2026 Q2 - tulosraportti
22 päivää sitten
‧29 min
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 1 106 | - | - | ||
| 2 119 | - | - | ||
| 1 344 | - | - | ||
| 642 | - | - | ||
| 1 547 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 - tulosraportti 24.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 - tulosraportti 1.9. | ||
2026 Q1 - tulosraportti 26.5. | ||
2025 Q4 - tulosraportti 24.2. | ||
2025 Q3 - tulosraportti 18.11.2025 | ||
2025 Q2 - tulosraportti 19.8.2025 |
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·2 t sittenStrategic overview: What does the Starboard agreement and the hidden value gap in KEO Capital mean? There is currently quite a bit of confusion in the market regarding Starboard's exit, and why the share price in KEO Capital (KEOC) continues to trade at a massive discount on Nasdaq Stockholm. Here are the actual facts behind the scenes and the underlying mathematics that long-term investors should know about. 1. Status of the Starboard sale: Approved, but not executed yet The official company announcement deals with the fact that the board has issued an exception to the lock-up agreement (lock-up waiver). Formally and legally, this means: No shares have officially been sold yet: Starboard still owns their stake (around 15% before the recent block trades were initiated). A final insider notification has not yet been sent to the exchange stating that the shares have changed hands. The price is partially finalized: The framework for the transfer to the American fund VEN Industries Holdings LLC is in place. However, the final pricing and execution are deliberately awaiting the next major catalysts. What are they waiting for? The trade is awaiting the final formal regulatory approvals as well as the vital independent reserve report for the PetroUrdaneta fields in Venezuela, which lands here in Q3 2026. 2. Professional positioning: Trading on expected value Professional funds do not wait blindly for official reports. VEN Industries is taking over this stake because, through Due Diligence, they know the preliminary technical data. The timing is perfectly coordinated with the regulatory breakthrough on August 29, 2026, when KEO Energy signed the final agreement with state-owned PDVSA, ensuring operational control and – very importantly – international sales rights on gas. 3. The enormous value gap: Sum-of-the-Parts (SOTP) When breaking down KEO Capital into the two business segments, which are planned to be split into two independent companies, the fundamental calculation looks as follows per share (based on approx. 350 million outstanding shares): 💳 Fintech part (WorKEO): 16.00 SEK (Priced and locked in by new investors at the latest capital raise). 🛢️ KEO Energy (Oil): ~12.00 SEK (Based on the agreed pre-money valuation of 400 million USD in the Lionheart term sheet). 💨 Gas surcharge (New potential): ~3.00 SEK (Estimated added value after the PDVSA gas agreement, which is expected to be confirmed in the upcoming report).💰 Total underlying value: ~31.00 SEK per share💡 Conclusion: Why is the stock trading at ~7.50 – 8.00 SEK? KEO Capital is currently suffering from an extreme conglomerate discount. The market hates the mix of global fintech and Venezuelan oil risk, and the share price is pressured by the many new share issuances. The Starboard agreement is the ultimate proof that large, long-term players are trying to position themselves before the reserve report is published and before the company is split up (Spin-off). When the split happens, and investors are left with two pure-play stocks in their portfolio, the underlying value gap of up to 23.00 SEK per share is expected to be closed. The current market price simply does not reflect reality.
·8 t sittenOil reserve report can come any time now. They said at the Q2 report that it's 2-3 weeks and it's the third week now! Must say I'm a bit nervous about this especially after the Italian resigned from the board chairman position! 400-500 million P2 reserves would have lifted the stock significantly! Under 350 million P2 will not be well received, I'm afraid!
Short summary and the reason why Paolo F left: On September 10, 2026, a heavily drug-intoxicated man crashed a white Rolls-Royce Cullinan in Coral Gables, Florida, and was subsequently arrested for driving under the influence and drug possession after police found just over 38 grams of "Tusi" (pink cocaine) in the vehicle. Upon arrest, the man exhibited bizarre behavior by claiming he was God and beginning to dance at the scene of the accident.
