My thesis for a repricing of Woodside closer to $30 instead of $40 is based on the following fundamentals
1. Russian supply to China will only increase in the coming years, reducing demand from Australia.
2. Australia shipped rare cargo to Europe, but it took one month. We have little economic most due to cost of freight, US and Middle East are the main benefactor. If oil price is lower than it becomes more affordable, but also means the price of contracted LNG will be lower.
3.Despite China reopening; General consensus is for a slowdown in global demand in the coming year.
but having said that, I’m not seeing any new projects being approved in recent months. So hopefully oil/gas producers won’t go ape in increasing supply. Woodside need to recover their cost for Scarborough at $65+ over 5-6 years. It won’t be online for another 3-4 years… so that is anyone’s guess.
WDS too cheap?, page-1061
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$27.52 |
Change
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Mkt cap ! $52.25B | |||
| Open | High | Low | Value | Volume |
| $27.36 | $27.59 | $27.23 | $347.5M | 12.37M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 11 | 167313 | $27.51 |
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| Price($) | Vol. | No. |
|---|---|---|
| $27.53 | 2000 | 1 |
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