RE:I believe Naka hit it on the head but..... i'm not trying to discredit you debeaude. so ok you take away about 400 mil of assetts which would include cash, receivables and other current assets so that still leaves at least 8-900 mil debt, i do tend to use some current liabilities in my own calcs here's a part of the moodys report quote
"Rating Outlook: The outlook is stable based on expected completion of the pending acquisition from Sumitomo and execution of the relatively advanced GSA development program, leading to timely growth in production and the paydown of debt. While the B2 CFR does not incorporate further material acquisitions in the short to medium term, we expect that management would undertake such bolt-on deals with attention to reducing debt and reaching its own Debt/EBITDA target of 2x or below." note the last bit here debeaude
i'll go with moodys on this one debeaude but will concede i used too many current liabilities on my original post. regardless it still looks ok from an investment perspective to me providing they execute. i will say again on the new deal, it looks ok to me, however they did increase stakes in older fields which are decling not increasing production overall so i don't realy see a lot of pluses there, the increased cashflow should be fairly steady with slight declines from it.
here are some price targets that show up on iae in my account
Imperial Capital | | $3.15 C | 05 Jun 2014 |
Dundee Securities | | $3.40 C | 15 May 2014 |
RBC Capital | | $3.30 C | 12 May 2014 |
Mackie | | $3.50 C | 01 Apr 2014 |
these are all older and pre the new deal.
cheers ferret