Macquarie says Karoon worth $5.15 if oil > 100, page-11

That view will be based on a DCF model which as a forward view carries large inherent risk. Id say Morgan's prefer to take the guaranteed bankers margin for facilitating a takeover rather than own the shares themselves.

so saying my (very simple) dcf came to a similar'ish number using higher oil price while a more sustainable poo view resulted in $1-1.5/share lower value, it includes view of their large capital costs going forward, but makes huge assumptions on the resources recoverable and cost to tie in neon/goia to bauna field to prolong the cost effective operation of that fpso and hence Max BBL's from bauna/patola field, Execution risk is sizeable at this stage. Either if the intervention doesn't deliver their target prod level, neon isn't developed or they need a separate fpso for neon/goia, each can have a large impact on calculated 'value'. As always, never take any view of company value as gospel. Dyor...

full disclosure, I am bullish on the upside potential for Kar and have bought a reasonable parcel (for me) in last few months. A lot to like here, even if company has had a checkered past.