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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (62464)	7/19/2019 8:59:17 PM
From: Goose94	Read Replies (1) of 203020

Baytex Energy (BTE-T) (revisited) top pick from Eric Nuttall on BNN.ca Market Call Friday July 19th @ 1200ET Baytex has fallen off of the radar screens of most institutional investors and as a result its valuation has collapsed to just 3.3 times enterprise value to cash flow (EV/CF), 71 per cent EV to proved reserve value, and a free cash flow yield of 30 per cent (at $60WTI). Operationally, the company has beat expectations for over two years and has recently drilled their most successful East Shale Duvernay well to date, delineating a play whose value could exceed the current market cap. With debt to cash flow dropping below two times by the end of the year, Baytex will be able to imminently put in place a very meaningful share buyback program of over 20 per cent of their shares outstanding. Given its depressed valuation despite high free cash flow-generating capabilities, the company could privatize itself in the next three years from free cash flow or another entity offering a 50-per-cent premium to today’s price could get $500 million of proved reserve value or $2.7 billion of proven and probable reserve value for free. This is insane.

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