Woodside’s 2017 Earnings Largely as Expected. Raising AUD 2.5 billion in Support of Expansion.
Our AUD 40.00 fair value estimate for no-moat Woodside stands. Excluding a USD 120 million pretax provision release, the company reported 9% increase in underlying 2017 NPAT to USD 940 million. This was a touch below expectations, but cash flow was in line. Woodside also announced a AUD 2.5 billion discounted one-for-nine entitlement issue. Fair value is protected in real terms by the bonus element in the entitlements, but the 98.7% dilution factor is regardless relatively benign and largely off...
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