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Analyses on Cohen DEVL. (3)
- March 31, 2026March 31, 2026
- Follow-up
Cohen Development and Leviathan: how much of the expansion really reaches shareholders?
Leviathan's expansion is Cohen Development's main medium-term value driver, but only a narrow slice of the capacity uplift should flow directly to shareholders. The direct path runs through a royalty stream that is thinner than the 1.4375% headline, while the indirect path throu…
- Follow-up
Cohen Development: How much of the profit is actually accessible to shareholders?
In 2025 Cohen Development created value in more than one layer, but only a smaller part of it was already accessible to shareholders as cash. Profit was heavily shaped by Avner, the cash balance was heavily shaped by the private placement, and the distinction between those layer…
Cohen Development 2025: Profit jumped, but accessible cash still leaned on an equity raise
Cohen Development looks stronger in 2025 mainly because of a value layer above the direct royalty engine, but the thesis really strengthens only if direct royalties and accessible cash begin to close the gap with reported profit.
