Based on 90MMBoe for the year, I estimate a PE of 16 equating to about $43.70. Given the lack of growth in the next few years, a PE of 16 seems a bit rich. I suggest fair value is around $38-41. Anything above that will be driven by dividend-hysteria. Today's close at $38.74 is a PE of a bit over 14 which is already getting up there with Browse and Leviathan production both distant. (Calcs based on underlying NPAT of $25/Boe - perhaps Pluto might up that a bit so adjust my figures accordingly)
Ann: Special Dividend and Dividend Payout , page-31
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$26.64 |
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| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 9 | 49672 | $26.62 |
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| Price($) | Vol. | No. |
|---|---|---|
| $26.65 | 1225 | 1 |
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