Columbian Peer valuation Hi everyone, just posting a few notes i've been making today. I was wondering how PTA was doing compare to other small oil & gaz cie in Columbia so i dug out a few numbers to see how is PTA's valuation compare to other cie first Table you'll see the actual valuation of those columbian peer and 2nd table, is the price of PTA action IF valuation would be in the same range as columbian peer cie :
Table 1
| | GTE | PXT (pre imp) | CNE | PTA | | |
| Share price | 8 | 6 | 5 | 0 | | |
| nbr share | 271 869 961 | 108 383 193 | 86 678 279 | 582 779 661 | | |
| production Q3 | 21 978 | 16 199 | 9 132 | 5 951 | | |
| mkt cap | 2 090 680 000 | 644 880 000 | 422 990 000 | 171 920 000 | | |
| net debt | (260 609 000) | 78 086 000 | 102 766 000 | (37 000 000) | | |
| CF (annualized) | 379 545 333 | 272 964 000 | 97 112 000 | 110 313 333 | | |
| earnings per share diluted (annualized) | 0,65 | 0,35 | 0,12 | 0,10 | | |
| EV | 1 830 071 000 | 747 646 000 | 385 990 000 | 134 920 000 | App. Columbian Peers |
| EV/bopd | 83 268 | 46 154 | 42 268 | 22 672 | 48 590 | |
| CF multiples | 4,82 | 2,74 | 3,97 | 1,22 | 3,19 | |
| Earnings multiples | 11,77 | 17,16 | 40,67 | 2,95 | 11 | |
Table 2
| Equivalency of Columbian Peer valuation multiples pushed in PTA |
| | EV | Share price |
| Based on bopd | 289 161 797 | 0,56 |
| Based on CF | 351 857 816 | 0,67 |
| Based on Earnings | 619 375 693 | 1,13 |
| based on PMG acq. Met | 296 664 000 | 0,57 |
Disclosure : IT is not fully diluted. As i have stated over and over, the warrant or not dilutive enough for me to take them into account, it changes the SP by 1 or 2 cents so just didn'T want to carry the warrants in the calculation...
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That being said, i'm looking for a 31,5 cents close, I think we might see a reversal over the last 2 week trend.
Do your own DD. good luck to long.
Later
white