From CIBC December 16, 2014
Oil & Gas - Dividend Corporations
Stock Rating: SE C T O R PE R F O R M E R
Sector Weighting: M A R K E T WE I GH T
Key Ratios and Statistics
12-18 mo. Price Target $3.50
LRE-TSX (12/16/14) $1.34
Key Indices: None
352-5--week Range Yr. EPS Gr. Rate (E) $1.15-$6.09 NM
Shares Outstanding 193.9M
Float 160.7M Shrs
Avg. Daily Trading Vol. 1,690,000
Market Capitalization $259.8M
Dividend/Div Yield $0.21 / 15.7%
Fiscal Year Ends December
Net Asset Value $4.86 per Shr
2014 ROE (E) NM
Net Debt $719.0M
Net Asset Value Common Equity $994.0M
Convertible Available Yes
CF per Share 2013 2014 2015 2016
Current $1.83A $1.82E $1.36E $1.19E
Prior $1.83E $1.62E $1.58E
Estimates ( Valuation (Dec. 31 Dec. 31))
P/CF-Curr 0.7x 0.7x 1.0x 1.1x
P/CF-Prior 0.7x 0.8x 0.8x
EV/DACF
2014E 3.1x
2015E 3.3x
2016E 3.9x
P/RNAV 28%
Company Description
Long Run Exploration Ltd. was established through the combination of
WestFire Energy Ltd. and Guide Exploration Ltd., in October 2012. Long Run
recently announced the transition to a dividend model.