Prices and Creeping Capacity Boost Oil Search FVE by 9% to AUD 6.00 per Share
We increase our Oil Search fair value estimate by 9% to AUD 6.00 per share from AUD 5.50, reflecting a softer Australian dollar, higher near-term energy price expectations, and the time value of money. At AUD 8.80, no-moat Oil Search shares remain materially overvalued, we think the market insufficiently accounting for risks.Since our last note, the Australian dollar has fallen from 0.78 to 0.74 against the U.S. dollar, and our forecast average Brent crude price for the four years from fiscal 2...
Oil Search is engaged in the exploration, development and production of oil and gas deposits in Papua New Guinea. This is carried out as both the operator of producing and exploration joint ventures and as a non-operator participant in exploration and production joint ventures. Co.'s properties include the Kutubu oil project, Central Moran oil project, Gobe oil project, Hides GTE project, SE Mananda field, and Nabrajah. Co. also has interests in seven concession areas in Yemen, three concession areas in Egypt, and one concession area in Libya. Co. maintains operations in Papua New Guinea, Yemen, Egypt, Libya, Iraq, Tunisia, and Australia.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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