Hints and tips:
...The S&P 489 has a weighted average P/E of 24, cheaper than the whole index, but not by much....
...TCI made $12.9bn for investors and ended last year up 33 per cent, ahead of the S&P 500 index’s 24 per cent rise....
...Stocks with low P/E ratios relative to their expected growth rates are rare....
...The acquiring consortium, known as Renaissance, includes Switzerland-based Petrolin and four Nigerian oil producers, ND Western, Aradel Holdings, First E&P and Waltersmith....
...A day earlier, Taiwan’s air force showed off its P-3C patrol aircraft — which can monitor and target enemy submarines with Harpoon anti-ship missiles and torpedoes — and E-2K airborne early-warning aircraft...
...Its forward P/E is just 15. We’re still searching for good stock picks. If you’ve got a candidate, email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...Today Occidental is the second biggest oil and gas producer in the US’s prolific onshore oilfields....
...P operators.”...
...Hence we think share price underperformance of wholesale banks such as DBK (4.7x P/E 2024E), BARC (3.9x P/E 2024E), BNP (6.9x P/E 2024E) as well as by some Money Center Banks is overdone....
...The rebound in oil prices — even as they have drifted lower — means Anadarko has “just turned into a giant ATM to repay the debt” of its mega-takeover, a VP with S&P Global Commodity Insights told the FT...
...“Most E&Ps are affirming previous messaging of maintenance programmes or low growth in 2023,” said Devin McDermott at Morgan Stanley....
...Correspondingly, the “terminal” or “exit” P/E multiple in your model should be average too. This would have been very good advice for someone who was modelling Facebook a couple of years ago....
...Given that risk, Chinese equities’ valuations don’t look terribly compelling: Yes, p/e are down a lot from 2021 and are cheap by recent elevated standards, particularly in Hong Kong....
...As of yesterday, value stocks have a forward P/E of 13.4, against growth stocks at 22.4. The ratio is 0.57....
...The Faangs, in market cap terms, are numbers 1, 2, 3, 4 and 7 in the S&P 500....
...E to revenue growth or “PEG” ratio)....
...But while the “E” of environmental, social and governance issues is dominating headlines this week — particularly given fresh signs of climate change emerging from Europe’s floods — nobody should overlook...
...“We think it’s important to be in those markets and to facilitate lending in oilfield services and E&P and so on and so forth. But we also think it’s a very volatile place,” Jordan said....
...The nascent round of E&P mergers will differ from previous get-togethers in one key respect: buyers are not going to over pay....
...Wall Street reacted by dumping its stocks, making the sector one of the S&P 500’s smallest....
...The future of E&P companies may be different than the future of the E&P industry itself....
...As many as 55 E&P companies would go bust this year, it predicted....
...That’s why consolidation has to happen,” said an E&P company chief. Producers also need to find new locations for wells....
...And you don’t hear much complaining when the industry does beat the S&P, as was the case in 2018....
...The bulls will point to a P/B below 1, FY21e EV/EBITDA of 4x and EFCF Yield of 8% as evidence of clear value....
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