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This is just my opinions and I would love for other in CAD EFT @tsxman @TSXcapital @stevemccaff @nacho_sthlm (I know I am missing a few others, Sorry) to opine. $POU 1/n https://twitter.com/matt43372887/status/1275650177198678017
This chart and the business model it represents, the model $POU loves to talk up - have never really worked for them.
The develop then Harvest idea, they are just bad at it. 2/n
The develop then Harvest idea, they are just bad at it. 2/n
Going back a while
- from the spinout of Trilogy $TET, $MGM, $PMT,
- the sale of oil sands assets to $MEG
- to the sale of Montney assets $VII (they did well on price though, even if $VII's stock is now shit) 3/n
- from the spinout of Trilogy $TET, $MGM, $PMT,
- the sale of oil sands assets to $MEG
- to the sale of Montney assets $VII (they did well on price though, even if $VII's stock is now shit) 3/n
Continuing to their want of mostly building a gas plant, then selling it to the likes of $PPL and CSV.
$POU has the staying power of a 14 year old boy (a worse person would make a joke about the quality of their CEO here, but not me) 4/n
$POU has the staying power of a 14 year old boy (a worse person would make a joke about the quality of their CEO here, but not me) 4/n
$POU has been shuffling the deck chairs on a ship that is not even sinking - they don't see projects through. 5/n
Even when $POU gets a windfall like $VII paying the fuck up for their complementing land - they squander it like a guy with a big inheritance at Las Vegas (ha, see what I did there) 6/n
$POU has consistently redeployed freed up capital into worse projects that the ones they sold to free up the cash in the first place.
They have made a lot of money for bankers and the family is YYC royalty but if you are a lolly shareholder, there is not much to love 7/n
They have made a lot of money for bankers and the family is YYC royalty but if you are a lolly shareholder, there is not much to love 7/n
(and now a brief intermission for for coffee)
(Coffee Acquired)
So $POU has bought and sold, and sold and bought the same assets, other assets - sometimes multiple times without ever developing the institutional knowledge to run them well.
Is there any reason to think $POU is better at building gas plants than $PPL? No
8/n
Is there any reason to think $POU is better at building gas plants than $PPL? No
8/n
$POU fancies themselves (and would like the market to think of them as) a focused developer much like $VII when in fact they still look a hell of a lot more like a sprawling royalty trust with no scale to leverage. 9/n
It is not like they really had to pay up for the $APA stuff, - but what a sprawling mess.
ZUMA is currently being abandoned and the costs they are running into are way higher than thought - great buy there Jim!
$POU
10/n
ZUMA is currently being abandoned and the costs they are running into are way higher than thought - great buy there Jim!
$POU
10/n
$POU also functions like a family investment company for a random collection of other things.
THEY OWN THEIR OWN DRILLING RIGS, THERE IS A REASON NO-ONE DOES THIS.
All the Horn River and Liard shit - no scale, no leverage.
11/n
THEY OWN THEIR OWN DRILLING RIGS, THERE IS A REASON NO-ONE DOES THIS.
All the Horn River and Liard shit - no scale, no leverage.
11/n
