Seks grunner for å se nærmere på Panoro:

Pkt 1 EV/opcf: Markedsverdi ((aksjeverdi og gjeld= EV)) (svært lite gjeld) delt på kontantstrøm fra drift er lik 2,5 mot 5,7 for større oljeselskaper.

Øvrige punkter er vel ganske selvforklarende. En må ikke se bort fra enormt letepotensiale i både Tunisia og Gabon hhv 250 mill fat og 1 mrd fat om jeg ikke husker feil. Panoro har aldri boret tørt i Gabon på Dussafu.

Six reasons for looking at Panoro


Conclusion
Along with the recent months’ oil price decline and weak share price performance among peers, Panoro’s share price has also taken a significant beating. However, we believe there are several reasons for why investors should take a look a Panoro at the current share price. We see at least six reasons.

Six reasons for looking at Panoro:
1. 2020e EV/opcf of ~2.5x (majors 12 m fwd: historical average of 6.3x, current 5.7x)

2. 2020e P/E of ~4.5x (majors 12 m fwd: historical average of 14x, current 11x)

3. Production set to grow significantly (= diversification, increased cash flow and potentially lower discount rate)

4. Upside potential to base case production profile if Salloum and Ruche are added

5. Multiple expansion potential: Producers trade at higher multiples vs. developers

6. Ruche long-term exploration upside of NOK 10-35/sh