Valuation PBN vs CPG Here are some rough comparative numbers
PBN
Market value: 190 million shares * $10.73 = $2,038 million
Debt = $1.6 billion
Enterprise value ; $3.6 billion
Assuming 50,000 boe/d that works out to
$3.6/50,000 boe/d = $72,000 / boe/d.
CPG
Market value: 355 million shares out * $39 = $13.8 billion
Debt: $1.5 billion
Enterprise value: $15.3 billion
Assuming 110,000 boe/d that works out to
$15.3/110,000 boe/d = $139,000/ boe/d
These numbers indicate that CPG is worth double PBN on a flowing Boe/d basis. Hard to believe. I actually believe that CPG is a bit overvalued and PBN is a lot undervalued.
John