I find SXY reports opaque. How much did they really produce...

I find SXY reports opaque. How much did they really produce 4.7PJ or 4.1PJ? Somehow they produced 4.7PJ (table on page 1), but only managed to sell 4.7PJ after buying 0.6PJ from somewhere else. Seem like it claims to produce / sell gas that it has purchased elsewhere.

It's also likely that it is forced to buy gas for more than it is able to sell it, and this is having a negative impact on the average realised price of gas sales.

Its just stupid and annoying when companies report in such an ambiguous manner.

Anyway, that said cash is cash. And very broadly, SXY paid $15.4m in dividends and spent $10.4m on capex during the quarter. Total cash declined $10m, so it looks like it it generated $15.8m on an operational basis. On an annualised basis, this equates to $63.2m (ie 32.7cps).

In a low interest rate environment, a 10x gross cashflow valuation is reasonable, this equates to $3.27. Given the significant growth potential of SXY (a large part of which is actually being worked on and to be delivered in the next 12-18 months), a 15x to 20x valuation could reasonably be applied. This gives a valuation range of $4.90 to $6.50.

Happy to be corrected if my calculations are incorrect ...