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Why Is Statoil Undervalued?
My own view is that a company owned 67% by the national government makes it no longer a private company but an NOC akin to Petrobras, Petronas, and many others. The financial well being of private shareholders will always be a secondary concern to the company's management and the board of directors in companies like this. Norway may not be Nigeria, but the company is and will be used as an instrument of those running the Norwegian government.
Also, although STO has made many large investments outside of the North Sea in recent years, many of those investments have not panned out, and many look suspect in hindsight. Like Petrobras, they are very good in their own back yard, where they have an institutional advantage, but in the US or Nigeria or elsewhere, where they have to compete on an even playing field with the real carnivores of the international petroleum industry (XOM, RDS, BP, CVX, APC, CHK, etc.), they often seem to end up in the wrong deals and short a lot of shareholder cash.
With these issues in mind, they deserve to be trading a much lower multiple than their non-NOC competitors.
Jan 30, 2013. 11:41 AM
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JMG Exploration: Red Flags Including A Canadian Trading Halt, Major Shareholder's SEC Conviction Suggest Something Is Amiss
OK, I believe you. Your track record on companies like this speaks for itself, and your research and articles are very comprehensive. My problem is that my broker lists zero shares of JMGE available for borrowing and shorting. Where do I have to go to gain access to some of these shares?
Oct 1, 2012. 12:04 PM
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