No-Moat Beach Edges to Fiscal 2019 Guidance High-End. We Increase our FVE to AUD 1.95 on Pricing.
We increase our Beach Energy fair value estimate by 8% to AUD 1.95 per share, due to higher near-term Brent crude prices and the time value of money. We up our 2019 and 2020 Brent crude price forecasts by 9.1% and 9.6% to USD 68.15 per barrel and USD 67.65 per barrel, respectively, in line with the futures curve. Our long-term Brent price forecast is unchanged at USD 60 per barrel in 2021 dollars. Our increased fair value estimate equates to a little changed 2023 EV/EBITDA exit of 4.6, assuming ...Beach Energy is engaged in oil and gas exploration, development and production and investment in the resources industry. Co.'s operating segments include Cooper Basin, which includes oil and gas sales from Australian production; Other Australia, which includes Co.'s interest in all on-shore and off-shore production and exploration tenements within Australia other than the Cooper Basin; and International interests, which includes Co.'s interests in all areas outside Australia and oil and gas sales from Egyptian production. As of June 30 2016, Co. had total proved and probable reserve estimate of 69.8 million barrels of oil equivalent.
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