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#	AUTHOR DATE SUBJECT
16	member 12/08/15 1:41PM SAGA
Speaking of trading near net cash: think SAGA is even more interesting, though less liquid. Very hard to source shares, but I've managed to get a million here and there. SAGA NO trades at 2.3... login to read the rest view available tags
14	member 9/03/15 10:11AM Presentation from Pareto's Oil & Offshore Conference
http://hugin.info/162549/R/1949573/708600.pdf view available tags
12	member 9/02/15 4:52AM Aqualis buys 49.9% of Adler Solar
02/09-2015 07:00:00: (AQUA, AQUAO.ST) Aqualis ASA: Aqualis buys 49.9% of Adler Solar http://www.netfonds.no/quotes/release.php?id=20150902.GlobeNewswire.1949143 view available tags
11	member 5/19/15 6:38AM Related - Standard Drilling trades at a 15% discount to net cash
Standard Drilling, an investment company controlled by Spetalen as well as his aquaintance Dan Gold in QVT now trades at a 15% discount to net cash. Historically, getting in on the ground floor in Spetalen controlled shells... login to read the rest view available tags
9	member 11/07/14 9:57AM Re: Re: Re: Questions 8
You may very well be right. Aditionally, companies of this kind are usually sold for about 2m per head, so there's a very good chance I'm being too conservative. view available tags
8	member 11/07/14 9:54AM Re: Re: Questions 7
Given the results to date, I think $190k per employee per year (using dollars ass operating currency is better than NOK in my opinion) is excessively conservative. They have been $225k and above this year. Furthermore, I... login to read the rest view available tags
7	member 11/07/14 9:12AM Re: Questions 5
Nothing wrong with the math. It's just that I use 1.25m NOK per head in revenues or about 190k per head (I USD = 6.8 NOK or thereabouts) as I'm doing the calculation in NOK.... login to read the rest view available tags
6	member 11/07/14 8:52AM Cash Usage
While management would prefer to grow organically at this point, they want to have some dry powder in case they come accross a very attractive acquisition. If not, I think they start paying a dividend in view available tags
5	member 11/07/14 8:40AM Questions
Thanks for the questions and appreciate the interest. with almost every offshore leveraged name decimated recently (RIG, SSE, HOS) why is this a better risk reward? I think the difference with AQUA is that I expect them... login to read the rest view available tags
4	member 11/07/14 8:18AM Insiders
One of the most interesting things about Aqualis is the amount of insider ownership and purchaes. CEO purchased yesterday. Best, DBH Aqualis ASA : Mandatory notification of trade Oslo, 7 November 2014 On 6 November 2014, ALSTO Consultancy Ltd, a... login to read the rest view available tags
3	member 11/07/14 4:40AM Aqualis 2
I think Aqualis interesting, but I wonder if the timing is wrong and if the price isn't already too high to justify an investment at this point. My very cursory work on this assumes significant dilution... login to read the rest view available tags
2	member 11/06/14 11:35PM Relative value
with almost every offshore leveraged name decimated recently (RIG, SSE, HOS) why is this a better risk reward? view available tags
1	member 11/06/14 11:58AM Presentations
Here is the link to their presentations which I think provide a helpful overview. Best, DBH http://aqualis.no/investors/reports-and-presentations/other view available tags

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			2011	2012
Price:	56.80	EPS	$0.00	$0.00
Shares Out. (in M):	300	P/E	0.0x	0.0x
Market Cap (in $M):	17,000	P/FCF	0.0x	0.0x
Net Debt (in $M):	5,000	EBIT	0	0
TEV (in $M):	22,000	TEV/EBIT	0.0x	0.0x

Description

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