AWE’s First-Half Profit Falls Materially Short, Shares Regardless Undervalued
We reduce our fair value estimate to AUD 0.85 per share from AUD 1.00 for no-moat AWE, following a worse-than-expected underlying first-half fiscal 2017 loss of AUD 34 million. The result was messy, with noncore asset divestments and organisational restructure complicating. The costs around this and maintenance downtime were higher than anticipated, crimping net operating cash flow to a modest positive AUD 3.7 million, easily accounted for by AUD 44 million in capital expenditure, also higher th...AWE is an independent energy company focused on upstream oil and gas opportunities. Co. has a portfolio of production, development and exploration assets in Australia, New Zealand, and Indonesia. As of June 30 2016, Co. had total proved developed and undeveloped reserves of 44.4 million barrels of oil equivalents, which consisted of 151.9 petajoules of sales gas, 73.4 kilotons of liquefied petroleum gas, 0.9 million barrels of condensate, and 17.4 million barrels of oil.
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