No-Moat Santos’ 2017 Earnings In Line With Expectations; No Change to FVE
Our AUD 5.75 fair value estimate stands for no-moat Santos, with longer-term assumptions intact. The company reported a fourfold increase in underlying 2017 NPAT to AUD 432 million, in line with our expectations. Underlying excludes net AUD 894 million in largely noncash post-tax charges, substantially comprising asset impairments following a change in macroeconomic assumptions that determine carrying value. No final dividend was declared, as expected, but this could change in 2018. We still tar...
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