{"id":1476,"date":"2018-03-06T09:49:46","date_gmt":"2018-03-06T14:49:46","guid":{"rendered":"https:\/\/www.stockcalc.com\/blog\/Reports\/?p=1476"},"modified":"2018-03-06T09:49:46","modified_gmt":"2018-03-06T14:49:46","slug":"africa-oil-aoitse-fundamental-valuation-report","status":"publish","type":"post","link":"https:\/\/www.stockcalc.com\/blog\/Reports\/2018\/03\/06\/africa-oil-aoitse-fundamental-valuation-report\/","title":{"rendered":"Africa Oil (AOI:TSE) Fundamental Valuation Report"},"content":{"rendered":"
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\n This Report was generated using the tools available on StockCalc.com<\/a>. Patchell Brook Equity Analytics Inc. emphasizes that the user assumes all risks associated with the use of this report or the Stockcalc website including, but not limited to, all terms and conditions mentioned in the legal disclaimer<\/a>.
\n To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here<\/a>.
\n <\/em>\n <\/div>\n

Valuation Summary:<\/h3>\n

Africa Oil<\/strong><\/span> $1.06 (USD) \/ $1.33 (CAD) Close Price as of 02\/03\/2018<\/span><\/p>\n

\n Based on the analysis conducted in this report, Africa Oil<\/strong>, (AOI:TSE) is found to be  Undervalued<\/span>. Use a conversion rate of 1.255773 from USD to CAD.\n <\/p>\n<\/p><\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Company<\/td>\nAfrica Oil<\/td>\n<\/tr>\n
Symbol:Exchange<\/td>\nAOI:TSE<\/td>\n<\/tr>\n
Industry<\/td>\nEnergy:Oil & Gas E&P<\/td>\n<\/tr>\n
Close Price\/Date<\/td>\n$1.06 (USD) \/ $1.33 (CAD) 02\/03\/2018<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
Weighted Average Valuation<\/td>\n$2.01 (USD) \/ $2.53 (CAD)<\/strong><\/td>\n<\/tr>\n
Summary<\/td>\nAOI:TSE is found to be  Undervalued<\/span> by 90.0% using the 2 valuation models shown below.<\/td>\n<\/tr>\n
Valuation Models Used<\/td>\nAnalyst Consensus: $2.31 (USD) \/ $2.91 (CAD)<\/td>\n<\/tr>\n
(in order of importance)<\/td>\nAdjusted Book Value: $1.56 (USD) \/ $1.96 (CAD)<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
Valuation Methods Analysis<\/td>\nThis company is:<\/td>\n<\/tr>\n
Cash Flow Basis:<\/td>\nOvervalued<\/span> on a Cash Flow Valuation basis<\/td>\n<\/tr>\n
Comparable Company Basis:<\/td>\nUndervalued<\/span> on a Comparable Valuation basis<\/td>\n<\/tr>\n
Asset Basis:<\/td>\nUndervalued<\/span> on an Asset Valuation basis<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n <\/p>\n
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Valuation Details<\/h3>\n<\/p><\/div>\n
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\n Africa Oil Valuations
\n <\/h4>\n
\"Summary<\/div>\n

 We have up to 6 valuation points for each company. Details are at the bottom of the report.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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\n

Discounted Cash Flow and Sensitivity Analysis for AOI:TSE<\/h3>\n<\/p><\/div>\n

\n Using a discounted cash flow model generates a negative intrinsic value due to one of 1) zero or negative projected cash flows 2) excessive capital expenditures or 3) excessive debt to calculated equity value for AOI:TSE<\/strong>. We have not shown the calculated value here for that reason.<\/p>\n

Sensitivity Analysis<\/h4>\n

(showing how changes in the input variables impact the DCF calculation)<\/span><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
AOI:TSE<\/th>\nCurrent Values<\/th>\nValuation If Dropped *<\/th>\nValuation If Raised *<\/th>\n<\/tr>\n
Calculated Value:<\/th>\n<\/th>\n1%<\/th>\n5%<\/th>\n1%<\/th>\n5%<\/th>\n<\/tr>\n<\/thead>\n
WACC (or Ke)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Terminal Growth Rate<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Tax Rate<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Cash Flow<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Capital Expenditures<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Long Term Debt<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

