Hulf Hamilton was started by Richard Hulf in 2004 to:
- To offer Fund Mangers an enhanced level of research into Upstream Oil and Gas.
- Akin to the level of analysis enjoyed by corporate buyers/sellers in the sector.
- By asking the Key Question – ‘Is this a good Oil Company’
- Based on fundamental analysis of the assets before financial interpretation.
- Then building potential hydrocarbons into cash flows and the traditional financial/valuation format. (dcf, $/barrel and market multiples)
- Backed up by face to face discussions with oil company management and staff.
- Reported back to the client in a detailed document presented face to face with the Fund Manager.
- Reported back to the client in a detailed document presented face to face with the Fund Manager.
Our service is:
- Unique - information on investments and potential investments is bespoke which the rest of the market will not have (unlike sell side research).
- Tailored - to suit the precise needs by company, group of companies, asset or basin. Hulf Hamilton can travel with or on behalf of clients to any part of the world on assignment. (has included India, Russia, USA, Colombia).
- High Quality - the information is at a level not seen in Fund Management to date and goes ‘beyond the balance sheet’ in depth and breadth.
- Focussed - on oil company asset quality (as well as management) that leads to greater fundamental understanding of value drivers within E&P such as productivity and reserve replacement.
- Personalised – We regularly meet with Senior Oil Company management and this feedback provides a great backdrop to the quality of our written research.
- Regular - ‘face to face’ contact between client and Hulf Hamilton to discuss individual company research as well as general sector and company trends.
- Independent - No corporate finance issues, no broking clients, no commissions.
- Advanced – we use techniques such as ‘Monte Carlo’ to analyse financial and technical data helps quantify the inherent uncertainties of investing in the oil sector.
- Revealing - to ‘oil industry home truths’ about companies and areas not commonly known in investment markets.
Our services are typically used by Fund managers to derive accurate valuations for core holdings in E&P’s and to provide independent valuations of new listings and companies that are not usually valued by sell side analysts in the main market.
We also provide banking due diligence services to assist banks participating in debt syndication facilities and this work usually focuses on the reasonableness of the Competent Persons Report (CPR) that underpins the terms of the debt. We also check banking models.
For our private equity clients we model assets from scratch to look at core valuation and also refer new investment ideas to our client base.