Oil Search a Touch Short of our 2016 Target, Shares Still Overvalued
We maintain our AUD 4.50 per share fair value estimate for no-moat Oil Search, following an expected softening in its full-year result. We are encouraged by improvement in the second fiscal half from a low base. This is in line with our belief steady sales volumes from PNG LNG, and improving Brent crude prices from the March 2016 quarter’s average USD 36.60 per barrel low toward our unchanged long-term USD 60 per barrel forecast, will lift EPS materially above recent historic lows. Despite confi...
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