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Baytex Energy Corp. Message Board

  • passandshoot passandshoot Aug 13, 2008 6:45 AM Flag

    UBS Maintains Buy

    Maintain Buy rating, $32.00 target price

    With essentially unchanged cash flow estimates, we are maintaining our $32.00 price target and Buy rating. Our target price is based on a 2009E EV/DACF multiple of 5.8x, and implies a one-year total return of 19%, supporting our Buy rating. Currently, Baytex is trading at a 2008E EV/DACF multiple of 6.4x and offers a cash yield of 10.2%, as compared to the group averages of 5.7x and 11.3% respectively. We maintain a positive bias toward the trust, underpinned by its strong capital efficiencies, sound financial positioning (including a low payout ratio and strong balance sheet), and significant growth potential (both production and reserves) at Seal.

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2.02-0.04(-1.94%)Feb 5 4:01 PMEST