* Changes are absolute: ex WACC from 8% to 7%<\/p>\n<\/p><\/div>\n

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Comparables Model<\/h3>\n<\/p><\/div>\n

Using similar companies and price based ratios we generated a valuation of $0.71 (USD) \/ $0.89 (CAD)<\/strong> for AOI:TSE<\/strong>. We also generated a valuation of $2.12 (USD) \/ $2.67 (CAD)<\/strong> using other metrics and comparables.
\n The comparable companies were Baytex Energy (BTE:TSE), NuVista Energy (NVA:TSE), Peyto Exploration & Dev (PEY:TSE) and Spartan Energy (SPE:TSE)\n <\/p>\n

\n\n\n\n\n\n\n\n
Company AOI:TSE<\/th>\nEnd Date Value<\/th>\n<\/tr>\n
Cash\/Share<\/td>\n$0.00 (USD) \/ $0.00 (CAD)<\/span><\/td>\n<\/tr>\n
Book Value\/Share<\/td>\n$2.18 (USD) \/ $2.74 (CAD)<\/span><\/td>\n<\/tr>\n
MarketCap<\/td>\n607,306,028<\/span><\/td>\n<\/tr>\n
1 Year Return<\/td>\n-0.450<\/span><\/td>\n<\/tr>\n
NetPPE<\/td>\n0<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Price Based on Comps<\/th>\nAdjustment Factor (%)<\/th>\n<\/tr>\n
$0.00 (USD) \/ $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$2.00 (USD) \/ $2.52 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$2.87 (USD) \/ $3.60 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$1.50 (USD) \/ $1.89 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$0.00 (USD) \/ $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Ratios Used<\/th>\nAverage Values<\/th>\nBTE:TSE<\/th>\nNVA:TSE<\/th>\nPEY:TSE<\/th>\nSPE:TSE<\/th>\n<\/tr>\n
Cash \/ Share<\/td>\n0.00<\/span><\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
Book Value \/ Share<\/td>\n7.20<\/span><\/td>\n8.18<\/td>\n4.64<\/td>\n9.89<\/td>\n6.10<\/td>\n<\/tr>\n
Market Cap<\/td>\n1,644,554,276<\/span><\/td>\n881,749,876<\/td>\n1,237,389,898<\/td>\n3,309,080,787<\/td>\n1,149,996,543<\/td>\n<\/tr>\n
1 Year Return<\/td>\n-0.22<\/span><\/td>\n-0.33<\/td>\n0.39<\/td>\n-0.62<\/td>\n-0.34<\/td>\n<\/tr>\n
Net PPE<\/td>\n0<\/span><\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n<\/table><\/div>\n<\/p><\/div>\n
\n
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Multiples<\/h3>\n<\/p><\/div>\n

Using a multiples approach we generated a valuation of  $1.53 (USD) \/ $1.92 (CAD)<\/strong> for AOI:TSE<\/strong><\/p>\n