·2 päivää sitten · MuokattuSummary of Q2 2026 earnings call — KEO Capital / KEO Energy Fintech: operational figures - Active customers: 61 at the end of June, average customer count up 16% quarter over quarter and 18% year over year - Outstanding portfolio: MUSD 50.7 at quarter-end, average MUSD 45.6 in the quarter (up 88% year over year, but down 8% quarter over quarter — explained as a seasonal effect early in the quarter with recovery in May/June) - Total Payment Volume (TPV): MUSD 51.4 in the quarter (+39% year over year, +19% quarter over quarter), MUSD 94.5 for 1H 2026, MUSD 180 last twelve months - Revenue: MUSD 3.0 for 1H 2026, MUSD 5.0 last twelve months, take rate of 3.1% of TPV - Canada launched in July/Q3 2026, with a revolving credit facility of CAD 50 mill. from a Canadian bank (~6.5% interest p.a., 80% advance rate) - Amex agreement in Mexico renewed, now with both USD and Mexican pesos as approved currencies - Brazil expected to be launched in the second half of 2026 Energy: Venezuela - Stake in PetroUrdaneta increased from 24% to 40% via definitive agreement with Novonor (purchase price USD 37.5 mill. for the remaining 16%, paid in three installments: 5.35 mill. upon signing, 22.15 mill. upon closing expected 30. November, 10 mill. deferred) - The company is also negotiating for an additional 9.9% stake, which would take the total stake up to 49.9% (mentioned by Tomassoni, not yet confirmed in written material) - Operating agreements signed with PDVSA 28. August, which secures KEO Energy control over operations, commercialization of oil/gas and cash flow - Significant addition of new associated gas in the concession, which will be included in a new reserve report during the year - Tax rate reduced to 34% for greenfield projects (compared to up to 50% for others), and royalty/tax can be further reduced for projects with secondary recovery - JV period extended to 2056 - Reserve report for crude oil expected Q3 2026 (in 2–3 weeks from the recording), additional report for gas by year-end/second half of 2026 - KEO Energy has simultaneously committed to a financing agreement of up to USD 350 mill. to PetroUrdaneta for field development, paid in tranches according to the work program - Non-binding LOI with Lionheart Holdings regarding a possible merger of the energy division was not completed within the exclusivity period; the parties jointly decided not to extend it (31. August) - During negotiations with PDVSA, KEO thus included associated gas in the concession — something that, according to David Tomassoni, was not included in the original agreement. He directly links this to the break with Lionheart: "... we're ending the NOI, the binding NOI with Lionheart because adding the gas to our commercial agreement, so we increased them a lot of our valuations. So our valuation prospects were now [mis]aligned. So we need to protect our investors, and that's the reason why we decide probably to opt for a direct listing and a spin off from the Nasdaq in Sweden." - The CEO of the energy division has also pointed to general interest in the field. When Harald asked how the rest of the Venezuela acquisition would be financed and if there was a risk of a new capital raise, David Tomassoni replied: "No. We are okay with the capital. So at this stage, we have the capital needed to conclude the 40% purchase. And, you know, we are we've been bombarded, if I can say the word, to people that want to invest and entities to allow us to get where we want to be in terms of production of crude and gas." Financial figures - Net result in the quarter: -48 085 TUSD, mainly driven by non-cash one-off items related to the acquisition: share-based compensation (-18 337) Financial figures - Net result in the quarter: -48 085 TUSD, mainly driven by non-cash one-off items related to the acquisition: share-based compensation (-18 337) and share-settled costs (-25 739) Roadmap ahead (from the presentation) - Fintech: relaunch of Workeo Brasil in H2 2026, US listing of the fintech business in 2027 - Energy: offtake agreements with PDVSA in H2 2026, reserve report (oil/crude oil) in Q3 2026, additional reserve report (gas) in H2 2026, spin-off and US listing of the energy division in H2 2026/H1 2027 Additional details from Q&A (David Tomassoni) - The reserve reports are two separate reports: crude oil is expected to be ready in 2–3 weeks from the recording, the gas report will come by year-end - The company is actively looking for the best structure/package for the US listing of the energy division — is in talks with major American banks to evaluate the alternatives - Estimates 6–7 months until a US listing is in place - Envisions a cross-/dual-listing (maintains stock exchange listing in Sweden while being listed in the US), to give American investors the opportunity to trade the stock directly Overall assessment Very good progress, especially in Venezuela
·17.9.The Petrourdaneta oil project is a joint venture together with the state-owned oil company PDVSA, which holds oil fields in the Maracaibo Basin in the northwestern part of the country. The oil in Venezuela is known to be heavy oil, but these oil fields, according to the company, have an oil that more closely resembles North Sea oil. Keo Energy shall, through subsidiaries, be the operator with a 24 percent stake that will be increased to 40 percent, while PDVSA has 60 percent.
