Updating our estimates for less aggressive assumptions for Gulf Coast bitumen blend price realizations, we are reducing our 2019e and 2020e CFPS estimates by 4% and 9%, respectively after having raised those forecasts by 11% last week. We are reducing our TP to $49.00/share, after having raised it to $50.00/share last week from $45.00/share. $49.00/share equates to 8.8x 2019e P/FCF* at the strip, or 8.4x at our price deck. BUY.
14 Nov 2018
Further model refinements; reducing TP to $49.00 from $50.00
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Further model refinements; reducing TP to $49.00 from $50.00
Imperial Oil Limited (IMO:TSE) | 0 0 (-1.4%) | Mkt Cap: 28,420m
- Published:
14 Nov 2018 -
Author:
Michael P. Dunn -
Pages:
7
Updating our estimates for less aggressive assumptions for Gulf Coast bitumen blend price realizations, we are reducing our 2019e and 2020e CFPS estimates by 4% and 9%, respectively after having raised those forecasts by 11% last week. We are reducing our TP to $49.00/share, after having raised it to $50.00/share last week from $45.00/share. $49.00/share equates to 8.8x 2019e P/FCF* at the strip, or 8.4x at our price deck. BUY.