2Q Production and Pricing Drive No-Moat Santos' Debt Lower. FVE Increased to AUD 6.50
We increase our Santos fair value estimate by 3% to AUD 6.50 per share from AUD 6.30, with higher near-term energy prices and the time value of money partially offset by lower-than-expected noncore Asia asset sale proceeds. While our midcycle Brent crude price forecast is unchanged at USD 60 per barrel (2021 real), our forecast average for the four years to calendar 2021 is increased by 10% to USD 70.80 per barrel. At AUD 6.05, no-moat Santos shares remain undervalued, and we think the market is...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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