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Tilbake til: Olje og energi
Innlegg av: tuja (11.01.18 16:35 ), lest 365 ganger
Ticker: QEC

RE^1: QEC - Encana kjøper QEC's Montney andel?

Husket feil. PAS hadde 3,7kr pr aksje:

QEC - Transaksjon verdsetter QEC til 3,7 (Pareto)
ORLEN has announced that it will acquire Kicking Horse Energy for USD 356m on an EV basis
} Kicking Horse is Questerre’s JV partner in Montney and closest peer as it has all of its 2P reserves and current production from the JV acreage. The company’s current production is about 4,000 boe/day while QEC averaged almost 1,500 boe/day in Q2
} If we assume that the transaction valuation of Kicking Horse is attached to its 75% stake in the JV, the deal values QEC’s 25% stake at USD 91m. Adjusting for USD of 7m of net debt at the end of Q2, this values Questerre at NOK 2.6/share without any value attached to the company’s other assets
} The transaction prices Kicking Horse at USD 9.2 per bbl of 2P reserves, roughly twice Questerre’s current pricing of USD 4.5 per bbl of 2P reserves. Using the transaction multiple, Questerre’s 13.9 mill bbl of reserves could be valued at USD 128m. Adjusting for net debt, this values Questerre at NOK 3.7/share
} As such, depending on the valuation approach this transaction values Queserre’s JV stake in Montney at NOK 2.6-3.7/share, which is well above the current share price of NOK 1.5