Analyst Research Report Snapshot

Title:

Hedging free was the way to go in Q3

Price:

$81.00

Provider:

PI Financial Corp

Date:

08 Nov 2013

Pages:

7

Type:

AcrobatPDF

Companies referenced:

PXX.TO

Available for Immediate Download
Summary:

EARNINGS UPDATE November 08, 2013 BLACKPEARL RESOURCES INC. (T-PXX) $1.82 RATING: BUY TARGET: $3.00 (unchanged) (unchanged) Hedging free was the way to go in Q3 VALUATION/RECOMMENDATION: Our investment thesis on PXX is not built around quarterly CF. Blackpearl should be owned for its large and very high quality assembled oil sands opportunity base – again offering the potential for ten-fold increase over current volumes. We reiterate our BUY recommendation, $3.00 target and SPECULATIVE risk rating. (The basis of our valuation is provided within.) Company Statistics Risk: SPECULATIVE Potential Return: 64% Basic Shares OS: 296.1MM F.D. Shares OS: 315.9MM Market Capitalization: $542MM 52-Week Range: $3.46/$1.36 30 Day Ave Trading Volume: 348,818 Enterprise Value: $554M Financial Summary (FYE Dec 31) FY11a FY12e FY13e FY14e Oil (US$/bbl) $95.11 $95.15 $98.00 $90.00 Gas (US$/MMbtu) $4.03 $2.83 $3.75 $3.75 Heavy Oil (bbl/d) 7,403 9,032 9,300 9,600 Gas (Mcf/d) 960 374 1,500 2,400 Boe/d (6:1) 7,536 9,094 9,550 10,000 Cash Flow (MM) $76.7 $81.6 $82.8 $91.9 Net Debt Y/E (MM) -$37.8 $7.8 $9.3 $58.1 NAVPS (Engineering) $8.23 Price/NAVPS 47% EV/P+P Reserves (boe) $2.56 EV/Production (boe/d) $66,257 $60,116 $57,708 $59,657 EV/DACF 6.3x 4.7x 6.1x 5.9x Target Implied EV/DACF 10.5x 11.0C 10.0x 10.1x Corporate Information BlackPearl is a heavy-oil biased producer pursuing both cold-flow and thermal extraction initiatives in both Alberta and Saskatchewan

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.