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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (114453)	1/28/2022 2:06:05 PM
From: Goose94	Read Replies (2) of 202709

MEG Energy (MEG-T) Eric Nuttall on BNN.ca Market Call Friday Jan 28th @ 1200ET MEG Energy offers the highest leverage to a rising oil price given their unhedged status in 2022 and strong pricing leverage given their 100 per cent heavy oil production. Generating $1.6B of free cash flow this year at a US$80 WTI price and $12.50 WCS differential, the company will soon meet their initial deleveraging target allowing them to implement a share buyback program. The stock currently trades at a 40 per cent free cash flow yield and could potentially repurchase 10 per cent-20 per cent of the outstanding shares this year. Given their ultra-long life reserves and $4-6/share value of tax losses, we ascribe a 6x target multiple, which at US$80 WTI = $37/share = 157 per cent potential upside.

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