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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (111131)	9/24/2021 1:33:28 PM
From: Goose94	Read Replies (2) of 202704

Whitecap Resources (WCP-T) revisited 5.0 Eric Nuttall on BNN.ca Market Call Friday Sept 24th @ 1200ET Whitecap has been a terrible performer YTD increasing by just 21 per cent despite oil increasing by 51 per cent. I suspect there may have been a large institutional seller pressuring the name due to ESG pressures (ie. divestment) and believe the seller may be close to out of the name. Given net negative emitter status, large inside ownership, low leverage, and well performing assets I look for this name to rerate and catch up to its peers. Trading at 2.7x EV/CF and a 22 per cent free cashflow yield we look for the company to become aggressive at using at least 50% of its FCF to launch a material share buyback and increase its base dividend by ~25 per cent. Using a target multiple of 6x we think fair value for WCP is $13.70/share which triangulates to a 10 per cent free cash flow yield offering potential 133 per cent upside.

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