BKV's Integrated Operations Offer Value, Analyst Highlights Unique 'Closed-Loop' System And Growth Prospects
BKV's Integrated Operations Offer Value, Analyst Highlights Unique 'Closed-Loop' System And Growth Prospects
Additionally, the analyst says that BKV's partnership withTruist Securities analyst Bertrand Donnes initiated coverage on BKV Corporation (NYSE:BKV) with a Buy rating and a price target of $24.
Truist Securities分析师伯特兰·唐恩斯开始对BKV公司（纽约证券交易所代码：BKV）进行报道，评级为买入，目标股价为24美元。
The analyst writes that BKV is primarily owned by parent company Banpu, with BKV's EBITDA contributing about 25% to Banpu's overall portfolio. Banpu aims to hold a 30-50% stake in BKV, suggesting potential future equity sales.
这位分析师写道，BKV主要由母公司万浦持有，BKV的息税折旧摊销前利润为万浦的整体投资组合贡献了约25％。万浦的目标是持有BKV30-50％的股份，这表明未来可能会出售股票。
While this ownership may create some overhang, the parent company's backing offers downside protection, which is likely valued by investors, adds the analyst.
分析师补充说，尽管这种所有权可能会造成一些悬而未决的问题，但母公司的支持提供了下行保护，投资者可能会对此予以重视。
Additionally, the analyst says that BKV's partnership with Banpu Power should streamline power plant expansion compared to standalone funding efforts.
此外，该分析师表示，与独立融资相比，BKV与Banpu Power的合作伙伴关系应简化发电厂扩建。
The analyst writes that they believe BKV's appeal lies in its "closed-loop" system, where its integrated asset base efficiently guides gas production from start to end use. This gives it an edge over peers, though the market appears to undervalue the potential of each segment in its current equity valuation.
该分析师写道，他们认为BKV的吸引力在于其 “闭环” 系统，其综合资产基础可以有效地指导天然气生产从头到尾的使用。尽管市场在当前股票估值中似乎低估了每个细分市场的潜力，但这使其比同行更具优势。
Donnes says that this underappreciation may have contributed to BKV's IPO pricing below expectations, as macro and political concerns weigh on valuations for its Carbon Capture, Utilization, and Storage (CCUS) and Power segments, leaving the Upstream/Midstream segment as a valuation floor.
唐恩斯表示，这种低估可能导致BKV的首次公开募股定价低于预期，因为宏观和政治担忧打压了其碳捕集、利用和存储（CCUS）和电力板块的估值，使上游/中游板块成为估值下限。
The analyst expects management to deliver on all three segments by 2025. The company is well-positioned to consolidate Barnett upstream assets through equity-based deals that could reduce leverage.
该分析师预计，到2025年，管理层将在所有三个细分市场上实现交付。该公司完全有能力通过可能降低杠杆率的股票交易来整合巴尼特的上游资产。
Additionally, its Power JV is positioned to expand into data center demand via new plant acquisitions, while the CCUS segment is set for larger projects focused on industrial emitters, adds the analyst.
此外，分析师补充说，其电力合资企业有望通过收购新工厂扩大对数据中心的需求，而CCUS细分市场将用于以工业排放者为重点的大型项目。
The analyst estimates EBITDAX of $194 million in 2024, $307 million (consensus of $306 million) in 2025 and $423 million (vs. estimate of $432 million) in 2026.
该分析师估计，2024年的息税折旧摊销前利润为1.94亿美元，2025年为3.07亿美元（共识为3.06亿美元），2026年为4.23亿美元（估计为4.32亿美元）。
Price Action: BKV shares traded lower by 0.11% at $18.17 at the last check Friday.
价格走势：在周五的最后一次支票中，BKV股价下跌0.11％，至18.17美元。
Photo by Ground Picture on Shutterstock
照片由 Shutterstock 上的 Ground Pict
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