Thursday, July 02, 2015 1:21:25 PM
BMO issued an update this morning, raised their target price to $3.00 CDN. Still too low IMO.
Africa Oil (AOI-TSX, -OMX, Outperform?, TP: C$3.00/ SEK 20?). We have elected to upgrade Africa Oil to Outperform (from Market Perform) and increase its target price to C$3.00/ SEK 20 (from C$2.60) bringing it in line with our Core NAV of C$3.06. AOI is trading at a 33% discount to its Core NAV. South Lokichar appraisal, pipeline route selection, development planning progression, the Kerio Valley new basin test (Cheptuket, Block 12A) and ultimately M&A potential should drive the close of the value gap. Africa Oil’s Kenya site visit in September should grow interest and visibility towards the end of 2015.
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