Vermilion Energy Inc (VET.TO)

Lately they've had success in exploration in Germany, but near-term capex to exploit that is questionable. Are hard hit, now trading at half their book value. Are paying a near-6% dividend. He's held on. He may use VET as a source of funds, but otherwise won't sell it.

Owns shares. Believes company has a lot of potential. European gas prices have been low, but still relatively strong. Largest independent gas producer in all of Europe. Very good shareholder discipline - has paid lots of dividends. Good capital allocation. 

Owns shares, and has suffered share price depreciation. Europe pricing very hard on business. Company is going to have to re-evaluate Europe assets. Better options in the energy sector for investors. 

Too geographically exposed. Inventory light. Hedge on gas about to expire. Not a good option for investors. 

Looking at 2026, they're almost negative free cashflow because they're benefiting from European gas hedges that are about to roll off.

Sell it. Value trap. Too many assets, not enough geographical concentration. The free cashflow yield that everyone's fallen in love with rolls off significantly in 2 years.

Too much noise. A tax-loss candidate. Don't buy. The warm winter meant weak heating demand. Also, their assets are too scattered, lacking focus, while the dividend isn't attractive enough. Some flagship assets will decline. It's a value trap.

The biggest knock is that they have 5 operations round the world when they need focus. It remains challenged and deserves to trade at a discount. Look elsewhere for less risk and more reward.

Not his favourite in energy. If it break its 200-day moving average it will move even higher though. But if fundamentals continue to do well, so will VET. The stock is well-positioned.

Not that familiar with it, but it's had issues in France. All Canadian-based energy will do well. But VET is back on track. Not his top pick in this space.

Company has turned around - last quarter very strong. Believes energy prices will remain high. Company progressing in de-leveraging. Free cash flow will be returned to shareholders (~50%). Dividends are robust, and company on the way to recovery. Good valuation that offers safety for long term investors.  

A relative underperformer. Pays a yield under 3%. They're trying to re-establish their Canadian base in the Montney after stumping their toe in Europe and the U.S. Investors see better valuations in Canada or the U.S. as oppose to conglomerate North American and European names. Dividend is too low for him.

European assets unique - creates higher realization of pricing. Prefers assets in North America (risky in Europe at times.) Better names in North American market (Tourmaline etc.) Good business, but does not own shares. 

Bit of an upswing now, but very subtle. If it goes up another $1, it's in full-swing upturn. $13.70 is your firm exit price. He's being really tight with this to lock in his profit. Has been very disappointing for lots of people.