The albatross around bte's neck Outlook and Recommendation. Baytex trades in line with the group, at a 2018E EV/ EBITDA of 6.8x versus peers at 6.6x (BMO deck). Leverage is the only sticking point, in our view, at 6.4x 2017E D/CF versus the group at 1.8x. We maintain our Market Perform rating.
Thats why it fell farther and faster than the group any why it is slower recovering andl be the last to recover in the group.
but ,hey,its just me, I think debt matters !