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Energy: E&P

Company Update

Energen Corporation (EGN: $46.44)


Wednesday, December 14, 2011
MARKET DATA 52 Week Range ADT - 3 month Market Cap ($Mil) Enterprise Value ($Mil) Shares Out (Mil) EARNINGS DATA 2011E 2012E $1.31A $1.52 $0.87A $0.90 $0.75A $0.81 $1.10 $1.12 $4.04 $4.35 $4.04 $4.35

1*/Buy
Price Target: $76.00

$37.22-$65.44 597,531 3,361.1 4,431.4 72.4

EGN: Under-the-Radar Story with Considerable Upside Potential; Takeaways from Caris Hosted Conference Call with Management
Summary and Recommendation
We reiterate our 1*/Buy rating and $76.00 price target, after hosting a conference call with the management of Energen Corporation (EGN NYSE) yesterday morning. We believe investors continue to overlook EGN, given its utility history, despite its visible double digit production growth over the next few years from oily plays in the Permian Basin and its leverage to the stacked pay opportunities (Wolfberry, 3rd Bone Spring, Avalon and Wolfcamp) in the Basin. In addition, we believe there is 20-acre or less downspacing potential yet to be realized in portions of the Midland Basin, where EGN is currently drilling 40-acre Wolfberry wells. Instead of developing the Wolfberry and Cline shale vertically, we believe upside could exist with horizontal development, which several operators [including Pioneer Natural Resources (PXD NYSE) and Laredo Petroleum (LPI NYSE)] have been pursuing in the Southern portion of the Midland Basin. Our impression is that EGN is currently studying the horizontal potential on its acreage in the Midland Basin and we would not be surprised with a horizontal test in 2012. In the Delaware Basin, with the recent pick up in activity around EGNs acreage from the likes of Anadarko Petroleum (APC NYSE) and Devon Energy (DVN NYSE), we expect additional data points on the 3rd Bone Spring, Avalon and Wolfcamp shale plays over the next several months. From a valuation standpoint, shares are attractively trading at 5.1x 2012 EV/EBITDA vs. peers of 5.4x and at a 45.3% discount to our conservative RNAV of $85.00 per share (based on $95.00/bbl and $4.50/Mcf). Further, shares are trading at a 3.1% premium to our Proved NAV, whereas peers are trading north of a 50% premium. Following are several key points from our conference call with management 20-acre downspacing potential in Wolfberry. EGNs results in the vertical Wolfberry play continue to exceed their type curve. As a reminder, during 3Q11, EGN brought online 30 wells with controlled IPs of 91 boe/d (~63 b/d and ~170 Mcf /d of wet gas) vs. its type curve of 73 boe/d (55 b/d and 110 Mcf/d). For 2012 and 2013, EGN plans to drill 170 wells in each year. EGN has 32,000 net acres, representing ~800 net locations based on 40-acre spacing. On the conference call, management indicated that micro-seismic shows drainage of 17-18 acres in parts of its acreage. Successful downspacing to 20-acre spacing could double the Companys Wolfberry inventory. While too early to factor in tighter spacing, some operators are discussing less than 10 acre spacing in some areas. At this time, we are modeling 40-acre spacing in our $85.00 per share RNAV, thus successful downspacing would be additive.

FY-Dec 1Q 2Q 3Q 4Q EPS Prior EPS

2013E $1.74 $1.14 $1.06 $1.35 $5.29 $5.29

DISCRETIONARY CASH FLOW DATA FY-Dec 2011E 2012E 2013E 1Q $2.80A $3.43 $3.83 2Q $2.30A $2.52 $2.97 3Q $2.27A $2.43 $2.88 4Q $2.77 $2.91 $3.32 DCFPS $10.14 $11.29 $13.00 Prior DCFPS $10.14 $11.29 $13.00 VALUATION 2011E 2012E 5.7x 5.1x 6.0x 5.4x FINANCIAL DATA 2011E 2012E $777.6 $867.6 $733.5 $819.6

EV/EBITDA EV/DCF

2013E 4.4x 4.7x

EBITDA DCF

2013E $1,002.9 $950.5

PROVED RESERVES Proved Reserves (Bcfe) % Natural Gas % Proved Developed BALANCE SHEET Cash & Equivalents Total Debt Shareholders Equity
Note: Total debt is adjusted for latest acquisition. Financial data in million unless otherwise stated

