Market Capitalization: US$525m P/E (2013F): 7.1x
Enterprise Value: $400m P/TNAV (2012A):1.4x
30 day ADVT: $4.9m P/OCF (2013F): 4.0x
Auditor: Deloitte LLP P/OCF (2014F): 3.7x
EV/EBITDA (2013F): 3.1x
Transglobe is an upstream oil company, with production assets predominantly in Egypt; dual listed in Canada and USA.
Contrarian due to multiple factors impacting sentiment, despite a strong track record in value creation and potentially material near-term cash returns to shareholders.
Whilst country risk is perennial, the substantial "noise" has resulted in a well run company, with meaningful upside and limited downside (in all but a disastrous scenario) having being mispriced by the market, providing a very favourable overall risk/reward.
Why is it Contrarian?
Egypt: the onset of the Egyptian revolution and
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