A few pointsI see a few things that Guido's review fails to acknowledge.
1. BIR will be debt free in Q1. This is huge in that it becomes a 100% FCF where
central banks are raising int rates on a trajectory to achieve a 2% inflation rate.
This gives them financial power and flexibility that will be recogniized.
2. Their new dividend policy announcement is sustainable down to $3 NG and
should also attract investors.
3. Freeport LNG cannot be held up indefinately. I suspect it will be back in service
by Q1. NG will remain in high demand both domestically and for LNG export.
BIR is in a very good position to benefit from this going forward into 0'23.
I am in a hold position on it for now as I think its prospects are much better that the
present market valuation. There are good catalysts here that bear exercising a little
bit of patience IMO.