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STO $6.28

Macquarie

  1. Michaelirish

    19,560 Posts.
    42
    Earnings and target price revision  2015E NPAT rises by 11% to A$466m: Lower non-cash DD&A charges and interest costs drive the material upgrade. 2015E operating cash flow rises by 10% due to lower than anticipated cash taxes. NAV falls by 1% to A$12.75/sh, reflecting a lower carrying value for Gunnedah Basin. Price catalyst  12-month price target: A$12.00 based on a DCF methodology.  Catalyst: STO will report 2014 financial results on 20 February. Action and recommendation  Maintain an Outperform and an A$12/sh target: While the impairments are large, they are more a reflection of STO's marginal/mature oil asset base (which should surprise few) and the high price paid for Eastern Star Gas

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