February 1, 2018

DNR – Market expectations are for a recovery in Uniform ROA, and management is confident about growth, cash flows, and debt


  • Denbury Resources Inc. (DNR:USA) currently trades below historical averages relative to UAFRS-based (Uniform) Assets, with a 0.3x Uniform P/B. However, even at these levels, the market has bullish expectations. Moreover, management is confident about growth, cash flows, and debt
  • Specifically, management is confident in Tinsley being up 3% quarter on quarter with the benefit of improved field performance after some recent facilities work, and in their cash flow exceeding their development capital expenditures for the first nine months of 2017. Furthermore, they are confident that they want to work on their debt maturity extensions before the end of 2018

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