Beach Energy FVE Upgraded to AUD 0.85 Crediting Greater Lattice Synergy. 1Q18 on Track
We upgrade our Beach Energy fair value estimate by 13% to AUD 0.85 from AUD 0.75, after increasing the assumed margin benefit in combining existing operations with those of the proposed AUD 1.6 billion Lattice Energy acquisition from Origin Energy. Upon closer examination, we think Lattice’s scale-enhancing incorporation, expanding Beach’s footprint across multiple basins and production hubs, means an increase in anticipated midcycle EBITDA margin to 52.5% from our previous 50% estimate is justi...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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