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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (80244)	3/27/2021 1:59:47 AM
From: Goose94	Read Replies (1) of 202284

Cardinal Energy (CJ-T) top pick from Eric Nuttall on BNN.ca Market Call Friday Mar 27th @ 1200ET In the past month we have been able to buy ~8 per cent of the outstanding shares and like Cardinal for its very strong leverage to a rising oil price. With a $10 change in oil its free cash flow increases doubles. While sporting a modest market capitalization of $280MM and therefore likely restricting the number of possible institutional investors we find its current valuation of only 2.2X 2022 EV/CF at $60WTI to be unwarranted given its free cashflow yield (41 per cent at $60WTI). Given our bullish views on oil we think Cardinal could trade at 4x EV/CF which would equate to a $4.88 share price offering potential upside of 114 per cent.

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