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Beach Energy Ltd BPT

Morningstar Rating
A$1.56 0.01 (0.32%)
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Company Report

Beach Energy: Waitsia Precommissioning Progresses

Our AUD 2.40 fair value estimate for no-moat Beach Energy stands. The company reported a 6% increase in fiscal 2024 fourth-quarter production to 4.8 million barrels of oil equivalent, in line with our expectations. Otway Basin production increased by 31% due to successful connection to the Enterprise gas field and higher customer nominations. Group fiscal 2024 production fell 7% to 18.2mmboe.

Price vs Fair Value

BPT is trading at a 222% premium.
Price
A$1.56
Fair Value
A$3.10
Uncertainty
High
1-Star Price
A$8.89
5-Star Price
A$1.27
Economic Moat
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Capital Allocation
Pdyykxf

Bulls Say, Bears Say

Bulls

Beach has healthy cash flow and reasonable field reserve life.

Bears

Returns on invested capital are not sufficiently above the weighted average cost of capital.

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News

Trading Information

Previous Close Price
A$1.56
Day Range
A$1.541.57
52-Week Range
A$1.421.93
Bid/Ask
A$1.56 / A$1.56
Market Cap
A$3.55 Bil
Volume/Avg
4.5 Mil / 8.3 Mil

Key Statistics

Price/Earnings (Normalized)
8.66
Price/Sales
2.03
Dividend Yield (Trailing)
2.57%
Dividend Yield (Forward)
2.57%
Total Yield
2.59%

Company Profile

Beach produces oil, gas, and gas liquids from numerous joint ventures in the onshore Cooper and Eromanga basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy Limited in March 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million barrels of oil equivalent following the successful purchase of Lattice from Origin Energy in 2018. The average field life is 10 years based on forecast production and 255 mmboe of proven and probable reserves. We credit life of around 15 years, assuming substantial conversion of 2C contingent resources into reserve category with drilling. Shale gas resources are blue-sky.
Sector
Energy
Industry
Oil & Gas E&P
Stock Style Box
Mid Value
Total Number of Employees
214

Competitors

Valuation

Metric
BPT
STO
WDS
Price/Earnings (Normalized)
8.6612.1610.06
Price/Book Value
1.021.161.11
Price/Sales
2.032.962.65
Price/Cash Flow
4.065.365.25
Price/Earnings
BPT
STO
WDS

Financial Strength

Metric
BPT
STO
WDS
Quick Ratio
0.861.050.72
Current Ratio
1.161.471.03
Interest Coverage
−6.334.7312.63
Quick Ratio
BPT
STO
WDS

Profitability

Metric
BPT
STO
WDS
Return on Assets (Normalized)
6.27%4.90%5.81%
Return on Equity (Normalized)
9.66%9.50%9.38%
Return on Invested Capital (Normalized)
8.48%5.94%7.73%
Return on Assets
BPT
STO
WDS
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