1H Fiscal 2018 Cost Reductions Impress for No-Moat Beach. No Change to FVE.
We make no change to longer-term assumptions for no-moat Beach following better than expected first-half fiscal 2018 results. Our only recently upgraded AUD 1.10 fair value estimate stands, equating to a 2022 EV/EBITDA exit multiple of 5.5. This is suitably lower than larger peer Santos’ 6.5, in keeping with Beach’s lesser field life. We assume a real midcycle USD 60 per barrel Brent crude price in 2021 dollars and an AUD/USD exchange rate of 0.80. Approximately 10% of our fair value estimate, A...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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