John

For unto every one that hath shall be given, and he shall have abundance; but from him that hath not, shall be taken away even that which he hath.

[John @value_degen]

@_elemental_hs wtf you can silence a frozen minion?

I've been playing for like 10 years and didn't know this.

[John @value_degen]

@NotOjer @superfkr Yeah lmao. Federal laws just changed I can put a stock on it now.

Still nice to classify it as a pistol for state laws though.

[John @value_degen]

@offbeat @VativGG @LiveOverflow @killa I think because he realized he's fully doxxed. You'd be an idiot not to return.

[John @value_degen]

@NotOjer @superfkr Yeah I moved it. This was just for the meme.

It's a monolithic upper the zero won't be lost.

And it's acktually a brace 🤓. I'm 6'4"

[John @value_degen]

@NotOjer @superfkr What's wrong?

[John @value_degen]

@GavMcCracken The options I bought Friday are doing well :)

[John @value_degen]

@offbeat @LiveOverflow @killa Dude's a full grown man. I don't care.

[John @value_degen]

@JamesPavur @LiveOverflow @killa Killa is a scammer who scammed @zipelCS and skinbid. He is a pathological liar.

[0SG @Zerosumgame33]

$CLMT Reposting why I'm ~100% all in w/ extreme conviction that CLMT should be a $80-$100 equity TODAY

1) We now have hard evidence Calumet core specialties biz (ex Montana Renewables) is annualizing ~$1B FCF @ $5 base oil cracks (structurally supported by Train 2 @ Shell Pearl GTL in Qatar down untill Q2-Q3'27) given the $280M cash outlay required to have redeemed $250M '28s @ 102 + accrued int & $16M of sale & leaseback @ Montana Terminal with cash generated from 7/1 thru 10/14 (*critical to note the $100M redemption on '28s @ 7/8 was NOT drawn on ABL, but generated w/ July cash flow per my convo w/ mgmt)

2) Over the next 12 mo's @ spot $3.50/gal RD index (structurally supported by the looming negative RIN bank come March + EPA stance on SRE's) MRL will do $650M EBITDA @ 87% ownership as SAF ramps 4kbpd --> 10kbpd @ $1/gal contracted premium to RD, less $103M of recently announced self-funded phase 2 growth capex, less $25M maintenance capex, less $35M inter-company loan interest paid to Calumet, less $0 cash interest on PIK'ing DOE loan = ~$500M FCF.

**If spot conditions last another 12 months....that is... $5/gal base oil cracks + $3.50 RD index margins....****

$CLMT will do $1.5B combined FCF on today's $4.3 billion market cap = 35% yield

Uses?

$1B FCF @ parent = organically pay down $175M remaining '28s @ 102 ($184M cash cost) , $200M '29s @ par > Jan 15, $555M '31s @ 104 make whole ($590M cash cost), cuts $90M cash interest.

$500M FCF @ MRL = organically pay down $408M intercompany loan balance + begin to pay down $100M of the $348M outstanding Warburg pref
________________________________________

Normalized mid-cycle FCF after 12 months of euphoria?

1) Completely de-levered Core specialties biz:

$300M mid-cycle EBITDA ($300M SPS + $50M PB + $20M Asphalt less $70M corporate)
- $75M recurring capex
- $0 cash interest ('28s, '29s, '31s wiped)
- $75M cash taxes after ~$1B federal NOL's expire
= $150M levered FCF

2) Montana Renewables:

$600M mid-cycle EBITDA @ 87% ownership @ $2.25 RD index & $0.35/gal fully loaded site opex & $0.30/gal feedstock transport (split $500M from 13kbpd SAF @ $1 premium+ 1kbpd RD, $15M from high octane naphta byproducts + $75M from LPG off-gas recovery getting normalized D5 RINs)
- $25M recurring maintenance capex
- $45M DOE loan cash interest on $900M balance
= $530M levered FCF

= ~$700M combined normalized 2028 mid-cycle levered FCF

/ 88M fully diluted shares outstanding

= $8 levered FCF per share

@ 12-15x (6-8% yield) = $96 - $120 per share

NPV discounted 2 years @ 10% = $80-$100 per share TODAY

[John @value_degen]

@Zerosumgame33 I sold 25% of my shares today and moved into options. Excited for the 6th

[John @value_degen]

@TechsavvyCS @DMarket LMFAO

[John @value_degen]

@SidisiTV @PlayHearthstone Do you think you're the player with the highest concentration of single class wins compared to others?

[John @value_degen]

@ChaosIsLaddah @GavMcCracken Yep 🥱

[John @value_degen]

@TheMangoTrader @GavMcCracken I can get a dozen for $1.80

I usually eat 3-4 for dinner (with bread).

I load my freezer with bread when it's bogo at the store.

Average dinner cost is $1.63

[John @value_degen]

@PacceyGuy Congrats! I couldn't get this deck to work for me. The lack of board control before turn 6 loses me most games. Skill diff ig

[John @value_degen]

@dinocarrty nice expired tags 🤓

[John @value_degen]

@UraniumSteve I bought a ton today too. November will be a great month.

[John @value_degen]

Eating good tonight!

[John @value_degen]

I doubled my $BNO calls today