Ann: Beach Energy Ltd FY21 Results Presentation, page-77

Santos reported Underlaying NPAT of 354M$ USD for HY...converting in AUD and x2..equates to 950M$ NPAT....if we compare apple with apple then BPT reported 314M$ Underlaying NPAT. Essentially STO has 3x bigger NPAT but 5,4 times the market cap cap. Also BPT is only 1,5% geared while STO is 31,5% geared so it has got a much much larger debt and is entering in a number of CAPEX project in front of them. So if we use STO as a benchmark this would imply a valuation of 1,8$/2$ for BPT. The caveat is that BPT has a development year in front of them with all the risk before accessing to NPAT on the 400/500M$ region. So the question to ask is do I want to carry these project execution risk to get a 100% reward from today valuation? and I guess being the market forward looking you do not need to wait until EOFY23 but as soon there is a view of sight on Otway and Watsia coming on line BPT should re rate....also could be a TO target at 1,04/2,4BMC....but not sure how that would roll out with a significant family holder here as opposed to OSH ....Just DYOR