CFPS of $1.46 vs. our $1.35 estimate & Street ~$1.50, on strong production (Kearl) and low current taxes. The erosion of the forward strip combined with another uptick to our ‘20e opex assumptions brings into question IMO’s ability to fund Aspen and share buybacks in 2020e without increasing net debt. Reducing our TP by $5.00 to $33.00/share. HOLD.
06 Aug 2019
Q2 sees strong production at Kearl – lowering our TP on a weaker oil tape, increased opex
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Q2 sees strong production at Kearl – lowering our TP on a weaker oil tape, increased opex
Imperial Oil Limited (IMO:TSE) | 0 0 (-1.4%) | Mkt Cap: 28,420m
- Published:
06 Aug 2019 -
Author:
Michael P. Dunn -
Pages:
9
CFPS of $1.46 vs. our $1.35 estimate & Street ~$1.50, on strong production (Kearl) and low current taxes. The erosion of the forward strip combined with another uptick to our ‘20e opex assumptions brings into question IMO’s ability to fund Aspen and share buybacks in 2020e without increasing net debt. Reducing our TP by $5.00 to $33.00/share. HOLD.