- ·16.9.Somewhat interesting after the comments below that the share price fell by nearly 1 % so what is correct about this stock we will have to consider further. Personally, I believe a spin-off or rather that the company is split into two for us shareholders could possibly be positive. The overarching question, above all others, will be how the liquid assets will be distributed, debt allocated between the companies etc,
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 239 382 | 1 239 382 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 239 382 | 1 239 382 | 0 | 0 |
2026 Q2 - tulosraportti
22 päivää sitten
‧29 min
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·2 t sittenStrategic overview: What does the Starboard agreement and the hidden value gap in KEO Capital mean? There is currently quite a bit of confusion in the market regarding Starboard's exit, and why the share price in KEO Capital (KEOC) continues to trade at a massive discount on Nasdaq Stockholm. Here are the actual facts behind the scenes and the underlying mathematics that long-term investors should know about. 1. Status of the Starboard sale: Approved, but not executed yet The official company announcement deals with the fact that the board has issued an exception to the lock-up agreement (lock-up waiver). Formally and legally, this means: No shares have officially been sold yet: Starboard still owns their stake (around 15% before the recent block trades were initiated). A final insider notification has not yet been sent to the exchange stating that the shares have changed hands. The price is partially finalized: The framework for the transfer to the American fund VEN Industries Holdings LLC is in place. However, the final pricing and execution are deliberately awaiting the next major catalysts. What are they waiting for? The trade is awaiting the final formal regulatory approvals as well as the vital independent reserve report for the PetroUrdaneta fields in Venezuela, which lands here in Q3 2026. 2. Professional positioning: Trading on expected value Professional funds do not wait blindly for official reports. VEN Industries is taking over this stake because, through Due Diligence, they know the preliminary technical data. The timing is perfectly coordinated with the regulatory breakthrough on August 29, 2026, when KEO Energy signed the final agreement with state-owned PDVSA, ensuring operational control and – very importantly – international sales rights on gas. 3. The enormous value gap: Sum-of-the-Parts (SOTP) When breaking down KEO Capital into the two business segments, which are planned to be split into two independent companies, the fundamental calculation looks as follows per share (based on approx. 350 million outstanding shares): 💳 Fintech part (WorKEO): 16.00 SEK (Priced and locked in by new investors at the latest capital raise). 🛢️ KEO Energy (Oil): ~12.00 SEK (Based on the agreed pre-money valuation of 400 million USD in the Lionheart term sheet). 💨 Gas surcharge (New potential): ~3.00 SEK (Estimated added value after the PDVSA gas agreement, which is expected to be confirmed in the upcoming report).💰 Total underlying value: ~31.00 SEK per share💡 Conclusion: Why is the stock trading at ~7.50 – 8.00 SEK? KEO Capital is currently suffering from an extreme conglomerate discount. The market hates the mix of global fintech and Venezuelan oil risk, and the share price is pressured by the many new share issuances. The Starboard agreement is the ultimate proof that large, long-term players are trying to position themselves before the reserve report is published and before the company is split up (Spin-off). When the split happens, and investors are left with two pure-play stocks in their portfolio, the underlying value gap of up to 23.00 SEK per share is expected to be closed. The current market price simply does not reflect reality.
