Capital Allocation & Who Dat Returns, page-15

Thanks Mondyinvest, appreciate the response via metrics rather than rhetoric.

It might be even worse than the above comparison, as I do not believe the EBITDA comparison between Brazil / Who Dat properly factored in the level of gas production & differential between WTI/Brent.

All Brazil production is oil and sold at Brent pricing.

~70% Who Dat production is oil and sold at ~WTI pricing which is say $5/bbl less than Brent.
~30% Who Dat production is natural gas and sold at ~Henry Hub which is nearly the same price as cash production costs, so doesn't generate EBITDA.

Factor in the downgrade on production and I believe it's more like a 3.5 multiple to their stock at the time ie. i2.5x EBITDA for Brazil vs 9x EBITDA for Who Dat.

Karoon management & board is lucky this stock has no major investor with their head screwed on and is just a collection of index funds and smaller investors.