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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (102930)	5/28/2021 2:15:30 PM
From: Goose94	Read Replies (2) of 202901

Baytex Energy (BTE-T) revisited 2.0 top pick from Eric Nuttall on BNN.ca Market Call Friday May 28th @ 1200ET Baytex has totally fallen off of most investors’ radar screens given the perception of limited inventory depth and too much debt. With recent success in a new area of the emerging Clearwater play (40 derisked sections in the most profitable play in Canada) Baytex’s inventory depth appears to have just meaningfully deepened while debt levels are falling (1.6X 2022 D/CF at $70). Targeting flat production and the maximization of free cashflow to allow for deleveraging and a consequent multiple expansion Baytex’s current trading multiple of 2.7x 2022 EV/CF at $70WTI and a 51 per cent free cash flow yield is very attractive. Using $70WTI and a 4x EV/CF target multiple I see potential upside of 111 per cent.

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