We are changing our recommendation from Outperform to Speculative Buy with a new target price of £6.20 per share (£8.30 per share previously) following the Company’s publication of its 1H15 IMS. With net debt much higher than we expected reflecting working capital movement and low realisations, we have also taken a more conservative stance on the risk profile of the development of the Bina Bawi/ Miran gas assets. We have moved this asset from our Core NAV to our Risked Upsid
14 Jul 2015
Taking a More Conservative Stance on Kurdistan Gas
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Taking a More Conservative Stance on Kurdistan Gas
Genel Energy PLC (GENL:LON) | 83.6 -0.1 (-0.1%) | Mkt Cap: 233.4m
- Published:
14 Jul 2015 -
Author:
Stephane Foucaud -
Pages:
4
We are changing our recommendation from Outperform to Speculative Buy with a new target price of £6.20 per share (£8.30 per share previously) following the Company’s publication of its 1H15 IMS. With net debt much higher than we expected reflecting working capital movement and low realisations, we have also taken a more conservative stance on the risk profile of the development of the Bina Bawi/ Miran gas assets. We have moved this asset from our Core NAV to our Risked Upsid