Baird Investment Banking Pitch Book
COMPARATIVE COMPANY ANALYSIS (CONT.)
Select Permian-focused Operators
($ in millions, except per
share data)
Permion-Focused
CENTENNIAL
Haku: Ponakan sema
CIMAREX
CONCHO
DIAMONDBACK
ENERGEN.
JaggedPeak....nd
LAREDO
PETROLEUM, INC
Makadan
"Ben
PARSLEY ENERGY
PIONEER
NATURAL RESOURCES
RSPAPERMIAN
Share
Price
03/16/18
$18.22 $5,029
11.76
92.48
148.49
125.51
57.32
12.41
8.53
28.87
26.57
Equity
Market
Cap
39.05
Median
2,375
8,826
22.135
12,321
5,583
2,069
3.154
169.34 28,839
8,417
6,226
$5,905
Market Data
Total
Net Enterprise 2018E
Debt
Value
EBITDA (2)
$219
592
1,086
2.527
1,365
782
31
680
478
1,571
1,836
1,471
$934
$5,418
2,967
9,913
24,662
14,013
6,366
2,674
2,749
3,733
11,156
30,680
7,697
$7,031
$633
1.575
2,271
1,463
995
584
465
1,206
3,288
936
$966
2019E
EBITDA (2)
$901
563
1,845
2,760
1,907
1,276
600
571
1,688
3,979
1,212
$1,244
Financial / Valuation Metrics (1)
Total Enterprise Value /
Proved
Current
2018E
Prod.
Reserves
Prod.
(S/Mcfe) (2) (S/Mcfe/d) (2) (S/Mcfe/d) (2)
$2.29
1.45
2.89
1.08
4.56
1.15
1.95
1.99
2.55
1.41
$1.97
$9,053
7,426
4,830
8.937
10,129
4,884
7,945
3,789
6,837
9,876
7,541
8,430
$7,743
$6,753
6,297
4,358
8,094
4,772
5,150
3,555
6,317
7,634
7,078
6,987
$6,535
2018E
EBITDA (2)
Confidential
6.3x
10.9x
6.4x
6.3x
4.7x
8.0x
9.2x
9.3x
8.1x
Source: Company fillings, 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)
6.0x
5.3x
5.4x
7.3x
5.0x
4.5x
6.5x
6.6x
7.7x
6.2x
BAIRD
Net Debt/
2018E
EBITDA (2)
0.3x
1.1x
1.2x
1.0x
1.3x
0.6x
1.6x
1.0x
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