PVD [MARKET PERFORM -6.7%] - Looking forward to PVEP bad debts payment - Update

Company Research

07 Dec 2017

We maintain an MARKET PERFORM recommendation for PVD with total return of -6.2%. We raise our target price by 47.2% mainly because: 1) we increase our oil price assumptions across the forecast horizon; 2) we use a higher target P/B in line with changes to the regional peer median; and 3) we factor in brighter prospects of collecting bad debt.
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