1,818 52.5% 76.5%

3Q11A $21.4 $1,091.7 $2,487.9

Gabriele Sorbara (917) 464-1610 gsorbara@cariscompany.com

Caris & Company 500 Fifth Ave. Suite 1640 New York, NY 10110

FINRA SIPC For full disclosure, please see end of report 1

E&P
Horizontal potential in Midland Basin. While the Company is currently developing its Midland Basin position vertically, much excitement has come up with horizontal Wolfcamp and Cisco shale, among other zones. Specifically, from LPI (IPO is expected to price this evening) who has completed three gross horizontal Wolfcamp wells with encouraging results and has drilled 20 gross horizontal wells in the Cline shale (located in the lower Wolfberry zone). EGN is watching industry activity and doing in house work on the potential for horizontal activity on its acreage. While we expect continued concentration on vertical Wolfberry development, we would not be surprised with a horizontal test next year, as interest in the horizontal zones picks up, especially given that Pioneer Natural Resources (PXD NYSE) believes that a majority of the southern portion of the Midland basin is prospective for the horizontal Wolfcamp. LPIs IPO valuation on EGN means more than 50% upside. Based on our calculation, LPIs IPO at the expected midpoint pricing range represents a valuation of $21.25 per proved Mcfe, $127,498 per boe/d and $8,985 per net acre (as shown in the table below). Using a blended average of the LPI metrics, EGN trades at an average discount of more than ~50.0%. We believe EGN is a great defensive name in this volatile commodity price environment and the shares are too attractive to ignore, as they trade at a 3.1% premium to our Proved NAV, whereas peers are trading north of a 50% premium.

Figure 1. LPI Valuation vs. EGN


EV (in millions) Proved Reserves (Mmboe) Production (Mboe/d) Total Net Acres LPI $2,912.3 137.1 22.8 324,135 EGN $4,428.5 302.9 60.4 669,241 Discount (%)

EV/Proved Reserves ($/boe) $21.25 $14.62 -45.4% EV/Production ($/boe/d) $127,498 $73,263 -74.0% EV/Net Acre $8,985 $6,617 -35.8% LPI's proved reserves are as of 6/30/2011 and average production is for the first nine months of 2011. EGNs proved reserves are as of 2010 year-end, production is as of 4Q11, and net acreage is total as of its 2010 10-K filing. Source: SEC filings; Caris & Company estimates.

Mancos/Niobrara option call on natural gas Black Hills Corporation (BKH NYSE) recently announced that its initial horizontal Mancos shale test well, the Jicarilla 464-30 #724 (EGN has 20% WI), in the San Juan Basin. The well was placed on production with an initial rate of approximately 6.2 Mmcf/d. While this is a positive well result, we view EGN's position in the San Juan Basin as an option value call on natural gas. Ultimately, we believe horizontal wells in the play will be 5.07.0 Bcf for a cost of $5.0-$7.0 million. Based on our estimates, in a $4.00/Mcf natural gas environment, these wells generate ~20% rate of return. EGN has over 55,000 net acres in the San Juan basin prospective to the Niobrara and Mancos plays. EGN has 854 Bcfe of possible reserves in the Niobrara/Mancos Gas phase and 51.5 Mmboe in the oil phase of the play. EGNs acreage is held by production, so the Company is currently monitoring other operators activity in both the gas and oil phases. At this time, we are not giving EGN any credit in our $85.00 per share RNAV for this position (see Figure 6 below). Comfortable with 2012 and 2013 production guidance; Cash flow preserved with strong hedges through 2013. EGN reaffirmed production guidance of 24 Mmboe and 25 27 Mmboe for 2012 and 2013, respectively. Regarding current issues facing operators in the Permian Basin, including increasing service cost and demand/competition for services and resources, we believe management has taken the necessary steps to execute on its drilling plans and factored the issues into their guidance. Looking under the hood, in the Permian Basin alone, we are projecting 28.8%, 43.1% and 19.4% growth in 2011, 2012 and 2013. Even in a deteriorating commodity price environment, we believe EGN is in a position to execute on its growth strategy, given the strong hedges in place through 2013 (see Figure 2 below for hedging details).

