FLJP - Japan Petroleum Is Trading At Net-Cash Value With Price Below Pre-Invasion And 2014 Levels

• This E&P, infrastructure, and utility company trades at almost a negative enterprise value, with its net cash position and stocks in Inpex worth more than the market cap.
• The business is positively exposed to gas but mainly to oil prices, and has an emerging CCS business as well to future-proof it a bit.
• They have markets primarily in Japan, spelling resilience in particular for gas infrastructure exposures.
• With the obvious matter that these products are likely to stay high in price, and the fact that the Yen is also remarkably cheap right now, even in adverse economic scenarios for Japan there're FX gains in store.
• Japanese end-markets are stronger than most, showing resistance to inflation, and the dividend yield will be 5% in 2023. Their Russian exposure is totally offset.

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