AOI released their 4Q18 results with no material surprises however we have reduced our capex estimates on the South Lokichar development in Kenya, Blocks 10BB and 13T, resulting in an increased Target Price from C$2.20/sh to C$2.60/sh. We maintain our BUY recommendation, as the shares now trade at less than half our valuation.
01 Mar 2019
4Q18 results as expected but lower capex assumptions included in our valuation
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
4Q18 results as expected but lower capex assumptions included in our valuation
Africa Oil Corp. (AOI:TSE) | 0 0 0.7% | Mkt Cap: 634.0m
- Published:
01 Mar 2019 -
Author:
Taro Kiley -
Pages:
4
AOI released their 4Q18 results with no material surprises however we have reduced our capex estimates on the South Lokichar development in Kenya, Blocks 10BB and 13T, resulting in an increased Target Price from C$2.20/sh to C$2.60/sh. We maintain our BUY recommendation, as the shares now trade at less than half our valuation.