CARIS & COMPANY

NEW YORK SAN DIEGO SAN FRANCISCO BOST ON MEMBER FINRA/SIPC

E&P
Figure 2. EGNs Hedges
2011E Crude Oil Volume Hedged (mbbls) Average Hedge Price Caris Production Estimate (mbbls) % Hedged NGL Volume Hedged (Mmgal) Average Hedge Price Caris Production Estimate (Mmgal) % Hedged Natural Gas Volume Hedged (Mmcf) Average Hedge Price Caris Production Estimate (Mmcf) % Hedged 4,453 $79.65 6,472 68.8% 2012E 6,762 $87.86 8,466 79.9% 2013E 7,643 $89.88 9,526 80.2%

42.5 $0.90 93.5 45.5%

58.5 $0.98 127.1 46.0%

44.5 $1.02 149.9 29.7%

48,950 $6.02 71,045 68.9%

40,506 $4.95 75,996 53.3%

33,900 $5.21 78,708 43.1%

Source: Caris & Company estimates

Valuation
On an EV/EBITDA basis, EGN is trading at 5.1x and 4.4x for 2012 and 2013, vs. its peers average multiples of 5.4x and 4.4x, respectively. Our price target of $76.00 per share implies 2012 and 2013 EV/EBITDA metrics of 7.6x and 6.6x, respectively.

Risks
Risks that could impede shares from reaching our price target include those normally associated with E&P companies, including: lower than expected crude oil or natural gas prices, lack of oilfield services or rig availability, dry holes, mechanical failures, insufficient takeaway or processing capacity, and adverse weather conditions. In addition, failure to profitably build production and proved reserves could impede the Company from achieving its stated goals. Additional risks associated with EGN, include: 1) failure to develop or worse than expected results from its emerging horizontal plays in the Permian basin; 2) lack of execution of its development strategy in the Companys core properties in the Permian Basin, San Juan Basin and/or Black Warrior Basin; 3) difficulty funding its capital spending plans may impact production, reserve and NAV growth; and 4) overpaying for leaseholds or acquisitions.

CARIS & COMPANY

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E&P
Figure 3. EGN vs. LPIs Permits in the Midland Basin

EGN permits are in the middle of LPIs activity

Note: On July 1, 2011, LPI merged with Broad Oak Energy, Inc. Source: HPDI; Caris & Company estimates

CARIS & COMPANY

NEW YORK SAN DIEGO SAN FRANCISCO BOST ON MEMBER FINRA/SIPC

E&P
Figure 4. EGNs Permian Overview

Source: EGN

CARIS & COMPANY

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E&P
Figure 5. Caris Estimated Rates of Return per Company
120.0%

100.0%

96.2%

EGNs rates of return are above internal hurdle rates and are competitive with resource play companies

81.4% 80.0% 74.3%

60.0%

56.9% 52.2% 50.1% Average, 50.7% 48.1% 45.7% 45.2% 43.1% 42.4% 41.3% 34.3% 30.1%

40.0%

20.0%

20.0%

0.0%
COG - NE Dry Gas Marcellus MHR - Liquids-Rich Marcellus GS - Liquids-Rich Marcellus T ROS - Liquids-Rich Eagle Ford E PXD - Liquids-Rich Eagle Ford OAS- Bakken (West Williston) MHR - Bakken (Burke/ Divide, ND) PETD - Dry Gas Marcellus EGN - Vertical Wolfberry PXD - Vertical S praberry EGN - 3rd Bone S pring MHR - S askatchewan Bakken/ Three Forks PETD - Niobrara Oil REXX - Marcellus (Butler County, PA) MHR - Eagle Ford Oil

Note: Based on $95.00/bbl oil and $4.50/Mcf natural gas. Source: Caris & Company estimates

CARIS & COMPANY

NEW YORK SAN DIEGO SAN FRANCISCO BOST ON MEMBER FINRA/SIPC

E&P
Figure 6. RNAV Valuation
Units Proved Reserves, as of 2010 year-end Total Reserve Value (Mboe) Non-O&G Assets Working Capital Other Assets Total Non-O&G Assets Total Asset Value Less Liabilities: Long-term Debt Other Liabilities Total Liabilities Natural Gas Distribution Business Alagasco Proved Net Asset Value Potential Reserves Permian Basin Wolfberry 3rd Bone Spring Avalon Shale San Juan Basin Horizontal Fruitland Coal Total Potential Reserves Option Value - Emerging Plays Marcellus shale play in West Virginia San Juan Basin Mancos/Niobrara shale gas play Mancos/Niobrara oil play Lewis shale play Haynesville Shale play in Louisiana Horizontal Wolfcamp Total Emerging Plays Risked Net Asset Value 2012 EBITDA 116,946 Multiple 8.0x 302,928 Risk Adjustment 100% Risk-Adjusted Unit 302,928 Value per unit $13.92 Total Value ($000's) $4,215,751 Total Value ($/share) $58.25

