RE:RE:RE:RE:RE:RE:RE:RE:RE:Latest analyst ratings post Q4 financialstommy you hit on it exactly. it's 100% the dividend. no other explanation. you could argue that tou and bir should be valued Higher than pey because of growth rates and liquid content. pey is living off it's reputation and it's high dividend. you are Exactly right about the valuation disparities.
TOMMY1 wrote: Yes, when you look at book values alone, compared to its peers, PEY is overvalued. My concern is that this inflated price is being propped up by the high dividend (which is a concern). I do like this company but got out today and may enter again at lower levels.
Peyto's book value is around 9.95. BIR is currently trading close to its book value of 6.44. TOU's book value is 23.46. This does put things in perspective and a dividend cut or more stock dillution along with current market sentiment could send PEY's stock tumbling.
Just my thoughts - good luck to all!
ghostzapper wrote: So if the book value/share is shareholders equity divided by the number of shares outstanding = 1,540,934,000/162,573,575 = $9.48/share. If there is going to be compression on the price to book value of Peyto's shares what is a resonable multiple?