Santos Profit Hits our 2016 Target, Shares Undervalued
We maintain our AUD 5.30 per share fair value estimate for no-moat Santos, following an expected modest improvement in underlying 2016 NPAT to AUD 84 million. This excludes an AUD 1.5 billion post-tax noncash Gladstone impairment charge. We are encouraged by improvement in the second half from a low base, in line with our view rising sales volumes from Gladstone LNG’s ramp-up, and improving Brent crude prices from the March 2016 quarter’s average USD 36.60 per barrel low toward our unchanged lon...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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