RE:Positive news ,now two major institutional holdersGood one, Carbon. Helps to forecast a bit using information at hand. I've been using US$50 million FCF per quarter given a US$90 bbl price and 20,000 bopd. To simplify, let's lower the numbers to CAD.
In Canadian dollars, current estimated value and ratio in my opinion is:
$400 million market cap
$200 million cash by year end
Zero debt
EV = 400mm - 200mm = $200 million
Free Cash flow = 50mm x 4 = $200 million
EV/FCF = 1
That's a fair projection based on CA$110 Brent (US$80+), 20000 bopd and Q2 US$37 million FCF as a barometer.
Which means stock should be 2.5 x current SP = $10
That's without any growth factored in. Enter Wassana production and Rossukon royalties for another 25% cash flow and SP should be north $12 close to $15.
Let's see what happens