Post by
Trooper01 on Jul 20, 2021 9:48pm
National Bank report
Crescent Point (Outpeform; $11.00/sh Target Price) – Our Q2/21 CFPS estimate of $0.67 is above the current consensus estimate at $0.62. Our CPG thesis is predicated on its discounted valuation (3.1x 2021 EV/DACF vs. peers 4.1x & 3-year historical 3.6x) and its clear-cut strategy focused on deleveraging (2020A D/CF 2.6 vs. 2021E D/CF 1.4x) and improving margins (2020A CF margin of 37% vs. 2021E 57%). On our current estimates, we are forecasting cumulative free cash flow generation of approximately $1.2 billion through 2022 (2021E FCF yield of 30%), which compares to the company’s current market cap of $2.6 billion. There is no denying that Crescent Point is one of the more compelling valuation opportunities within our coverage, and we believe this name should begin to warrant more attention as it begins to refine its recent Duvernay acquisition.
Comment by
Trooper01 on Jul 21, 2021 11:24am
This is SEVERELY undervalued , get in before its too late