\n\n\n\n\n\n\n\n
Company AOI:TSE<\/th>\nEnd Date Value<\/th>\n<\/tr>\n
Earnings\/Share<\/td>\n($0.04) (USD) \/ ($0.05) (CAD)<\/span><\/td>\n<\/tr>\n
Book Value\/Share<\/td>\n$2.18 (USD) \/ $2.74 (CAD)<\/span><\/td>\n<\/tr>\n
Sales\/Share<\/td>\n$0.00 (USD) \/ $0.00 (CAD)<\/span><\/td>\n<\/tr>\n
Cash Flow\/Share<\/td>\n$0.00 (USD) \/ ($0.01) (CAD)<\/span><\/td>\n<\/tr>\n
EBITDA\/Share<\/td>\n($0.05) (USD) \/ ($0.06) (CAD)<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Price Based on Comps<\/th>\nAdjustment Factor<\/th>\n<\/tr>\n
$0.00 (USD) \/ $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$1.53 (USD) \/ $1.92 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$0.00 (USD) \/ $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$0.00 (USD) \/ $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
$0.00 (USD) \/ $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Ratios<\/th>\nRatio Average<\/th>\n<\/tr>\n
PE Ratio<\/td>\n0.00<\/span><\/td>\n<\/tr>\n
PB Ratio<\/td>\n0.70<\/span><\/td>\n<\/tr>\n
PS Ratio<\/td>\n0.00<\/span><\/td>\n<\/tr>\n
PCF Ratio<\/td>\n0.00<\/span><\/td>\n<\/tr>\n
EV to EBITDA<\/td>\n0.00<\/span><\/td>\n<\/tr>\n<\/table><\/div>\n<\/p><\/div>\n
\n
\n

Adjusted Book Value versus Historical Price to Book<\/h3>\n<\/p><\/div>\n

The average the Price to Book ratio for  AOI:TSE<\/strong> for the last 10 years was  0.73<\/strong>
\n
We ran the Adjusted Book Value for  AOI:TSE<\/strong> and generated a book value of  $2.14 (USD) \/ $2.68 (CAD)<\/strong>
\n By multiplying these we get an adjusted valuation of  $1.56 (USD) \/ $1.96 (CAD)<\/strong><\/p><\/div>\n

\n
\n

Analyst Data<\/h3>\n<\/p><\/div>\n
\n
\n In the Stockcalc database there are 5 analysts that provide a valuation for AOI:TSE<\/strong>. The 5 analysts have a concensus valuation for AOI:TSE<\/strong> for 2018 of $2.31 (USD) \/ $2.91 (CAD)<\/strong>.<\/p><\/div>\n
<\/div>\n<\/p><\/div>\n<\/p><\/div>\n
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Company Overview (AOI:TSE CAD)<\/h3>\n<\/p><\/div>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
Price<\/td>\n1.33<\/td>\n<\/tr>\n
Range<\/td>\n1.30 – 1.34<\/td>\n<\/tr>\n
52 week<\/td>\n1.33 – 2.36<\/td>\n<\/tr>\n
Open<\/td>\n1.32<\/td>\n<\/tr>\n
Vol \/ Avg.<\/td>\n88210\/193151<\/td>\n<\/tr>\n
Mkt cap<\/td>\n607.3M<\/td>\n<\/tr>\n
P\/E<\/td>\n0.00<\/td>\n<\/tr>\n
Div\/yield<\/td>\n0.00\/0.00<\/td>\n<\/tr>\n
EPS<\/td>\n-0.04<\/td>\n<\/tr>\n
Shares<\/td>\n456.62M<\/td>\n<\/tr>\n
Beta<\/td>\n0.72<\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\"Summary\n <\/div>\n
<\/div>\n<\/p><\/div>\n<\/p><\/div>\n
\n
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Detailed Company Description<\/h3>\n<\/p><\/div>\n

Africa Oil Corp is an international oil and gas exploration company. The Company has oil and gas interests in Kenya and Ethiopia. The Company’s blocks 10BA, 10BB, 13T, and the Rift Basin Area are located in the East African Tertiary Rift.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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Explanation of Valuation Models<\/h3>\n<\/p><\/div>\n
\n
\n We have up to 6 valuation points for each company in the database.
\n The Discounted Cash Flow (DCF)<\/span> valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).
\n The Price Comparables<\/span> valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.
\n We have included the Other Comparables<\/span> as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash\/Share, Book Value\/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.
\n Multiples<\/span> are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.
\n With Adjusted Book Value (ABV)<\/span> we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.
\n If we have Analyst coverage<\/span> for the company we use the consensus target price here.\n <\/div>\n<\/p><\/div>\n
\n

