Baird Investment Banking Pitch Book
COMPARATIVE COMPANY ANALYSIS (CONT.)
Multi-Basin Operators - Mid and Small Cap
($ in millions, except per
share data)
Multi-Basin - Mid Cap
CARRIZO
NEWFIELD
PDC
ENERGY
QEP
SM
ENERGY
MCH
WPXENERGY.
Share
Price
03/16/18
$15.63
24.27
53.29
9.24
17.91
16.86
13.92
Median
Equity
Market
Cap
$1,273
4,847
3,515
2,227
2,000
1,708
5,543
Market Data
Net
Debt
$1,235
2,108
1,093
2,241
2,095
581
1,666
$2,227 $1,666
Total
Enterprise 2018E
Value EBITDA (2)
$2,722
6,955
4,609
4,095
2,734
7,441
$4,467
5660
1.393
856
834
845
607
1,106
$845
2019E
EBITDA (2)
$821
1,684
1,156
1,024
1,197
762
1,479
$1,156
Financial / Valuation Metrics (1)
Total Enterprise Value /
2018E
Proved
Current
Reserves
Prod.
Prod.
(S/Mce) (2) (S/Mcle/d) (2) (S/Mcle/d) (2)
$0.76
0.94
0.97
0.56
0.85
0.45
1.27
$0.85
$3,158
3,680
4,247
2,994
3,360
4,393
$3,680
$3,193
3,319
3,600
2,891
2,938
3,955
4,327
$3,319
2018E
EBITDA (2)
Confidentiat
5.0x
5.4x
5.4x
6.7x
5.0x
Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018.
Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings.
(1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1.
(2)
Wall Street consensus estimates.
2019E
EBITDA (2)
3.3x
4.1x
4.0x
4.4x
3.4x
3.6x
5.0x
4.0x
BAIRD
Net Debt /
2018E
EBITDA (2)
1.9x
1.5x
1.3x
2.5x
1.0x
1.5x
1.5x
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