BTE Valuation, Other CalculationsJune 14 closing price: $4.38/share
Latest investor presentation had 811M shares O/S (May end)
June 14 BTE market cap = 4.38 X 811 = $3.55B
Pretty positive that O/S shares count will fall below 800M shares by July end.
Let's say by 2025 summer, O/S shares count falls below 750M shares, $75-80 stable WTI prices, solid FCF generation, reduced debt, increasing dividends, Market Cap = 1.70 X $3.55B = $6.03B (taking 70% increase from current market cap via solid financial and operational delivery)
Deduced share price = $6.03B/750m = $8.04/sh
If Market cap = $7.50B, then share price = $7.50b/750m = $10/sh
Just working thru $/share valuation math piece to show impact from continued share buybacks.
Total pro-forma O/S shares post Ranger Oil acquisition was ~865m (currently 811m shares which is 6.2% reduction within a year). @750m O/S shares would be 13.3% reduction.