- ·8 t sittenOil reserve report can come any time now. They said at the Q2 report that it's 2-3 weeks and it's the third week now! Must say I'm a bit nervous about this especially after the Italian resigned from the board chairman position! 400-500 million P2 reserves would have lifted the stock significantly! Under 350 million P2 will not be well received, I'm afraid!Short summary and the reason why Paolo F left: On September 10, 2026, a heavily drug-intoxicated man crashed a white Rolls-Royce Cullinan in Coral Gables, Florida, and was subsequently arrested for driving under the influence and drug possession after police found just over 38 grams of "Tusi" (pink cocaine) in the vehicle. Upon arrest, the man exhibited bizarre behavior by claiming he was God and beginning to dance at the scene of the accident.
- ·2 päivää sitten · MuokattuSummary of Q2 2026 earnings call — KEO Capital / KEO Energy Fintech: operational figures - Active customers: 61 at the end of June, average customer count up 16% quarter over quarter and 18% year over year - Outstanding portfolio: MUSD 50.7 at quarter-end, average MUSD 45.6 in the quarter (up 88% year over year, but down 8% quarter over quarter — explained as a seasonal effect early in the quarter with recovery in May/June) - Total Payment Volume (TPV): MUSD 51.4 in the quarter (+39% year over year, +19% quarter over quarter), MUSD 94.5 for 1H 2026, MUSD 180 last twelve months - Revenue: MUSD 3.0 for 1H 2026, MUSD 5.0 last twelve months, take rate of 3.1% of TPV - Canada launched in July/Q3 2026, with a revolving credit facility of CAD 50 mill. from a Canadian bank (~6.5% interest p.a., 80% advance rate) - Amex agreement in Mexico renewed, now with both USD and Mexican pesos as approved currencies - Brazil expected to be launched in the second half of 2026 Energy: Venezuela - Stake in PetroUrdaneta increased from 24% to 40% via definitive agreement with Novonor (purchase price USD 37.5 mill. for the remaining 16%, paid in three installments: 5.35 mill. upon signing, 22.15 mill. upon closing expected 30. November, 10 mill. deferred) - The company is also negotiating for an additional 9.9% stake, which would take the total stake up to 49.9% (mentioned by Tomassoni, not yet confirmed in written material) - Operating agreements signed with PDVSA 28. August, which secures KEO Energy control over operations, commercialization of oil/gas and cash flow - Significant addition of new associated gas in the concession, which will be included in a new reserve report during the year - Tax rate reduced to 34% for greenfield projects (compared to up to 50% for others), and royalty/tax can be further reduced for projects with secondary recovery - JV period extended to 2056 - Reserve report for crude oil expected Q3 2026 (in 2–3 weeks from the recording), additional report for gas by year-end/second half of 2026 - KEO Energy has simultaneously committed to a financing agreement of up to USD 350 mill. to PetroUrdaneta for field development, paid in tranches according to the work program - Non-binding LOI with Lionheart Holdings regarding a possible merger of the energy division was not completed within the exclusivity period; the parties jointly decided not to extend it (31. August) - During negotiations with PDVSA, KEO thus included associated gas in the concession — something that, according to David Tomassoni, was not included in the original agreement. He directly links this to the break with Lionheart: "... we're ending the NOI, the binding NOI with Lionheart because adding the gas to our commercial agreement, so we increased them a lot of our valuations. So our valuation prospects were now [mis]aligned. So we need to protect our investors, and that's the reason why we decide probably to opt for a direct listing and a spin off from the Nasdaq in Sweden." - The CEO of the energy division has also pointed to general interest in the field. When Harald asked how the rest of the Venezuela acquisition would be financed and if there was a risk of a new capital raise, David Tomassoni replied: "No. We are okay with the capital. So at this stage, we have the capital needed to conclude the 40% purchase. And, you know, we are we've been bombarded, if I can say the word, to people that want to invest and entities to allow us to get where we want to be in terms of production of crude and gas." Financial figures - Net result in the quarter: -48 085 TUSD, mainly driven by non-cash one-off items related to the acquisition: share-based compensation (-18 337) Financial figures - Net result in the quarter: -48 085 TUSD, mainly driven by non-cash one-off items related to the acquisition: share-based compensation (-18 337) and share-settled costs (-25 739) Roadmap ahead (from the presentation) - Fintech: relaunch of Workeo Brasil in H2 2026, US listing of the fintech business in 2027 - Energy: offtake agreements with PDVSA in H2 2026, reserve report (oil/crude oil) in Q3 2026, additional reserve report (gas) in H2 2026, spin-off and US listing of the energy division in H2 2026/H1 2027 Additional details from Q&A (David Tomassoni) - The reserve reports are two separate reports: crude oil is expected to be ready in 2–3 weeks from the recording, the gas report will come by year-end - The company is actively looking for the best structure/package for the US listing of the energy division — is in talks with major American banks to evaluate the alternatives - Estimates 6–7 months until a US listing is in place - Envisions a cross-/dual-listing (maintains stock exchange listing in Sweden while being listed in the US), to give American investors the opportunity to trade the stock directly Overall assessment Very good progress, especially in Venezuela
- ·17.9.The Petrourdaneta oil project is a joint venture together with the state-owned oil company PDVSA, which holds oil fields in the Maracaibo Basin in the northwestern part of the country. The oil in Venezuela is known to be heavy oil, but these oil fields, according to the company, have an oil that more closely resembles North Sea oil. Keo Energy shall, through subsidiaries, be the operator with a 24 percent stake that will be increased to 40 percent, while PDVSA has 60 percent.
- ·16.9.Somewhat interesting after the comments below that the share price fell by nearly 1 % so what is correct about this stock we will have to consider further. Personally, I believe a spin-off or rather that the company is split into two for us shareholders could possibly be positive. The overarching question, above all others, will be how the liquid assets will be distributed, debt allocated between the companies etc,
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 1 106 | - | - | ||
| 2 119 | - | - | ||
| 1 344 | - | - | ||
| 642 | - | - | ||
| 1 547 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 - tulosraportti 24.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 - tulosraportti 1.9. | ||
2026 Q1 - tulosraportti 26.5. | ||
2025 Q4 - tulosraportti 24.2. | ||
2025 Q3 - tulosraportti 18.11.2025 | ||
2025 Q2 - tulosraportti 19.8.2025 |
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 239 382 | 1 239 382 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 1 239 382 | 1 239 382 | 0 | 0 |
2026 Q2 - tulosraportti
22 päivää sitten
‧29 min
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 - tulosraportti 24.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 - tulosraportti 1.9. | ||
2026 Q1 - tulosraportti 26.5. | ||
2025 Q4 - tulosraportti 24.2. | ||
2025 Q3 - tulosraportti 18.11.2025 | ||
2025 Q2 - tulosraportti 19.8.2025 |
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·2 t sittenStrategic overview: What does the Starboard agreement and the hidden value gap in KEO Capital mean? There is currently quite a bit of confusion in the market regarding Starboard's exit, and why the share price in KEO Capital (KEOC) continues to trade at a massive discount on Nasdaq Stockholm. Here are the actual facts behind the scenes and the underlying mathematics that long-term investors should know about. 1. Status of the Starboard sale: Approved, but not executed yet The official company announcement deals with the fact that the board has issued an exception to the lock-up agreement (lock-up waiver). Formally and legally, this means: No shares have officially been sold yet: Starboard still owns their stake (around 15% before the recent block trades were initiated). A final insider notification has not yet been sent to the exchange stating that the shares have changed hands. The price is partially finalized: The framework for the transfer to the American fund VEN Industries Holdings LLC is in place. However, the final pricing and execution are deliberately awaiting the next major catalysts. What are they waiting for? The trade is awaiting the final formal regulatory approvals as well as the vital independent reserve report for the PetroUrdaneta fields in Venezuela, which lands here in Q3 2026. 