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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (144613)	2/24/2023 2:57:01 PM
From: Goose94	Read Replies (1) of 201977

Athabasca Oil (ATH-T) revisited top pick from Eric Nuttall on BNN.ca Market Call Friday February 24th @ 1200ET Athabasca Oil offers tremendous leverage to both a rising oil price and a falling WCS differential. Having met its debt target (debt free now) the company has pledged to return at least 75 per cent of free cash flow back to investors in 2023, with a buyback beginning in April. Trading at a 13 per cent/23 per cent free cash flow yield at US$80/US$100WTI this year and a 20 per cent/29 per cent free cash flow yield at US$80/US$100WTI in 2024, we see the company being able to privatize itself in ~three years from free cash flow. With $3.3 billion of tax losses for which the market ascribes zero value ($0.44/share in value), we see the potential for ATH to be acquired at some point in the next two years and think fair value is 5X 2024 EV/CF at US$100WTI = $6.78 target = 145 per cent potential upside.

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