBITDA €130MM (17.6% Margin) 💵Net backlog of €1.1bn, the highest level ever 💎Fully booked for Superyachts until 2027 💰Net cash position €100MM

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Sanlorenzo FY22 results - MORAM

Analysis of Sanlorenzo $SL.MI FY22 results. Italian company dedicated to the designing and manufacturing of custom-made luxury yachts.

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