Q4 results and 2019e estimates are down vs. our prior forecasts (higher corp. costs, reduced Montney growth, lower price realizations). TP reduced US$0.50 to US$10.00/share (5.3x ‘20e EV/DACF). BUY. We expect ECA’s operations to differentiate it from many of its peers going forward as other industry players struggle with “child” wells.
