Raising Our FVE for Suncor, but Stock Still Overvalued
We are raising our fair value estimate for no-moat Suncor Energy to $37 (CAD 47) from $34 (CAD 44) on the basis of our increased outlook for near-term commodity prices. Despite the increase in our fair value estimate, the shares still look overvalued, trading near $40 (CAD 52). Suncor remains one of the more expensive oil sands producers in the sector. While we expect the company to generate increased cash flow in the near term, the stock price reflects unlikely levels of growth and profitabilit...Suncor Energy is an energy company. Co.'s operations include oil sands development and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. Co.'s segments include: oil sands, which develop and produce synthetic crude oil and related products through the recovery and upgrading of bitumen; exploration and production, which include offshore activity, and the exploration and production of crude oil, natural gas, and natural gas liquids; and refining and marketing, which include the refining of crude oil products, and the distribution and marketing of these and other purchased products, as well as a lubricants plant.
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