Beach Energy Ltd

BPT: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$3.30	Grt	Jjvnystvm

Unleveraged Beach Cuts Expenditure Guidance, Highlights Gas Sales Contract Strength; FVE Unchanged

Mark Taylor

Mar 30, 2020

We make no change to our AUD 2.65 fair value for no-moat Beach Energy. As with energy exploration and production peers, the firm has reduced near-term capital expenditure guidance. Fiscal 2020 capital expenditure is reduced to the low end of most recent AUD 875-950 million guidance, with just one quarter left to run. There will be up to a 30% deferral in fiscal 2021 expenditure relative to prior guidance for AUD 650-800 million. Beach has a very strong balance sheet with AUD 151 million in net cash at end February 2020.

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