($153,811) $163,532 $9,721 $4,225,472

($2.13) $2.26 $0.13 $58.38

$816,331 $1,109,252 $1,925,583

$11.28 $15.33 $26.61

$935,570 $3,235,458

$12.93 $45.00

Mboe 108,800 176,906 292,188

75% 80% 27%

Mboe 81,600 141,525 79,615

$/Boe $14.34 $8.79 $5.17

$1,169,996 $1,244,335 $411,875

$16.17 $17.19 $5.69

43,000 620,894 Net Acres 200,000 55,500 54,000 55,500 12,000 N/A 377,000

89% 55%

38,399 341,139

$1.57

$60,353 $2,886,559

$0.83 $39.88

$6,122,018

$85.00

Our NAV and RNAV are based on flat pricing of $95.00/bbl and $4.50/Mcf. Note: NAV and RNAV are rounded to nearest dollar. Source: Caris & Company estimates

CARIS & COMPANY

NEW YORK SAN DIEGO SAN FRANCISCO BOST ON MEMBER FINRA/SIPC

E&P
Figure 7. Income Statement
($ in thousands, unless otherwise indicated)
2010 Spot Price Assumptions Natural Gas Henry Hub ($/mcf) WTI Crude Oil ($/bbl) Daily production: Gas (mcf/d) Crude (b/d) Natural Gas Liquids (gal/d) Daily production (mcfe/d) Daily production (boe/d) Year-Over-Year Production Growth Sequential Production Growth Average price realizations Natural gas price ($/mcf) Crude ($/bbl) Natural Gas Liquids ($/gal) Weighted average ($/mcfe) Weighted average ($/boe) Income Statement Operating Revenues Oil and gas operations Natural gas Oil Natural gas liquids Other Natural gas distribution Residential Commercial and industrial Transportation Other Total operating revenues Operating Expenses Cost of gas Operations and maintenance Depreciation, depletion and amortization Taxes, other than income taxes Accretion expense Total operating expenses Income (loss) from operations Other Income (Expense) Interest expense Other income Other expense Total other expense Income (loss) before income tax Income tax expense Tax Rate (%) Deferred tax (%) Net income Non-recurring items Clean Net income Basic shares outstanding Diluted shares outstanding DILUTED EARNINGS PER SHARE Total Discretionary Cash Flow DCF PER SHARE Estimated Free Cash Flow Discretionary cash flow Total Capex Dividends Total Free Cash Flow FCF PER SHARE EBITDA EBITDA PER SHARE $4.39 $79.53 194,312 14,058 216 309,557 51,593 1.6% 1Q11 $4.11 $94.45 192,600 15,156 219 314,834 52,472 4.1% -2.1% 2Q11 $4.32 $102.28 195,363 16,495 248 329,807 54,968 7.6% 4.8% 3Q11 $4.20 $89.54 193,435 18,576 264 342,622 57,104 11.4% 3.9% 4Q11E $3.57 $95.00 197,145 20,631 292 362,684 60,447 12.8% 5.9% 2011E $4.05 $95.32 194,645 17,732 256 337,634 56,272 9.1% 2012E $3.85 $95.00 207,640 23,130 347 396,030 66,005 17.3% 2013E $4.15 $95.00 215,639 26,098 411 430,914 71,819 8.8%

$6.83 $78.83 $0.83 $8.44 $50.64

$5.52 $75.70 $0.89 $7.64 $45.84

$5.51 $79.24 $0.95 $7.94 $47.65

$5.43 $84.56 $1.00 $8.42 $50.53

$5.24 $82.42 $1.00 $8.34 $50.03

$5.42 $80.48 $0.96 $8.08 $48.49

$4.30 $83.01 $0.96 $7.95 $47.67

$4.50 $87.89 $0.97 $8.50 $50.99

958,762 483,935 404,625 65,161 5,041 619,772 412,932 159,052 56,542 -8,754 1,578,534