2. Professional positioning: Trading on expected value Professional funds do not wait blindly for official reports. VEN Industries is taking over this stake because, through Due Diligence, they know the preliminary technical data. The timing is perfectly coordinated with the regulatory breakthrough on August 29, 2026, when KEO Energy signed the final agreement with state-owned PDVSA, ensuring operational control and – very importantly – international sales rights on gas. 3. The enormous value gap: Sum-of-the-Parts (SOTP) When breaking down KEO Capital into the two business segments, which are planned to be split into two independent companies, the fundamental calculation looks as follows per share (based on approx. 350 million outstanding shares): 💳 Fintech part (WorKEO): 16.00 SEK (Priced and locked in by new investors at the latest capital raise). 🛢️ KEO Energy (Oil): ~12.00 SEK (Based on the agreed pre-money valuation of 400 million USD in the Lionheart term sheet). 💨 Gas surcharge (New potential): ~3.00 SEK (Estimated added value after the PDVSA gas agreement, which is expected to be confirmed in the upcoming report).💰 Total underlying value: ~31.00 SEK per share💡 Conclusion: Why is the stock trading at ~7.50 – 8.00 SEK? KEO Capital is currently suffering from an extreme conglomerate discount. The market hates the mix of global fintech and Venezuelan oil risk, and the share price is pressured by the many new share issuances. The Starboard agreement is the ultimate proof that large, long-term players are trying to position themselves before the reserve report is published and before the company is split up (Spin-off). When the split happens, and investors are left with two pure-play stocks in their portfolio, the underlying value gap of up to 23.00 SEK per share is expected to be closed. The current market price simply does not reflect reality.
- ·8 t sittenOil reserve report can come any time now. They said at the Q2 report that it's 2-3 weeks and it's the third week now! Must say I'm a bit nervous about this especially after the Italian resigned from the board chairman position! 400-500 million P2 reserves would have lifted the stock significantly! Under 350 million P2 will not be well received, I'm afraid!Short summary and the reason why Paolo F left: On September 10, 2026, a heavily drug-intoxicated man crashed a white Rolls-Royce Cullinan in Coral Gables, Florida, and was subsequently arrested for driving under the influence and drug possession after police found just over 38 grams of "Tusi" (pink cocaine) in the vehicle. Upon arrest, the man exhibited bizarre behavior by claiming he was God and beginning to dance at the scene of the accident.
- ·2 päivää sitten · MuokattuSummary of Q2 2026 earnings call — KEO Capital / KEO Energy Fintech: operational figures - Active customers: 61 at the end of June, average customer count up 16% quarter over quarter and 18% year over year - Outstanding portfolio: MUSD 50.7 at quarter-end, average MUSD 45.6 in the quarter (up 88% year over year, but down 8% quarter over quarter — explained as a seasonal effect early in the quarter with recovery in May/June) - Total Payment Volume (TPV): MUSD 51.4 in the quarter (+39% year over year, +19% quarter over quarter), MUSD 94.5 for 1H 2026, MUSD 180 last twelve months - Revenue: MUSD 3.0 for 1H 2026, MUSD 5.0 last twelve months, take rate of 3.1% of TPV - Canada launched in July/Q3 2026, with a revolving credit facility of CAD 50 mill. from a Canadian bank (~6.5% interest p.a., 80% advance rate) - Amex agreement in Mexico renewed, now with both USD and Mexican pesos as approved currencies - Brazil expected to be launched in the second half of 2026 Energy: Venezuela - Stake in PetroUrdaneta increased from 24% to 40% via definitive agreement with Novonor (purchase price USD 37.5 mill. for the remaining 16%, paid in three installments: 5.35 mill. upon signing, 22.15 mill. upon closing expected 30. November, 10 mill. deferred) - The company is also negotiating for an additional 9.9% stake, which would take the total stake up to 49.9% (mentioned by Tomassoni, not yet confirmed in written material) - Operating agreements signed with PDVSA 