I didn't see any posts about Bell Potter's latest SEA report (1st Aug), so here is a summary. Due to copyright, I'll just present highlights and a few quotes:
Target Price: $1.11
(up from $1.09 in Bell's March12 report, which was up from 86 cents in its late 2011 report)
BUY -- "compared with many mid cap oil & gas stocks, we see this as a less risky or speculative call" (Actual price was $.41 at time of report)
-- Current resources support target of 5,000 BOEPD in 3 years
-- Low net cash position but good loan facility and maybe asset sales (Bakken)
-- FY12 NPAT estimate lowered (due to $5M lower revenues, due to lower oil/gas prices)
-- Bell notes in a few paras SEA's possible asset sale of Bakken, valued at $200M or 68 cents/sh (more than SEA's current market cap).
-- Wattenberg wells have lower flow rates but good economics ($.16/sh value)
-- Mississippi acres added, adding reserves potential of 15-25mmboe
-- No flow info for Leon Pecha-1 may be due to commercial sensitivities or inconclusive results (but don't be harsh if the latter).
Next reserves report expected in September: "We see either the reserves report or an asset sale as a strong short term catalyst for the share price."
A Few Estimates:
YEAR 2012-2013-2014-2015
BOEPD: 1160 3407 4352 5075
EBITDA: 11 53 75 96
EPS Adj: 1.2 10.3 15.3 17.8
Estimated liabilities are highest in 2013 (Assets=$147M; liab=$52M), lower in other years.
- Forums
- ASX - By Stock
- SEA
- bell potter's latest report
bell potter's latest report
-
- There are more pages in this discussion • 21 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add SEA (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
MTL
MANTLE MINERALS LIMITED
Nick Poll, Executive Director
Nick Poll
Executive Director
SPONSORED BY The Market Online