Fourth Successive Year of Underlying Earnings Growth for Santos. No Change to AUD 7.85 FVE.
We make no change to our AUD 7.85 fair value estimate for no-moat Santos. There were no real surprises in the 2018 earnings result. Including a month’s Quadrant earnings for the first time, the company reported underlying 2018 NPAT up 116% to USD 727 million, well ahead of our USD 585 million expectations. However, this includes a USD 146 million favourable foreign exchange gain which if excluded brings the result back to near in line with forecast. Net operating cash flow up 44% to USD 1.60 bil...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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