28. August, which secures KEO Energy control over operations, commercialization of oil/gas and cash flow - Significant addition of new associated gas in the concession, which will be included in a new reserve report during the year - Tax rate reduced to 34% for greenfield projects (compared to up to 50% for others), and royalty/tax can be further reduced for projects with secondary recovery - JV period extended to 2056 - Reserve report for crude oil expected Q3 2026 (in 2–3 weeks from the recording), additional report for gas by year-end/second half of 2026 - KEO Energy has simultaneously committed to a financing agreement of up to USD 350 mill. to PetroUrdaneta for field development, paid in tranches according to the work program - Non-binding LOI with Lionheart Holdings regarding a possible merger of the energy division was not completed within the exclusivity period; the parties jointly decided not to extend it (31. August) - During negotiations with PDVSA, KEO thus included associated gas in the concession — something that, according to David Tomassoni, was not included in the original agreement. He directly links this to the break with Lionheart: "... we're ending the NOI, the binding NOI with Lionheart because adding the gas to our commercial agreement, so we increased them a lot of our valuations. So our valuation prospects were now [mis]aligned. So we need to protect our investors, and that's the reason why we decide probably to opt for a direct listing and a spin off from the Nasdaq in Sweden." - The CEO of the energy division has also pointed to general interest in the field. When Harald asked how the rest of the Venezuela acquisition would be financed and if there was a risk of a new capital raise, David Tomassoni replied: "No. We are okay with the capital. So at this stage, we have the capital needed to conclude the 40% purchase. And, you know, we are we've been bombarded, if I can say the word, to people that want to invest and entities to allow us to get where we want to be in terms of production of crude and gas." Financial figures - Net result in the quarter: -48 085 TUSD, mainly driven by non-cash one-off items related to the acquisition: share-based compensation (-18 337) Financial figures - Net result in the quarter: -48 085 TUSD, mainly driven by non-cash one-off items related to the acquisition: share-based compensation (-18 337) and share-settled costs (-25 739) Roadmap ahead (from the presentation) - Fintech: relaunch of Workeo Brasil in H2 2026, US listing of the fintech business in 2027 - Energy: offtake agreements with PDVSA in H2 2026, reserve report (oil/crude oil) in Q3 2026, additional reserve report (gas) in H2 2026, spin-off and US listing of the energy division in H2 2026/H1 2027 Additional details from Q&A (David Tomassoni) - The reserve reports are two separate reports: crude oil is expected to be ready in 2–3 weeks from the recording, the gas report will come by year-end - The company is actively looking for the best structure/package for the US listing of the energy division — is in talks with major American banks to evaluate the alternatives - Estimates 6–7 months until a US listing is in place - Envisions a cross-/dual-listing (maintains stock exchange listing in Sweden while being listed in the US), to give American investors the opportunity to trade the stock directly Overall assessment Very good progress, especially in Venezuela
- ·17.9.The Petrourdaneta oil project is a joint venture together with the state-owned oil company PDVSA, which holds oil fields in the Maracaibo Basin in the northwestern part of the country. The oil in Venezuela is known to be heavy oil, but these oil fields, according to the company, have an oil that more closely resembles North Sea oil. Keo Energy shall, through subsidiaries, be the operator with a 24 percent stake that will be increased to 40 percent, while PDVSA has 60 percent.
- ·16.9.Somewhat interesting after the comments below that the share price fell by nearly 1 % so what is correct about this stock we will have to consider further. Personally, I believe a spin-off or rather that the company is split into two for us shareholders could possibly be positive. The overarching question, above all others, will be how the liquid assets will be distributed, debt allocated between the companies etc,
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