Barclays on Energy & Power: PC Weekly Valuation and Price Performance

Barclays on Energy & Power: PC Weekly Valuation and Price Performance by Paul Y. Cheng

On Integrated Oil Companies,

Cheng said, "EV/2012 EBIDA: The group is currently trading at 5.9x EV/2012 EBIDA. Marathon (NYSE: MRO) is trading at the largest discount to the group at 4.5x, while IMO is trading at the highest premium at 8.8x EV/2012 EBIDA."

"Price/Net Asset Value: Currently, we estimate the group is trading at a 28% discount to its Net Asset Value (NAV). We estimate ExxonMibil (NYSE: XOM) is trading at the highest of the group at a 6% discount to its NAV, while Murphy Oil (NYSE: MUR) is trading at a 46% discount to its NAV."

On Independent Refiners,

Cheng said, "EV/Daily Barrel of Complexity: The Independent Refiners are currently trading at $359/daily barrel of complexity, or 20% of estimated greenfield replacement cost. Western Refining (NYSE: WNR) is trading at the largest premium to the group at $1,231/daily barrel of complexity, while Sonoco (NYSE: SUN) continues to trade at the largest discount at -$87/daily barrel of complexity."

Price/Tangible Book: The group is currently trading at 1.3x price to tangible book, with SUN trading the highest at 2.0x and VLO trading the lowest at 0.7x. EV/2012 EBITDA: The Independent Refiners are currently trading at 3.6x EV/2012 EBITDA. TSO is trading at the largest discount to the group at 1.8x EV/2012 EBITDA, while SUN is trading at the largest premium at 8.0x EV/2012 EBITDA.

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