Crescent Point Energy
How E&P analysts value a dividend-paying producer on debt-adjusted cash flow multiples cross-checked against a reserves-based NAV.
- Rating
- Price target
- CAD 48.00
- Published
- August 9, 2013
- Length
- 14 pages
- Sector
- Oil & gas E&P
- Market
- Canada
What the analyst argued
BMO's note reacted to a second-quarter beat: production of 117,799 boe/d was 6% above estimate and cash flow per share of $1.32 beat by 14 cents, prompting Crescent Point to raise full-year guidance and suspend its premium DRIP, which would improve per-share growth. The analysts kept Outperform and a $48 target based on 10.5x 2013E debt-adjusted cash flow, supported by a $49.91 per share net asset value derived from a 10% discounted cash flow of reserves. They highlighted 40 consecutive quarters of maintained or raised dividends as evidence of the model's durability.
Lead analysts: Gordon Tait, Paul Surmanowicz.
Inside the report
- 01Event / Impact
- 02Q2/13 Results and Forecasts
- 03Impact of Lower DRIP Participation
- 04Operating and Development Highlights
- 05Economies of Scale
- 06Production by Vintage
- 07Valuation and Summary
- 08E&P Yield Valuation Comparables
- 09Sum-of-the-Parts Net Asset Value Summary
- Sum-of-the-parts
- DCF
- EV/EBITDA
- Comparable companies
Includes a multi-year earnings model with the income statement, balance sheet, and cash flow forecasts the valuation is built on.
Read the report
14 pages
Tap the cover to open the PDF.Published by BMO Capital Markets on August 9, 2013 and hosted here for educational use; the report and everything in it belongs to BMO Capital Markets. The rating, estimates, and price target are the analysts’ view on that date, more than a decade ago, and are not a recommendation today. Copy first uploaded October 5, 2026.
More update notes
20 reports in the library- Imperial OilRBC Capital MarketsHow a short post-event note blends a NAV and a cash flow multiple, and lays out upside and downside scenarios.Update note · June 13, 2013 · 11 pagesTarget CAD 48.00
- KEYWSunTrust Robinson HumphreyHow an earnings update separates a near-term estimate cut from an unchanged thesis, and values a small-cap on forward EV/EBITDA.Update note · April 30, 2013 · 7 pagesTarget USD 18.00
