RE:RE:BNE looks better than CJRay Kwan at BMO disagrees. He has a BNE target of $13 and UNDERPERFORM. Here is his view:
Outlook and recommendation. We believe Bonterra holds a high-quality asset base,
but with its below-average growth prospects and high leverage, we see the shares
underperforming those of its peers. On the recently revised BMO price deck, 2018E D/
CF sits at 2.4x vs. oil weighted peers at 1.3x. We maintain our Underperform rating and
$13.00 target price.