Civitas Free Cash Flow and High Dividend Yield Powerhouse

• Dividend Yield is projected to be 12% for this year, with an Estimated Fair Value of $108 per CIVI share.
• Accretive acquisitions, all while keeping Debt/EBITDA below 0.5x for E2022.
• Highest-in-sector base dividend yield, paying out 50% FCF (Free Cash Flow) on top of 3.1% base.
• First-ever net-zero exploration and production firm in Colorado, using a combination of investment in emissions reduction and carbon offset credits.
• 175 mboe/d across 500,000 acres of land in the DJ Basin.
• Big Dividend Increase with stock having corrected from 85 makes this a compelling dividend income and capital appreciation stock.

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Petrobras Unveils New Footing With Record Dividend

• Record dividend payout, bringing yield to 21.3%.
• Sweeping strategic plan to streamline and expand the best assets while divesting from domestic energy production and for-domestic oil refining in favor of natural gas capacity.
• Innovative floating production storage and offloading facilities (FPSOs) blends the higher throughput of onshore production with the relatively low cost of offshore production.
• Dividends are guaranteed at above $40 per barrel (bbl), paying out at a minimum 25% of net income as a base.

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July 2022 Economic and Market Review

Building Benjamins

Economic and Market Review July 30, 2022 Recession Concerns Remain High Recession concerns are rising as company earnings, employment data, and economic growth estimates continue to demonstrate an expected slowdown in the economy. Second quarter Gross Domestic Product (GDP) released in July showed a -0.9% decrease in GDP, following a -1.4% decline in the first…

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Meta’s Headwinds and Strategic Misalignment Are Not Virtual

Meta symbol on Dollar background

• Too little too late on revamp of adverting algorithm, poor adaptation to Apple’s new privacy rules.
• Significant fall in ARPU, despite increases in ad impressions and increases in monthly active users.
• Expensive barriers for entry for consumers and developers in the Metaverse.
• Headwinds may be difficult to surmount with hiring freeze.

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Gold Fields Targets Yamana for Synergies

• Yamana Acquisition target for Gold Fields (GFI) at an announced 33.8% premium using GFI stock.
• Estimated Fair Value of GFI is $16.50 per share.
• Combination of takeover premium and appreciation of GFI is compelling.
• Combined entity would have long mine life with significant brownfield and greenfield expansion opportunities available.

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Flash Sale of Meta Platforms (Meta)

Building Benjamins

Flash Sale of Meta Platforms August 1, 2022 We have sold our position in Meta Platforms, Inc. (META) The company’s attempted pivot to dominance in the Metaverse seems unlikely to be successful. META appears to be overcharging potential developers to utilize its platform causing limited uptake. In addition, the core Facebook business is having difficulty…

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Activision-Blizzard Likely Redeemed by Microsoft Acquisition

• Microsoft proposed all cash acquisition at $95 per share.
• Some of the largest and best-selling entertainment intellectual properties of all time, with nearly 400 million monthly active users across all IPs.
• New product launches including several new mobile iterations to expand on total addressable market and free-to-play iterations to help drive player conversion.

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Favorable Conditions for Hospital Leaseback Explosion

• 7.4% Yield, Estimated Fair Value of $20.
• 91.1% of asset leases to expire after 2030, holding $21.4 billion in assets across 9 countries and 438 properties.
• Second largest global owner of hospitals in the world, with no operational risk.
• Favorable tailwinds include aging population and push for better access to behavioral health.
• Increasing interest rates make leasebacks cheaper than debt financing for expansion.

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