Woodside Petroleum Limited : Close to important support
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05/17/2012 | 11:16am
Opinion : Bullish above 30 AUD
Target price : 38 AUD
Stop loss: 29.8 AUD
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AUSTRALIAN SECURITIES EXCHANGE LIMITED
Integrated Oil / Gas |
Woodside Petroleum explores and produces oil and gas from offshore and onshore facilities located in Western Australia. The company operates numerous oil and gas fields and pipeline throughout Australia, United States and Mauritania. Its products include liquefied natural gas, domestic gas, condensate, crude oil and liquefied petroleum gas.
First quarter report, released on 10th April, showed sales revenues of US$ 1,197 million up 20% compared to the corresponding quarter in 2011, despite volume production decreased of 10% and natural gas’ historical lows. The share is currently trading 10 times EPS estimates for 2012, which have been recently revised upward by Thomson Reuters’ consensus.
In the past trading session the stock is hardly penalized by investors. Now the share is close to AUD 30.6 long-term support, this level is very appropriate and during last year has played as stepping stone, and one more time could give an opportunity of a new technical rebound. We fix target price in the area between AUD 36 / 38 in order to repeat last two rebounds. In add the last downward trend leaved several bearish gaps could be filled by technical rebound. We suggest a stop loss below long-term support at AUD 29.8.
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Valuation |
2013e |
2014e |
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PER (Price / EPS)
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14,8x |
12,6x |
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Capitalization / Revenue
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4,69x |
4,29x |
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EV / Revenue
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5,15x |
4,61x |
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EV / EBITDA
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7,50x |
6,51x |
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Yield (DPS / Price)
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6,35% |
5,84% |
| Profitability |
2013e |
2014e |
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Operating Margin (EBIT / Sales)
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48,1% |
50,8% |
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operating laverage (Delta EBIT / Delta Sales)
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0,84x |
1,65x |
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Net Margin (Net Profit / Revenue)
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32,1% |
34,6% |
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ROA (Net Profit / Asset)
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11,5% |
13,0% |
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ROE (Net Profit / Equities)
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13,1% |
14,1% |
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Rate of Dividend
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94,1% |
73,7% |
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