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Edison Investment Research Limited: Edison issues outlook on Vermilion Energy (VET)

DJ Edison Investment Research Limited: Edison issues outlook on Vermilion Energy (VET)

Edison Investment Research Limited 
Edison Investment Research Limited: Edison issues outlook on Vermilion 
Energy (VET) 
 
14-Sep-2020 / 09:59 GMT/BST 
 
                                               London, UK, 14 September 2020 
 
              Edison issues outlook on Vermilion Energy (VET) 
 
Vermilion Energy's geographically diverse portfolio spreads geopolitical and 
pricing risk across different economies. The company has grown both 
organically and inorganically, and has delivered on environmental, social 
and corporate governance (ESG) objectives, being highly rated across 
multiple ESG rating platforms. Notwithstanding this, Vermilion has been 
affected by COVID-19 and has had to reassess its strategy on cash returns to 
shareholders. The board suspended the dividend, appointed Lorenzo Donadeo 
and Curtis Hicks as executive chairman and president of the company 
respectively, and created an executive committee. The committee's mission is 
to reinstate Vermilion's core business principles and restore investor 
confidence in this diverse, flexible operating company. We have updated our 
valuation using FY21e metrics, resulting in a blended valuation of 
C$9.6/share. However, the valuation remains highly sensitive to commodity 
price assumptions. 
 
Our valuation of Vermilion is now based on a blend of FY21e P/CF and 
EV/EBITDA multiples, and FY21e FCF + growth. Its peer group currently trades 
at a c 52% discount to end-2019 values, still reflecting the impact of 
COVID-19 on commodity prices. However, Vermilion is trading at a c 80% 
discount compared to end 2019. We believe this reflects its high leverage 
and FY20e net debt to EBITDA level of c 3.7x compared to its peers. Our 
blended valuation stands at C$9.6/share, up 9% due to higher forecast price 
realisations in FY21. 
 
Click here [1] to view the full report. 
 
Subscribe [2]to Edison's content to receive reports by email. 
 
All reports published by Edison are free-to-access and available on the 
website [3]. 
 
About Edison: Edison is an investment research and advisory company, with 
offices in North America, Europe, the Middle East and AsiaPac. The heart of 
Edison is our world-renowned equity research platform and deep multi-sector 
expertise. At Edison Investment Research, our research is widely read by 
international investors, advisers and stakeholders. Edison Advisors 
leverages our core research platform to provide differentiated services 
including investor relations and strategic consulting. 
 
Edison is authorised and regulated by the Financial Conduct Authority [4]. 
 
Edison is not an adviser or broker-dealer and does not provide investment 
advice. Edison's reports are not solicitations to buy or sell any 
securities. 
 
For more information please contact Edison: 
 
Carlos Gomes, +44 (0)20 3077 5700 
 
Elaine Reynolds, +44 (0)20 3077 5713 
 
oilandgas@edisongroup.com [5] 
 
Learn more at www.edisongroup.com [6] and connect with Edison on: 
 
LinkedIn https://www.linkedin.com/company/edison-group- [7] 
 
Twitter www.twitter.com/Edison_Inv_Res [8] 
 
YouTube www.youtube.com/edisonitv [9] 
 
Dissemination of a CORPORATE NEWS, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
End of Announcement - EQS News Service 
 
1131029 14-Sep-2020 
 
 
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5: mailto:oilandgas@edisongroup.com'subject=Re:%20Palace%20capital 
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(END) Dow Jones Newswires

September 14, 2020 04:59 ET (08:59 GMT)

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