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SUNDANCE ENERGY AUSTRALIA LIMITED (SEA)


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General Information
Company Name: Sundance Energy Australia Limited
Stock Code: SEA
Website: www.sundanceenergy.net
GICS Sub-Industry: Oil & Gas Exploration & Production
Market Cap ($M): 386
Equiv. Shares (M): 402

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.960 $ 0.960 $ 0.975 $ 0.950 $ 0.955 838,725 $ 0.005  0.524 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 5th Apr 2013
12 Month Target Price (average): $1.23
Brokers Surveyed: 2

Company Overview

Business Description:
Sundance Energy Australia Limited (SEA) is an energy exploration, development and production company focusing in oil and gas assets in the United States (USA). The Company focuses on three projects including: Greater Anadarko Basin in Oklahoma and Kansas, Denver-Julesburg (DJ) Basin in Colorado and Wyoming, and Williston Basin in North Dakota.

Strategy Analysis:
SEA is focused upon the development of large, repeatable resource plays in the US and Australia where technology has provided the means to economically develop and produce oil and natural gas from unconventional shale formations. Sundance Energy Australia reported negative cash flow of US$5.67m for quarter ended 31 December 2012. Operating cash flow for the period was US$(11.87m). Payments for exploration and evaluation were US$(2.97m). Investing cash flow was US$(14.22m). Financing cash flow was US$20.42m. Cash in hand at the end of the quarter was $157.61m. During the quarter the average daily production increased to 989 BOE, up 14% from the comparable quarter in the prior year, and the December 2012 exit rate was 1,266 BOEPD. Adjusted for the effect of the South Antelope and Pawnee asset sales, production was up 583 BOEPD (144%) quarter over quarter.

Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 59.5 14.7 36.1 6.5 -- 0.0 --
2013  F 36.8 10.8 -59.2 8.9 -- 0.0 --
2012  A 73.4 26.5 881.5 1.3 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Beach Energy (BPT) $1,534 M 0.7828 -0.2483 0.1432 11.4259 15.2010 13.2967 0.0186 0.0186 0.0186
Oil Search (OSH) $10,841 M -0.3691 0.0607 1.8198 73.2790 69.0863 24.5003 0.0048 0.0050 0.0050
Sundance Energy Australia (SEA) $384 M 8.8037 -0.7958 0.3636 1.8039 8.8344 6.4790 0.0000 0.0000 0.0000
Santos (STO) $12,401 M -0.1141 0.3991 0.2473 28.5587 20.4127 16.3655 0.0233 0.0233 0.0233
Woodside Petroleum (WPL) $30,872 M 0.1834 0.0140 0.1160 15.3811 15.1682 13.5914 0.0334 0.0530 0.0588

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
SEA 0.59 2.65 1.83 10.00 7.79
Market 0.83 14.4 1.22 1.88 1.72
Sector 1.36 15.1 0.77 2.18 5.20

Directors
Name Position Start Date
Mr Eric P McCrady Chief Executive Officer,Managing Director 29 November 2011
Mr Weldon Holcomb Non-Executive Director 19 December 2012
Mr Neville Wayne Martin Non-Executive Director 18 May 2011
Mr Damien A Hannes Non-Executive Director 28 August 2009
Mr Michael D Hannell Non-Executive Director,Non-Executive Chairman 10 March 2006

Management
Name Position
Cathy L. Anderson Chief Financial Officer
Craig Walford Gooden Company Secretary

Substantial Shareholders
Holding Name
37,140,333 (9.25%) JP Morgan Nominess Australia Ltd
26,083,883 (6.50%) Zero Nominees Pty Ltd
57,542,043 (14.33%) National Nominess Ltd

Calendar of Events
Date Event
29 April 2014 Report (Quarterly)
27 March 2014 Report (Annual)
30 January 2014 Report (Quarterly)
30 October 2013 Report (Quarterly)
17 October 2013 Report (Annual)
30 July 2013 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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