No-Moat Beach Energy Is Driving Cash Flows with Debt all but Expunged. No Change to FVE.
We make no change to our AUD 1.80 per share fair value estimate. The negative impact of weaker near-term oil prices is offset by an increase in our midcycle EBITDA margin assumption, strong second-quarter production, and time value of money. Production and margin gains similarly insulate our fiscal 2019 EPS forecast, unchanged at AUD 0.135. But a full year’s impact of weaker price expectations does crimp our fiscal 2020 EPS forecast by 18% to AUD 0.125. Spot Brent crude currently sits near our u...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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