Small-Cap Growth Portfolio Updates - Dec 23

[dan_s]

All ten forecast models have been updated and posted to the EPG website.
> All ten companies will report solid Q4 results.
> All ten companies were free cash flow positive in 2022.
> 8 of 10 now pay dividends and several have active stock buybacks underway.
> Only REI and TALO do not pay dividends, but they are both closing significant acquisitions that set them up for very strong production growth in 2023.
> All ten companies are in MUCH BETTER SHAPE than they were a year ago.
> I expect year-end 2022 3rd party reserve reports to show that several of the companies are trading at discounts to the PV10 Net Asset Value per share of just their P1 reserves.
> As a group, the portfolio is trading at ~95% discount to my current Fair Value Estimate.