Analyst Research Report Snapshot

Title:

ExxonMobil Corp - UPDATING ESTIMATES AND RAISING PRICE TARGET TO $87.50 FROM $84.50

Price:

$58.00

Provider:

Phoenix Partners Group

Date:

26 Mar 2013

Pages:

7

Type:

AcrobatPDF

Companies referenced:

XOM.N

Available for Immediate Download
Summary:

We are raising our price target for shares of XOM to $87.50 from $84.50. We have updated our sum of parts DCF valuation incorporating 10-years of segment cash flows discounted at ~10%. We calculate total equity value of $411 billion or $87.50/sh. We believe we have been too conservative regarding the timing of cash flow contributions from Papua New Guinea LNG (PNG LNG). While investors have had to patiently wait for physical production volumes from Kearl phase I to reach crude markets due to weather delays, we believe production from PNG LNG will come sooner than the year-end 2014 start we had been anticipating. We expect PNG LNG production to commence starting June/July in 2014.

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