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10.0% 0.9¢ energy world corporation ltd

OZ Gas Assets

  1. capital3157
    1,967 Posts.
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    16/10/22
    14:01
    Post #: 64221925

    Valuation Update


    I have revisited the Oz gas assets valuation. For the foreseeable future it appears that a price of $10/Gj is not an unreasonable guess. The valuation assumes 95% operational uptime. I have also applied a 65% EBITDAX margin on the basis that at that level direct costs equate to $3/Gj and for comparative purposes COE, who operate in the more expensive offshore area, achieve a margin of 49%. This is a rough guess based on the fact that the assets were placed in care and maintenance a couple of decades ago while awaiting price improvement, hence it was either marginally unprofitable or actually unprofitable at the prevailing gas price.


    As for the valuation I have used the Cooper Energy (COE) EBITDAX multiple (7.9) as a guide and settled on 7.5 times EBITDAX. As a result the valuation for Eromanga and Gilmore increases to $378 million.


    https://hotcopper.com.au/data/attachments/4756/4756727-59de5fbf243d2923b77ab76dac1fd903.jpg
    EWC Price at posting: 4.4¢ Sentiment: Buy Disclosure: Held
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    lightbulb Created with Sketch.  Great analysis
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