Huntleys are forecasting earnings of 63 cps and 69 cps for FY11 and FY12. That means STO is trading on a FY11 P/E of 19.6 which puts it close to QRN's league. Historically, STO has traded at significantly higher ratios and ratio is very comparable to its peer (WPL) so in relative terms and time wise it is not expensive.
Question is why is the multiple as generous as it is?
1. Are earnings from Gladstone LNG project "priced" into the current share price?
2. Are there any additional significant earnings due to come on stream in next few years other than GLNG?
3. Any premium for takeover "priced" in?
4. Any premium "priced" in for future long-term price of oil.
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Huntleys are forecasting earnings of 63 cps and 69 cps for FY11...
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