No-Moat Santos’ 4Q Impresses but Australian Dollar Strength Negates Gains
We make no change to our AUD 5.75 per share fair value estimate for Santos, and our 2017 and 2018 EPS forecasts are similarly little changed at AUD 0.21 and AUD 0.26, respectively. Our fair value estimate equates to a non-onerous 2021 EV/EBITDA of 6.5, price/earnings of 16.5, and dividend yield of 2.4% on an assumed 40% payout, all discounted at WACC. Fourth-quarter production was steady at 15.0 million barrels of oil equivalent, or mmboe, in line with expectations. Santos said that 2017 upstrea...Santos is a natural gas company engaged in the exploration for, and development, production, transportation and marketing of, hydrocarbons. Co.'s operating segments consist of five key assets/operating areas of: Cooper Basin; Gladstone LNG; Papua New Guinea; Northern Australia; and Western Australia gas; based on the nature and geographical location of the assets, plus Other non-core assets. Co.'s proved petroleum reserves were 485.0 million barrels of oil equivalent at Dec 31 2016.
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