RBC IAE UpdateUpdate from RBC IAE analyst report dated 28 Sep:
Title: 'International E&P Universe is Discounting $64 US bbl"
Ongoing weakness in the equity market has seen shareprices in the International E&P discounting $64 US bbl. Despite the fall in equity values, Brent oil price remains above $100 US bbl and creates anomolies and opportunities.
Based on this analysis we highlight three areas: Oil Producers training below Core Value. We note IAE that will grow production through 2011-2013.
Maintaining Outperform and $3.15 sp target
2012E CFPS $1.07 fully diluted