No-Moat Beach’s Transformation Impresses. FVE Upgraded 30% to AUD 1.10.
We upgrade our Beach Energy fair value estimate by 30% to AUD 1.10 per share from AUD 0.85, after increasing the assumed midcycle EBITDA margin to 55.0% from 52.5%. Fair value leverage is considerable given Beach’s still comparatively low margin status, in contrast to larger peers like Woodside and Santos with approximately 80% EBITDA margins on larger fields and oil-linked gas pricing. A 55% margin is ahead of Beach’s sub-50% 10-year average and reflects focus on improving returns from the Coop...
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