GAS [M-PF +5.0%] - Value from upstream venture outweighs possible lower oil price - Update
  • 28 Mar 2017
  • Company Research
We raise our target price for GAS by 9.1% and upgrade from U-PF to M-PF as we boost the terminal growth rate to incorporate the potential value of a 25% stake in the White Lion phase 2 gas field. 2017’s EPS is flat due to retroactive profit in 2016, but c