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21:43
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Originally posted by hindmost
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Noibody's perfect, not even Macquarie. I will give Macquarie one thing on this analysis though: they are giving an "underperform" rating to a company with a share price that has gone up. An analyst "Sell" rating usually means that the share price has already gone down.BPT’s oil exposure has fallen to ~45% and that earnings show little sensitivity to Brent . If earnings show little sensitivity to Brent, how can the share price be interpreted as priced for a particular oil price?Fixed price gas contracts are locked in at sub-market prices for three years , but then say that BPT have ~55% of production CPI linked in FY18 and FY19 . That means that if gas production meets expectations, 55% of it provides a guaranteed income and 45% of it can be market priced. Sounds like a perfect management strategy to me. If the current market wobble doesn't translate into falling demand, then there could be some rather nice upside from the 45%?
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My understanding is the new GSAs with Origin Energy effective just now is Fixed Price plus annual step-ups that is subject to CPI.
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