Comprehensive TFC Report and some Whale Huntinghttps://trillionenergy.com/wp-content/uploads/2022/10/TCF_09_13_22-research-report-TCF.pdf
Very comprehensive and detailed in all regards. It is a 13 page report on Trillion Energy September 13, 2022 by Research Capital Corp.
Produced by Bill Newman, CFA Senior Analyst. He suggests the stock is still undervalued though and set a price target of $1.02 (C$1.35), based on a 3.0 x multiple of 2024F debt-adjusted cash flow.
As we know our comparitive other Touchstone Barbados is producing and trading at a 10.0 x multiple for their current EPS / Free Cash Flow. 3.0 x multiple is very conservative and I agree with Art that a 5.0 times multiple is more appropriate .... and certainly 5.0 times EPS when we are into production. The result would have TCF trading at a higher price per share.
(C1.35 per share) / 3.0 times multiple = C 0.45 cents per share.
(Now apply a more realistic 5.0 multiple)
(5.0 multiple x C 0.45 = (C 2.25 per share) at completion of Plan A 7 Drill Program in June 2023 ....
And for Plan B 10 Drill Program commencing after June 2023 or sooner if we can secure a 2nd Drilling Rig.
What makes the company even more intriguing is its "exploration upside." Trillion’s CEO stated that “SASB has the same Maykop source rock as found at the recently discovered 19 Tcf Sakarya Gas Field. This source rock is widespread and also occurs onshore Turkiye and in South Caspian Sea area.” The Sakarya Gas field is one of the largest natural gas finds in the European region in more than 30 years, and SASB is 100 miles south of Sakarya.Trillion is also evaluating deeper horizons, targeting the same play types to the recent multi-tcf discoveries made to the north of the SASB block. Yes, that is correct ... "multi-TCF" discoveries. Those would be the Art's "large anomolies" or Whales off block. As stated before, TCF is well positioned to secure the licenses for the related Blocks that contain the "anomolies." IWe have been told that there are 4 - 6 of these large targets to test. I sincerely hope that at least one or two of the best targets can be drill tested in the early days of Plan B Drilling Program.... here is hoping.