Analyst Research Report Snapshot


Oil & Gas Dev. Company: Volume growth to drive QoQ rebound in earnings; Outperform




Foundation Securities Private Limited


04 Apr 2013





Companies referenced:


Available for Immediate Download

Event * We see a strong uptick in Oil & Gas Development Company’s 3Q production which should drive concurrent earnings rebound. We estimate 3Q EPS of PKR7.5, up 38% QoQ (9MFY13: PKR19, up 18% YoY). OGDC’s other performance indicators have also staked up well. Drilling record has improved while cash flow position remains comfortable. Two key negatives are build-up of receivables and lack of sizeable discovery in 9M. Reiterate Outperform. Earnings Revision & Target Price * We leave our earnings estimates unchanged. Strong 3Q earnings rebound and likely continuation of the same in 4Q pose upside risk to our estimates. * Jun-13 price target: PKR230.3/share. No change.

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.