Great buying opportunity today IMO.
Market down but oil up. Forecasts for the half based on $80 oil but oil is over $90 with upside risk if Russia do something stupid. Could be pushing $40m EBITDA for the half but call it $35m. 6 wells come online in 2H22 with most early in the half around July-Aug implying a majority contribution.
So while we don’t know the oil price, we know volume will be higher. They could/should do another $40m in 2H22. So the full year range could be $75-$80m EBITDA which gives EV/EBITDA at 1.6x to 1.8x - this year!!! That prices in nothing for future years and nothing for Montney.
Crazy selling post settlement. I don’t want to ramp but this could look like a gift in the months ahead. I’ve bought a few at 19.5c this morning! Let’s see if I’m right.
Euroz sold 1.9 million on the 10th (latest broker data). CS, UBS and commonwealth on the bid that day.
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Great buying opportunity today IMO. Market down but oil up....
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