216,792 95,599 103,256 17,533 404 269,572 187,674 66,906 16,493 -1,501 486,364

244,090 98,037 118,938 21,482 5,633 86,309 51,370 23,393 11,961 -415 330,399

318,952 96,604 197,636 24,476 236 59,616 30,541 16,984 12,114 -23 378,568

278,485 94,982 156,434 26,833 236 146,698 94,666 38,138 14,736 -842 425,183

1,058,319 385,222 576,264 90,324 6,509 562,195 364,251 145,421 55,304 -2,781 1,620,514

1,154,726 326,591 702,838 122,353 2,944 605,946 396,237 157,093 55,940 -3,324 1,760,673

1,339,700 353,979 837,266 145,511 2,944 602,030 395,051 155,394 56,488 -4,903 1,941,730

316,988 429,165 247,865 84,961 6,178 1,085,157 493,377

131,749 103,782 61,128 28,175 1,649 326,483 159,881

32,419 103,232 65,629 21,095 1,689 224,064 106,335

21,748 111,749 72,802 20,129 1,728 228,156 150,412

76,229 106,748 76,714 25,225 2,002 286,919 138,264

262,145 425,511 276,273 94,624 7,068 1,065,622 554,892

298,013 459,304 329,814 108,505 7,247 1,202,884 557,789

298,230 488,893 354,487 118,363 7,864 1,267,836 673,894

(39,222) 5,314 (1,672) (35,580) 457,797 166,990 36.5% 80.1% 290,807 49,350 340,157 71,843 72,070 $4.72 $740,015 $10.27

(9,404) 1,230 (163) (8,337) 151,544 57,276 37.8% 71.2% 94,268 0 94,268 72,240 72,001 $1.31 $201,596 $2.80

(9,463) 779 (113) (8,797) 97,538 34,213 35.1% 101.2% 63,325 0 63,325 72,065 72,420 $0.87 $166,693 $2.30

(11,976) 619 (2,074) (13,431) 136,981 49,382 36.1% 90.0% 87,599 (33,100) 54,499 72,068 72,375 $0.75 $164,295 $2.27

(12,213) 3 (12,211) 126,054 46,010 36.5% 85.0% 80,044 0 80,044 72,140 72,447 $1.10 $200,868 $2.77

(43,056) 2,631 (2,350) (42,776) 512,117 186,881 36.5% 85.1% 325,236 (33,100) 292,136 72,128 72,311 $4.04 $733,452 $10.14

(59,969) 10 (59,959) 497,830 181,708 36.5% 85.0% 316,122 0 316,122 72,321 72,629 $4.35 $819,635 $11.29

(64,370) 10 (64,360) 609,534 222,480 36.5% 85.0% 387,054 0 387,054 72,792 73,102 $5.29 $950,513 $13.00

740,015 811,348 37,476 ($108,809) ($1.51) $779,237 $10.81

201,596 153,863 9,720 $38,013 $0.53 $207,221 $2.88

166,693 281,830 9,777 ($124,914) ($1.72) $174,743 $2.41

164,295 288,078 9,771 ($133,554) ($1.85) $185,596 $2.56

200,868 453,886 9,780 ($262,798) ($3.63) $210,081 $2.90

733,452 1,175,000 39,048 ($480,596) ($6.65) $777,641 $10.75

819,635 978,750 39,219 ($198,335) ($2.73) $867,604 $11.95

950,513 937,688 39,475 ($26,650) ($0.36) $1,002,883 $13.72

Source: Company reports; Caris & Company estimates ** For a working copy of our model please contact your Caris salesperson or Gabriele Sorbara at gsorbara@cariscompany.com

CARIS & COMPANY

NEW YORK SAN DIEGO SAN FRANCISCO BOST ON MEMBER FINRA/SIPC

E&P
Ratings Distribution Chart:
T otal Securities Rated 147 Buy Number of Ratings 83 % of Ratings 56.46% No. Provided IB Services 0 % Provided IB Services 0.00%

Number of Ratings 61

Hold/Neutral % of No. Provided Ratings IB Services 41.50% Sell 2

% Provided IB Services 3.28%

Number of Ratings 3

% of Ratings 2.04%

No. Provided IB Services 0

% Provided IB Services 0.00%

First Call ratings are adapted to the above chart as follows: 1 & 2 = Buy, 3 = Hold/Neutral, 4 & 5 = Sell

*Note: Caris & Company utilizes the First Call rating system when assigning ratings in equity research reports. The following is a list of each numerical rating and its respective definition. 1 Buy 2 Above Average 3 Average 4 Below Average 5 Sell

Unless otherwise noted, stock prices reflected herein are the closing price through the business day immediately preceding the date of this report.

