From Credit Suise:
Slip sliding away?
With the sector falling more by the day, we thought it was worth an update on what stocks are pricing in, where balance sheets sit and what the Australian industry is doing (or not as the case may be). Perhaps it is an indictment on where valuations were before, but even after the sector has fallen ~13% in the past month or so it isn’t like the sector is screaming value. That said, in the shape of Beach and Oil Search, and Santos for the brave, we do see risk/reward back in investors’ favour.
