Broker Valuations, page-141

• SXY uptick from Morgans.
• Senex Energy Limited (A$0.32) ADD TP A$0.51Zigs while sector zagsA positive Investor Day update from SXY management, who also announced a dividend policy that will be initiated by no later than FY22. A dividend policy that is sustainable and 'cycle-friendly', SXY will payout 20-30% of free cash flow (defined as operating CF - sustaining capex - lease expenses). SXY has also flagged plans for a share consolidation early in 2021. Also announced was a stretch production target of 10mmboe/a by end 2025. Pro forma net cash at 30 September A$30m (post Cooper asset sale). We have adjusted our forecasts for Cooper sale, maintained our A$0.51 target.