re: cazenove - report Oilseep
The analysis you present from the Cazenove assumptions just highlights how fundamantal the long term price of oil (and gas) is to any consideration of a fair price for HDR. It's remarkable how the thinking is finally startng to change in the broking/analyst fraternity - its certainly moved a long way from the $20 per barrel that was still being used until a few months ago.
But in a world where the Greens are starting to embrace nuclear power as the way forward, a long term oil price of $60+ is probably not unthinkable.
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