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Patchell Brook Equity Analytics Inc. has no control or liability regarding any links or the creation of any links to other sites external to Patchell Brook Equity Analytics Inc. and regarding the content of said sites. Therefore, you accept that your choice to access another site through a hypertext link is made under your own responsibility, and Patchell Brook Equity Analytics Inc. shall not be liable for any damages that result, directly or indirectly, from your access to another site connected by a hypertext link. Because the materials made available on these sites are not under the control of Patchell Brook Equity Analytics Inc., we make no representation about these sites or the materials that may be included therein. The fact that Patchell Brook Equity Analytics Inc. has linked to these sites does not constitute an endorsement or recommendation of any kind. These links are provided only as a convenience.<\/p>\n

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Patchell Brook Equity Analytics Inc. and any other names, images, and logos identifying Patchell Brook Equity Analytics Inc. and its products and services are proprietary trademarks of Patchell Brook Equity Analytics Inc.. Patchell Brook Equity Analytics Inc. does not permit the use of its name in advertising, as an endorsement of any product or service, or for any other commercial purpose, except where expressly permitted by written agreement between parties. This website and the copyright in the materials on this website (including all text, information, graphics, animation, and images) is owned by or licensed to Patchell Brook Equity Analytics Inc. All other trademarks, service marks, registered trademarks, or registered service marks mentioned in this website are the property of their respective owners.<\/p>\n

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Patchell Brook Equity Analytics Inc. endeavours to keep the rates and fees posted on this website current. However, rates, fees and related information are subject to change at any time with prior notice to users and the posted rates and fees at this website may not reflect such changes. Some of the services on this website are provided free of charge, but Patchell Brook Equity Analytics Inc. reserves the right to charge for these services in the future.<\/p>\n

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Patchell Brook Equity Analytics Inc. may restrict, suspend or terminate your access to, and use of, all or any part of the Patchell Brook Equity Analytics Inc. website for any reason at any time in Patchell Brook Equity Analytics Inc. absolute discretion and without prior notice or liability
\n YOU ACKNOWLEDGE, BY YOUR USE OF THE WEBSITE, THAT YOUR USE OF THE WEBSITE IS AT YOUR SOLE RISK, THAT YOU ASSUME FULL RESPONSIBILITY FOR ALL COSTS ASSOCIATED WITH YOUR USE OF THE PATCHELL BROOK EQUITY ANALYTICS INC. WEBSITE, AND THAT PATCHELL BROOK EQUITY ANALYTICS INC. SHALL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND RELATED TO YOUR USE OF THIS WEBSITE.<\/strong>
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\n © 2017 Patchell Brook Equity Analytics Inc.\n <\/div>\n<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Print This Report was generated using the tools available on StockCalc.com. Patchell Brook Equity Analytics Inc. emphasizes that the user assumes all risks associated with the use of this report or the Stockcalc website including, but not limited to, all …<\/p>\n

Africa Oil (AOI:TSE) Fundamental Valuation Report<\/span> Read More »<\/a><\/p>\nRead More<\/i><\/a>","protected":false},"author":288,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[3],"tags":[12,2052,2053,2054,2055,10,29,30,8,9,2056,2057,2059,2058,2060,2061,33,6],"class_list":["post-1476","post","type-post","status-publish","format-standard","hentry","category-fundamental-valuation-report","tag-adjusted-book-value","tag-africa-oil","tag-aoi","tag-baytex-energy","tag-bte","tag-comps","tag-dcf","tag-discounted-cash-flow","tag-fundamental-analysis","tag-intrinsic-value","tag-nuvista-energy","tag-nva","tag-pey","tag-peyto-exploration-and-dev","tag-spartan-energy","tag-spe","tag-undervalued","tag-valuation"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":true,"jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9s44y-nO","_links":{"self":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts\/1476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/users\/288"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/comments?post=1476"}],"version-history":[{"count":2,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts\/1476\/revisions"}],"predecessor-version":[{"id":1492,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/posts\/1476\/revisions\/1492"}],"wp:attachment":[{"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/media?parent=1476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/categories?post=1476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Reports\/wp-json\/wp\/v2\/tags?post=1476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}