Vermilion Energy - Sustainable yield and growth
Vermilion Energy is an international E&P with assets in Europe, North America and Australia. Its defensive qualities include asset and commodity diversification, low financial leverage, high margins and low finding and development (F&D) costs. Management has distributed a consistent and growing dividend yield to shareholders since 2003, while retaining sufficient capital to grow production by 13% CAGR (five years). The company’s 6.6% forecast dividend yield remains one of the highest in the E&P sector. Our valuation stands at C$48.2/share and is based on a number of approaches including P/CF, EV/EBIDAX, Gordon’s growth model and SOTP based on sustainable FCF and drilling inventory NPV10.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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