RE:RE: 1QFFO/ share compared to share price- Industry comparison Your point is valid which makes ATH even more overvalued on a relative basis. In regards OBE, their net debt is $455 which is slightly higher than ATH but they produced 12 times the funds flow per share. Market cap of ATH close to $400 million. OBE is under $150 million.
Any way you slice it, the valuation of OBE is massively undervalued relative to these other players.
I also did an analysis some weeks back looking at reserve report NPV's less net debt relative to share price. These reserve report values have consistent price decks and subtracting the net debt takes into account the leverage. I can repost the results of that or you can scroll back 3 pages and see it for yourself. Just looking at PDP reserves. OBE's value is $3.70 per share after net debt and ATH is at 18 cents. Every player I looked at in the industry is trading around 2 to 3 times this number and only three names came up less than this calculation, OBE, IPO and YGR. Have a look, you might see my point.