RBC IAE Report: "All Systems Go"RBC Report: "All Systems Go"
Ithaca remains our favourite International E&P plays with a portfolio capable of quadrupling production to over 23,000 boepd by 2013. In our opinion achieving this will establish IAE as one of the larger mid-cap North Sea producers and could provide a springboard for growth via development and acquisitions. We believe that the company has put operational issues at its now peripheral Jacky field behind it and is now ready to push on with completion of its Athena development and submission of its Stella development plan in Q4/11. We are retaining our Outperform rating but revising our share price target to $3.15 to reflect our core NAV. We value IAE on a sum-of-its-parts core NAV.
Management focus is on Athena and Stella as a result IAE has yet to fully outline the full upside potential of the recently acquired fields (Anglia, Cook and Topaz) and other undeveloped discoveries.
EPS
2011E FD
.32
2012E FD
.83
CFPS FD
2011E
.48
2012E $1.06
From investpro2: Plse note the significant increase in RBC 2011E and 2012 for EPS which from its last report was 2011E
.26 and 2012E
.60.