After Raising Our Imperial Oil Fair Value Estimate, We See Over 15% Upside
We are raising our fair value estimate on no-moat Imperial Oil to $36 (CAD 46) from our previous estimate of $34 (CAD 44). Our increased fair value estimate was driven by our increased near-term commodity price forecasts coupled with a more optimistic outlook for Imperial’s downstream operations while there continues to be a pipeline takeaway capacity. Imperial’s stock has been up over 13% over the past couple of months and has drifted closer to our fair value estimate. Despite the increase, we ...Imperial Oil is an integrated oil company. Co. is active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil and natural gas. In Canada, Co. is a producer of crude oil, natural gas and petroleum refiner and a marketer of petroleum products. Co. is also a producer of petrochemicals. As of Dec 31 2017, Co. had 1.57 billion barrels of oil-equivalent basis of net proved reserves, which consisted of 44.0 million barrels of liquids, 641.00 billion cubic feet of natural gas, 473.0 million barrels of synthetic oil, and 946.0 million barrels of bitumen.
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