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profit result...was arq being a bit cute

  1. 1,317 Posts.
    Just been looking at ARQ's financials and see they included the proceeds from the sale of Cliff Head as a receivable. Does that mean the EBITDA figure of $19.72 million includes the Cliff Head monies and if so without it what would have the after tax profit been?

    Just trying to work out some relative valuations here. With a market cap of $130 million and a profit of $9 million ARQ is on a P/E of 14.5. (cf PSA with a half year profit of $16 million and a market cap of $80 million is on a P/E of 5). Just trying to figure out the difference. ARQ and PSA are good stocks to compare because both have short reserves life but good short term cash flows.
    Both need to have further drilling success to extend reserves. For example at current rates of production Hovea could be all produced in 2 years, a bit like West Cameron. Both should have good profits in 2003/4 and they could be quite similar in amount (nb PSA reports on a calender basis)
    So I don't quite understand why the market values the two companies so differently unless it a case of ARQ being right under the punter's noses in Perth where most of the buying is coming from. Is the Aussie oil and gas sector that segmented? Can't figure it out.
 
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