Atlas is an early story. A cash shell effectively and trading around 3-4x book. So quite pricey, and a bit rich for my blood here. But I do like managements business strategy of creating an oil and gas royalty and streaming co outside of North America, and they seem to be the only one in the space attempting it. There is a lot of overlap with there approach to what Tenaz Energy is going after - underfunded assets in Europe, LatAm, MENA. I would not be very surprised one bit if Atlas and Tenaz did some financing deals down the line together. To be honest, the two are a match made in heaven as Atlas is trying to target small/mid caps who can grow and grow, and thereby also grow there royalty/stream asset. The sticking point for me is Atlas would want a royalty at the portfolio level rather than the asset level, which is great for Atlas, but would suck for a company like Tenaz in my opinion.
Im also unsure how Atlas will fund these large deals they are pursuing. A quick look through there investor information and they have very high goals with big deals in mind which they wouldnt be able to fund through the balance sheet asI type. They could raise via equity given the premium to book, and also incorporate debt (which Im sure insiders would prefer given there share count). They appear to have the management team for the job, so I am a close observer. If this snowball starts rolling it could grow to be very very big, and with some fat margins.