Tenaz Energy Corp T.TNZ

Bizarrely quiet

[TheRexmember]

Such a crazy flurry of management interviews, conference presentations, appearances and then 8 months of near zero. 

It was reported they were in talks to take over NAM last summer. Now it makes me wonder if the TTF nat gas price drop caused tenaz to revise their terms? I know last year that Exxon gave them an ultimatum to close the deal by June or the sale was going to be canceled. They do like to grind away. 

or is there a monster, multi company consolidation going on? 

either way it seems like they are avoiding the public eye way more than past history suggests they would.

[RockLobster1]

I know much of the potential here is new deals, what do people value the current company at?...  Ie without new deals are we undervalued?

[BERationale]

They have $45mm of working capital or $1.65 per share. They also generate run rate cash flow of $35mm which at 2x cash flow (which is on the low end of the market) equates to $70mm or $2.60 per share. Rather than cash flow you could also look at their 1P NPV which is $90mm or $3.35 a share. So fair market value is $4.25 - $5.00 per share without new deals. This also applies no value for their CCS

[RockLobster1]

Thanks BE for the info..., I'm happy to sit and wait and pick up more on weakness....  With this mgmt it certainly seems likely more deals are coming, but they drive a hard bargain.