Woodside (WPL) Strategic Valuation, page-5

Key to trying to value WPL is an underlying long term price on oil/gas.

Others wiser than me might have better knowledge of the connection of oil prices to LNG


Morningstar uses US$60 mid cycle oil prices:

From Morningstars NOV23 report:
Estimated earnings:
FY21: $1.50
FY22: $2.50
FY23: $1.78

Out of curiosity I went back to morningstars earlier report from April21 (before the recent jump in oil prices)
Their estimate of the fair value of WPS of $40 remains the same as their Nov23 report (ie the recent jump in oil prices, did not change their fair value). The main reason my Morningstars fair value estimates move more slowly is they rely on longer term pricing models in their valuations.

As of April 21:
Estimated Earnings:
FY21: $1.80
FY22: $1.85
FY23: $1.96