RWS,
That's kind of a difficult question, and I don't wamt to be evasive bbut a few questions:
1. How to determine undervalued for you?
Traditional metrics like PE, and then compared to other energy or compared to other oil sands?
Or, oil sands metrics like EV/boe (reserves, and then 2P or 3P or contingent or anticipated?)
Or, upside to investment bank targets
2. How do you define oil sands plays (please see the header of this thread)?
There are juniors, independents, pure-plays.
Finally, I would make a big distinction between 1-5 yrs and 5yrs+ in evaluation of 1&2, because there are several projects under construction now coming to fruition the next few years, but also there have been some big announcements, if you can wait. CAPEXes may run much higher for those, we won't know for years.
D |
