Credit Suisse Investment Banking Pitch Book
Selected equity research perspectives
Date
11/29/12 Susquehanna
11/28/12 Capital One Southcoast
11/28/12 Ladenburg Thalmann & Co.
11/27/12 JPMorgan
11/27/12 Howard Weil Inc
11/27/12 RBC Capital
11/26/12
Jefferies
11/26/12 Guggenheim Securities
Name
(1)
(2)
Recommendation
Positive
Add
Buy
Underweight
Market perform
Sector perform
Hold
Buy
Mean
Median
CREDIT SUISSE
Source: Bloomberg, FactSet Research Systems.
Note: Excludes price targets issued prior to Maine's GOM exploration and development update on November 26, 2012.
Based on Maine's closing share price of $8.53 as of 11/30/12.
Based on current proposal of $16.29 per share.
Price target
$18.00
12.00
21.00
ΝΑ
15.00
10.00
12.00
20.00
$15.43
15.00
Premium / (discount)
to current (1)
111.0%
40.7%
146.2%
ΝΑ
75.8%
17.2%
40.7%
134.5%
80.9%
75.8%
Premium / (discount)
to current
proposal (2)
10.5%
(26.3%)
28.9%
ΝΑ
(7.9%)
(38.6%)
(26.3%)
22.8%
(5.3%)
(7.9%)
S
"Stock still overvalued. Despite Monday's 22.5% stock price decline, we think Maine shares still are
overvalued. Maine closed Monday at $9.65/share. Using NYMEX futures, we calculate that Maine has
zero equity value. Using our JPM price deck ($5.50/Mcf long-term gas), we value Maine at $2.31/share.
According to our NAV, the market already is giving significant credit for success at Davy Jones as well as
at other Ultra-Deep Shelf (UDS) fields."
JPMorgan, 11/27/12
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