CARIS & COMPANY

NEW YORK SAN DIEGO SAN FRANCISCO BOST ON MEMBER FINRA/SIPC

E&P
Analyst Certification
The analyst responsible for the content of this publication, Gabriele Sorbara, hereby certifies that the views expressed in this publication regarding the company or companies and their securities accurately represent that analysts personal views, and that no direct or indirect compensation is to be received by the analyst for any specific recommendation or views contained in this note. Other Important Disclosures The research analyst and/or research associate responsible for this report has received or will receive compensation based on various factors, including quality of research, investor client feedback, and the Firm's overall revenues, but not based on investment banking revenues. This information is not intended to be used as the primary basis for investment decisions. The information contained herein shall not be construed as an offer, or the solicitation of an offer to buy or sell any securities, products, or services. Because of individual client risk and return requirements and client investment constraints, this material should not be construed as advice designed to meet the particular needs of any investor. CRIS accepts no liability whatsoever for loss or damage of any sort arising out of use of all or part of this publication. This material is based on data obtained from sources considered to be reliable. Caris & Company (CRIS) makes every effort to use reliable, comprehensive information, however, we make no representation that it is accurate or complete and it should not be relied upon as such. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. Any opinions expressed herein are subject to change and CRIS disclaims any obligation to advise you of any such change. In the UK, this document is directed only at Investment Professionals who are Eligible Counterparties or Professional Customers (as defined by the Financial Services Authority FSA). This document is not for distribution to, nor should be relied upon by, Retail Customers (as defined by the FSA). This communication is distributed for and on behalf of Caris and Company Inc which, in the UK, is an appointed representative of Prosdocimi Limited who is authorised and regulated by the FSA. Investment research issued by Caris & Company Inc has been prepared in accordance with its policies for managing conflicts of interest arising as a result of publication and distribution of investment research. The securities described herein may not be eligible for sale in all jurisdictions, or to any particular investors. Options, derivative products, and futures involve risk, and are not suitable for all investors. CRIS, its affiliates, their respective directors, officers, employees, or members of their families may have long or short positions in, and buy or sell, the equities or issues referred to herein, or options thereon. Neither the author of this report nor a member of his or her household maintains a position in the securities mentioned in this report. The firm has not provided any investment banking services for the companies mentioned in this report. Additional information on recommended securities is available upon request. Neither this report, nor any portion thereof may be reprinted, sold, or redistributed without the express written consent of Caris & Company, Inc. Copyright Caris & Company 2011

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C O M P A N Y

D I R E C T O R Y

NEW YORK 500 Fifth Avenue Suite 1640 New York, NY 10110 (866) 99-CARIS T oll Free (917) 464-1600 (917) 464-1520 Fax info@cariscompany.com

Director of Research - Craig A. Ellis cellis@cariscompany.com Consumer Media & Entertainment - David Miller dmiller@cariscompany.com Specialty Retail - Dorothy Lakner dlakner@cariscompany,com Household Products, Personal Care & Toys - Linda Bolton Weiser lweiser@cariscompany.com Hardlines - Scott Tilghman stilghman@cariscompany.com Energy Alternative Energy - Ben Pang bpang@cariscompany.com Utilities - Andrew Levi alevi@cariscompany.com E&P- Gabriele Sorbara gsorbara@cariscompany.com Healthcare Specialty Pharma & BioPharma - Mario Corso mcorso@cariscompany.com Devices & Diagnostics - Jason Wittes jwittes@cariscompany.com Healthcare IT - Leo Carpio lcarpio@cariscompany.com Technology Semiconductors - Craig A. Ellis cellis@cariscompany.com Semiconductor Capital Equipment - Ben Pang bpang@cariscompany.com Enterprise Software - Curtis Shauger, CFA cshauger@cariscompany.com

415 489 2514

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415 489 2522 917 464 1608 917-464-1610

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415 489 2514 415 489 2522 415 489 2517

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CARIS & COMPANY

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